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.

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.

Your quality filter

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

Moritz Baldsiefer, CAIA

Moritz Baldsiefer, CAIA

Head of Investor Relations

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Moritz Baldsiefer is responsible for fundraising and managing relationships with institutional clients. He has over 8 years of experience working with professional investors in the capital markets sector and across various asset classes. Prior to joining DEG Impact, he worked at Ampega Asset Management, where he most recently served as a team lead, advising and supporting international primary insurers on investment management and balance sheet strategy. Moritz is a Chartered Alternative Investment Analyst (CAIA) and holds a bachelor's degree in business administration from the University of Siegen.

Moritz Baldsiefer, CAIA

Konstantin Böhm

Senior Analyst - Investments

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Konstantin Böhm is a Senior Analyst at DEG Impact. He focuses primarily on alternative investments and technical assistance, while also supporting the fundraising team.

Moritz Baldsiefer, CAIA

Sofia Grivet Brancot

Senior Manager, TA & E&S - Investments

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Sofia Grivet Brancot is an expert in environmental and social impact as well as program management. Before joining DEG Impact, she spent over ten years working at the United Nations, where she led initiatives in East Africa and at the global level. She holds a Master’s degree in Law with a specialization in Environmental Law from the University of Turin and the University of Paris Cité.

Moritz Baldsiefer, CAIA

Oliver Braun

Risk Controller

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Oliver Braun is responsible for risk controlling and has many years of professional experience in risk management and actuarial science within the insurance and financial services sectors. Prior to joining DEG Impact, he was responsible for the calculation and analysis of stochastic company valuations and regulatory risk reporting at HDI AG and the Zurich Group Germany. Oliver is a qualified actuary (DAV) and holds a degree in mathematics from the University of Cologne.

Moritz Baldsiefer, CAIA

Hermann Brincker

Senior Manager, Development Programs

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Hermann Brincker has over 38 years of professional experience in international banking, including the last 15 years at DEG. Since March 2026, he has been working with DEG Impact—in line with DEG’s growth plans—on the development, implementation, and management of large loan portfolios generated by DEG and guaranteed by third parties. He holds a degree in economics from the University of Bonn.

Moritz Baldsiefer, CAIA

Melis Demirel

Manager, Development Programs

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Melis Demirel is responsible for the Global Innovative Investment Fund and brings nearly 10 years of professional experience in the banking sector. She previously served as a Relationship Manager for national and international corporate clients and worked in Sales & Process Management at Deutsche Bank AG. Melis holds a Master's degree from the FOM University of Applied Sciences for Economics and Management in Bonn, with a focus on Finance & Accounting.

Moritz Baldsiefer, CAIA

Christine Gierens

Governance & Regulatory Affairs

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

Moritz Baldsiefer, CAIA

Jacques Graßmann

Senior Analyst - Investments

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Jacques Graßmann is an analyst at DEG Impact. He holds a master's degree in Economic Policy Consulting from Ruhr University Bochum, with a specialization in Development Economics. In his role as a Senior Analyst, he focuses on alternative investments and technical assistance.

Moritz Baldsiefer, CAIA

Thomas Klein

Managing Director

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Thomas Klein brings over 20 years of experience in the financial sector, spanning both established markets and developing and emerging economies. Before co-founding DEG Impact, he was primarily responsible for private equity and mezzanine investments in Asia and Africa at DEG. Prior to that, he worked at CAM Private Equity and in the Transaction Services / M&A division at Deloitte. He holds a degree in Business Administration from the University of Cologne.

Moritz Baldsiefer, CAIA

Stefanie Klenke

HR, Management Support, Outsourcing Management

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Stefanie Klenke supports the management team at DEG Impact. Previously, she 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).

Moritz Baldsiefer, CAIA

Gerd Lückel

Managing Director

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Gerd Lückel has over 30 years of experience in the financial markets, with a particular focus on asset management for German institutional clients.
Before joining DEG Impact, he served as an executive at an investment management company in Hanover, where he was responsible for areas including portfolio management. Previously, he worked in investment consulting and strategic advisory for capital investors such as insurance companies, banks, pension funds, foundations, and religious institutions. He holds a degree as a Certified Banking Specialist (Dipl. Bankbetriebswirt BA).

