Your Trusted Partner for Emerging Markets

As an investment advisor, DEG Impact provides institutional investors with access to profitable alternative investments in developing and emerging markets, with a focus on private equity, private debt, venture capital, and infrastructure.

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Our Extensive Experience

As an investment advisor, we are exclusively focused on investments in developing and emerging markets.

DEG Impact was established in 2020 as a subsidiary of DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), part of the KfW Group. In addition, we benefit from access to an international network that has been built and expanded over several decades.

Together with our institutional clients, we develop tailored, return-oriented investment strategies and portfolios and support them throughout their investment activities in emerging markets.

Our in-depth knowledge of local markets, combined with the global presence of the DEG Group, provides the ideal foundation for our work and your investment success.

We identify opportunities in emerging and developing markets.

Emerging markets represent economies that are on a path toward becoming stronger and more developed economic nations. From an investment perspective, these markets are particularly attractive due to their generally young populations and expanding middle classes. As incomes rise, consumer demand increases, creating new business opportunities and supporting economic development.

Many emerging and developing markets are also distinguished by their ability to leverage regional strengths and technological innovation. It is therefore no coincidence that, as of 2025, 69% of all global mobile money transactions take place in Sub-Saharan Africa, Latin America, and South Asia. In addition, the provision of digital healthcare services in Asia (excluding China) increased by 107% between 2019 and 2024. Countries such as Brazil, Gabon, Paraguay, and Uruguay rank among the world’s top ten nations with the highest share of renewable energy in total energy consumption.

At the same time, economic policy initiatives increasingly support the development of future-oriented industries such as semiconductors, healthcare, and the electrification of infrastructure and transportation. As a result, the long-term structural drivers of growth in emerging markets are widely regarded as intact.

A global comparison of economic growth expectations reveals significant regional differences. The strongest growth is expected not in Europe or North America, but in emerging and developing regions, particularly Asia, the Middle East and Central Asia, and Sub-Saharan Africa.

Emerging market countries themselves are actively working to strengthen the conditions for sustainable economic growth. In particular, efforts to enhance monetary policy frameworks and improve macroeconomic stability are intended to create a more supportive environment for investment and business development. Financial stability in many emerging markets has improved significantly in recent years, and numerous countries have demonstrated resilience in the face of adverse developments in global financial markets.

By establishing forward-looking economic frameworks and investment-friendly conditions, emerging markets have the potential to generate substantial economic growth. Combined with attractive long-term prospects and increasingly reliable regulatory environments, these developments can help attract additional private capital.

At the same time, successful investing in emerging markets requires a thorough understanding of local conditions and effective risk management. Identifying opportunities while managing investment risks remains a key factor for achieving sustainable long-term investment success.

Interested in Learning More?

Would you like to learn more about investment opportunities, market trends, and growth drivers across emerging and developing markets? Please feel free to contact us via Moritz.baldsiefer@degimpact.de if you are interested in receiving our “Emerging Markets Insights.”

 

THE DEG IMPACT - TEAM

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Moritz Baldsiefer, CAIA

Senior Manager - Investor Relations

Moritz Baldsiefer is responsible for fundraising and institutional investor relations. He has over 8 years of experience working with professional investors in the capital markets landscape and relevant asset classes. Prior to joining DEG Impact, he worked at Ampega Asset Management, where he most recently served as a team leader, advising and supporting international primary insurance companies on investment and balance sheet management matters. He is a Chartered Alternative Investment Analyst (CAIA) and holds a Bachelor in Business Administration from the University of Siegen.

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Konstantin Böhm

Senior Analyst - Investments

Konstantin Böhm is a Senior Analyst at DEG Impact. He primarily works in the areas of Alternative Investments and Technical Assistance, and also supports the fundraising team.
Before joining DEG Impact, he was a Junior Portfolio Manager in the field of Alternative Investments at Ampega Investment GmbH.
He holds a Master’s degree in Economics with a focus on Statistics and Econometrics from the University of Cologne.
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Sofia Grivet Brancot

Senior Manager TA & E&S - Investments

Sofia Grivet Brancot is an expert in environmental and social impact and programme management. Prior to joining DEG Impact, she worked over a decade at the United Nations, leading initiatives across East Africa and at the global level. She holds a Master’s degree in Law, with a specialization in environmental law, from the Universities of Turin and Paris Cité.

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Oliver Braun

Risk-Controller

Oliver Braun is responsible for risk controlling and has many years of professional experience in risk management and actuarial services for insurance and financial services companies. Before joining DEG Impact, he worked at HDI AG and Zurich Gruppe Deutschland, where he was responsible for calculating and analyzing stochastic enterprise valuation and regulatory risk reporting. Oliver is an actuary (DAV) and holds a degree in mathematics from the University of Cologne.

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Hermann Brincker

Senior Manager - Development Programs

Hermann Brincker is a seasoned international banker with over 38 years of professional experience, thereof the last 15 years with DEG. Since his semi-retirement in March 2026, he is actively engaged at DEG Impact – in line with DEG’s business growth plans – in the development, set-up and management of large loan portfolios that are originated by DEG and risk-mitigated public and private funds from third parties. He has a master’s degree in economics (Diplom-Volkswirt) from University of Bonn.

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Melis Demirel

Manager - Development Programs

Melis is responsible for the Global Impact Investment Facility and has 10 years of experience in the banking industry. Before joining DEG Impact, she was responsible for national & international corporate clients as Relationship Manager and worked in Sales & Process Management at Deutsche Bank AG. Melis has a Master’s degree in Accounting and Finance from FOM – University of Applied Sciences Bonn.

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Christine Gierens

Governance & Regulatory Affairs

Christine Gierens supports the Head of Governance & Regulatory Affairs and the management team. Before joining DEG Impact, she worked as a sales coordinator in the service industry. Christine has completed a dual study program and holds a degree in commercial management from the EUFH.

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Jaques Graßmann

Senior Analyst - Investments

Jacques Graßmann is senior analyst at DEG Impact. He holds a Master’s degree in Economic Policy Consulting from the Ruhr University Bochum with a specialization in Development Economics. In his role as a Senior Analyst, he works in the areas of Alternative Investments and Technical Assistance.

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Thomas Klein

Managing Director

Thomas Klein has more than 20 years of experience in the financial sector – both in established markets as well as in developing and emerging countries. Before co-founding DEG Impact, he was at DEG mainly responsible for private equity & mezzanine investments in Asia and Africa. Prior to DEG, he worked for CAM Private Equity and Deloitte in the area of transaction services / M&A. He holds a degree in Business administration from the University of Cologne.

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Stefanie Klenke

HR, Management Support, Outsourcing Management

Stefanie Klenke supports the management team of DEG Impact. She previously held various positions at DEG. She completed a commercial apprenticeship and later studied English at the University of Cologne and Washington University in St. Louis (USA).
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Gerd Lückel

Senior Analyst

Gerd Lückel has more than 30 years of experience in the financial markets, particularly in asset management for German institutional clients. Before joining DEG Impact, he was the managing director at an investment management company in Hanover, where he was responsible, among other things, for portfolio management. Previously, he worked in investment consulting and strategic advisory for investors such as insurance companies, banks, pension institutions, foundations, and churches. He holds a degree as a Dipl. Bankbetriebswirt (BA).

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Oliver Manheller

Oliver Manheller is an Senior Analyst at DEG Impact. He holds a Master’s degree in Economics from Rheinische Friedrich-Wilhelms-Universität Bonn with a particular focus on Environmental and Development Economics. In his role as an Analyst, he works in the area of Alternative Investment.

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Roman Nolte

Team Lead - Governance & Regulatory Affairs

Roman Nolte is responsible for regulatory affairs and has many years of professional experience in the financial services sector. Before joining DEG Impact, he was responsible for the supervision of central financial market infrastructures at the Deutsche Bundesbank and for the supervision of money laundering prevention measures of securities trading banks and capital management companies at the German Federal Financial Supervisory Authority. He holds an MBA with a focus on risk management, finance and law.

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Rena Pfannenschmidt

Manager - Investments

Rena Pfannenschmidt is an Investment Manager at DEG Impact, specialising in Alternative Investments and Impact Investing, and holds a Master’s degree in Sustainable Finance from Maastricht University. Before joining DEG Impact, she was responsible for business development for asset managers at HSBC Germany.

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Steffen Planert

Senior Manager - Investments

Steffen Planert is Investment Manager at DEG Impact with more than 5 years of private equity and M&A experience in emerging and developing markets. Prior to joining DEG Impact, he worked as an investment Analyst for DEG, where he worked on several transactions and was responsible for a mixed portfolio of funds & co-investments in Africa. Steffen has a Master’s degree in accounting and finance from FOM – University of Applied Sciences Essen.

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Christian Sokola

Senior Manager FX Solutions / Development Programs

Christian Sokola is responsible for currency management of the Global Impact Investment Facility and ImpactConnect. He has more than 20 years of professional experience, particularly in treasury consulting and relationship management for institutional-, large- and medium-sized corporate clients in Commerzbank’s Corporate Banking. He owes his further expertise in finance and sustainable finance to his positions as Head of Finance and Controlling at the Fraunhofer-Gesellschaft and the Regional Church Office of the Evangelical Church in the Rhineland, for which he continues to advise on the sustainable orientation of their investments. Christian holds a business administration (VWA) degree from the Academy of Administration and Economics in Koblenz.

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Jens Sommer

Jens Sommer is responsible for the ImpactConnect program and has over 10 years of professional experience in business consulting and development finance. Before joining DEG Impact, he spent more than six years in project management at DEG. Earlier in his career, he worked in the advisory division of PricewaterhouseCoopers, contributing to both national and international projects.
He began his professional journey with the German Development Service (DED in Nicaragua.
Jens holds a degree in Business Administration from the Bremen University of Applied Sciences and studied International Management at Euromed École de Management in Marseille.

 

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Jaspreet Stamm

Senior Manager - Development Programs

Jaspreet Stamm coordinates the activities for the Global Impact Investment Facility and ImpactConnect and brings over 20 years of experience. As Director of External Affairs, she led resource mobilisation and outreach activities at the Global Crop Diversity Trust and previously was a Fund Director at Finance in Motion, where she oversaw impact investment activities related to the eco.business Fund sub-Saharan Africa. She started her career at the Inter-American Development Bank where she was involved in both private sector investment activities as well as Syndications. She holds a Master’s degree from the London School of Economics and Political Science (LSE).

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Weronika Welter

Senior Analyst - Development Programs

Weronika Welter supports the activities related to the development programs – the Global Innovative Investment Fund and the ImpactConnect-Program – as well as the mobilization structures. She previously worked in Alternative Investments area in fund structuring and product management for institutional investors and asset managers at Universal Investments in Germany and Luxembourg. Weronika holds a Master’s degree in Business Administration – Corporate Development from the University of Cologne and is a CFA Sustainable Investment Certificate holder.

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Lars Zimmermann

Team Leader - Investments

Lars Zimmermann is co-responsible for new business and portfolio management of funds and co-investments. Before joining DEG Impact, Lars worked for DEG, where he managed funds & co-investments in emerging markets with a focus on Africa. He holds a degree in business administration from the Universities of Cologne and Copenhagen.

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Advisory Board

Dr. Sandra Reich

Dr. Sandra Reich is a trained banker, holds a doctorate in law and is a proven capital market expert. Before becoming a management consultant for Sustainable Finance, she was Head of German Desk Asia-Pacific for NORD/LB in Singapore. Before that, Sandra Reich was a member of the board of BÖAG Börsen AG, Hamburg and Hanover, and managing director of the Hamburg Stock Exchange and the Hanover Stock Exchange. She is a member of the supervisory and advisory boards of various companies.

Christoph Evard

Christoph Evard is a Partner and Executive Director at ROCKSTONE Real Estate, an international project developer and investor in residential and commercial real estate. Previously, he was a Partner at Kibo Capital Partners for ten years, a private equity fund manager focused on growth investments in Sub-Saharan Africa. Before joining Kibo in 2014, Christoph was Vice President at DEG/KfW Group, where he structured and managed equity and mezzanine investments across Africa and emerging markets. He previously worked in Corporate Finance for Deutsche Bank and JP Morgan, where he held several positions. In 2001, Christoph co-founded Vistage Germany, a business in the services industry, working closely with CEOs of mid-sized corporations. He holds a Master’s degree from Columbia University, USA, and an undergraduate degree from the University of Basel, Switzerland.

Clarisa De Franco

Clarisa De Franco is an experienced private equity investor with extensive expertise in emerging markets. She is currently a Senior Advisor at Allied Climate Partners, where she contributes her knowledge and experience to drive investments in climate-focused initiatives.
Previously, Clarisa was part of British International Investment (BII), where she led the Africa Funds Team. In this role, she managed a portfolio of $2.5 billion, encompassing investments in SMEs, mid-cap and large-cap companies, as well as in infrastructure, renewable energy, real estate, and agriculture across Africa.
Before focusing on Africa, Clarisa spent three years sourcing and managing BII’s investments in South Asia, China, and Southeast Asia. She also oversaw co-investment opportunities and microfinance investments in BII’s core regions. Her career began at Grupo Financiero Uno (now part of Citigroup), followed by four years at BII in London and Costa Rica, where she handled direct investments in Latin America.
Clarisa holds a Bachelor of Arts with honors in Mathematics and Economics from Marquette University in Wisconsin and an MBA from INCAE Business School in Nicaragua.

Bruno Wenn

Bruno Wenn was Chairman of the Management Board of DEG, a subsidiary of KfW Bankengruppe, from October 2009 till his retirement in June 2018. He has worked for KfW Development Bank since 1982 in various management positions.
In his last position, he was responsible for the Regional Division of Sub-Saharan Africa. After graduating from the University of Bonn in 1981 with a degree in economics, he did a post-graduate training program in development economics at the German Development Institute, Berlin, in 1981/1982.
Bruno Wenn is an Honorary Member of the German Africa Business Association, Hamburg/Berlin, a Member of the Board of Trustees of the German Africa Foundation, Berlin, Member of the Board of Trustees of the Welthungerhilfe, Bonn, Member of the Strategic Advisors Group to the Compliance Advisor Ombudsman (CAO) of IFC/MIGA, Washington, Member of Advisors D+C Development and Cooperation, Frankfurt, and Member of the Boards of various cultural institutions in Cologne.

Carsten Jorgensen

Carsten Jorgensen is a seasoned international executive and investment specialist with 25 years of experience. He has a remarkable track record of making judicious investments in different asset classes, guided by his comprehensive understanding of investment risk and a steadfast commitment to achieving high returns adjusted for risk.
Following a career within global markets and banking, Carsten has held executive roles at IKEA, IKANO and the Mittal Family Investment Office. Carsten is also highly active as a Board and Investment Committee Member. He is Chairman of ACML, Special Advisor for UNICEF, Board Member of Trustees Hand in Hand International, Chair of the Investment Committee at Max Matthiessen and serves on the Board of Directors at Lind Foundation, bringing a wealth of expertise and experience to these positions.

Partners & Associations

We are a signatory to the Operating Principles for Impact Management and follow these in advisory mandates with positive social and environmental impact targets. These principles define an end-to-end

process including strategy, origination and structuring, portfolio management, exit, and independent verification.

Our mission is to unlock access to commercial capital and actively contribute to sustainable impact practice and performance. Thus, we intend to contribute to SDG 9, target 9.3: “Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services, including affordable credit, and their integration into value chains and markets”.

Partners & Associations

The German Private Equity and Venture Capital Association (BVK) is the central representative body of the private equity industry in Germany. It advocates at both national and European levels for improved political and fiscal conditions to promote investment capital. As a transparent lobbying organization, the BVK represents its members’ interests to policymakers, the media, and the public.

Partners & Associations

The Bundesverband Alternative Investments (BAI) is the leading advocacy association for Alternative Investments in Germany. It actively promotes research, education, and knowledge transfer in the field of alternative investment strategies, and is a recognized dialogue partner for policymakers, regulators, and the public. In doing so, BAI plays a key role in shaping the development of the German and European alternative investment market.

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