Moritz Baldsiefer, CAIA

Oliver Manheller

Senior Analyst - Investments

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Oliver Manheller is a Senior Analyst at DEG Impact. He holds a Master's degree in Economics from the University of Bonn, with a focus on environmental and development economics. In his role as an analyst, he works in the Alternative Investments division.

Moritz Baldsiefer, CAIA

Roman Nolte

Head of Governance & Regulatory Affairs

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Roman Nolte heads the Regulatory Affairs department and brings many years of professional experience in the financial services sector. Prior to joining DEG Impact, he worked at the Deutsche Bundesbank, where he was responsible for the supervision of central financial market infrastructures, and at the Federal Financial Supervisory Authority (BaFin), where he oversaw anti-money laundering measures for securities trading firms and asset management companies. He holds an MBA with a focus on risk management, finance, and law.

Moritz Baldsiefer, CAIA

Rena Pfannenschmidt

Investment Manager

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Rena Pfannenschmidt is a venture capital expert and leads our impact investment initiatives. Most recently, she coordinated a wide range of fund investments across the African continent.

Before joining DEG Impact, Rena worked at HSBC Germany, where she supported institutional investors and asset managers. Rena is a Certified Private Equity Analyst (CPEA) and holds a Master’s degree in Sustainable Finance from Maastricht University.

Moritz Baldsiefer, CAIA

Steffen Planert

Head of Direct Investments

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As an Investment Manager, Steffen Planert brings over five years of experience in private equity and M&A. Before joining DEG Impact, Steffen worked at DEG, where he supported numerous transactions and managed a diverse portfolio of funds and co-investments in Africa. He holds a Master’s degree in Accounting & Finance from the FOM University of Applied Sciences for Economics and Management in Essen.

Moritz Baldsiefer, CAIA

Christian Sokola

Head of Development Finance Programs

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Christian Sokola is responsible for currency management for the Global Impact Investment Facility and ImpactConnect. He brings over 20 years of professional experience, particularly in treasury consulting and relationship management for institutional, corporate, and mid-market clients within Commerzbank’s corporate banking division. He further developed his expertise in finance and sustainable investments during his time as Head of Finance and Controlling at the Fraunhofer Society and the Regional Church Office of the Evangelical Church in the Rhineland, where he continues to serve as an advisor on the sustainable alignment of capital investments. Christian earned his degree in Business Administration (VWA) from the Academy of Administration and Business in Koblenz.

Moritz Baldsiefer, CAIA

Jens Sommer

Senior Manager, Development Programs

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Jens Sommer is responsible for the ImpactConnect program and brings over 10 years of professional experience in management consulting and development finance. Before joining DEG Impact, he spent more than six years in project management at DEG. Prior to that, he worked in the advisory division of PricewaterhouseCoopers on both domestic and international projects. He began his career with the German Development Service (DED) during an assignment in Nicaragua.
Jens Sommer studied business administration at the Bremen University of Applied Sciences and international management at the Euromed École de Management in Marseille.

Moritz Baldsiefer, CAIA

Jaspreet Stamm

Senior Manager, Development Programs

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Jaspreet Stamm coordinates the activities of the Global Impact Investment Facility and ImpactConnect, bringing over 20 years of relevant professional experience to the role. As Director of External Affairs at the Global Crop Diversity Trust, she was responsible for resource mobilization and strategic communications. Previously, she served as Fund Director at Finance in Motion, where she led the impact investment activities of the eco.business Fund for sub-Saharan Africa. She began her career at the Inter-American Development Bank, working in both private sector investment and syndications. She holds a master's degree from the London School of Economics and Political Science (LSE).

Moritz Baldsiefer, CAIA

Weronika Welter

Senior Analyst - Development Programs

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Weronika Welter supports activities related to development programs—the Global Innovative Investment Fund and the ImpactConnect program—as well as mobilization structures. Previously, she worked in alternative investments in fund structuring and product management for institutional investors and asset managers at Universal Investment 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.

Moritz Baldsiefer, CAIA

Lars Zimmermann

Head of Fund Investments

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

The Advisory Board

Dr. Sandra Reich

Dr. Sandra Reich is a trained banker, a lawyer with a doctorate, and a capital market expert. Before working as a management consultant for sustainable finance, she served as Head of German Desk Asia-Pacific for NORD/LB in Singapore. Prior to that, Sandra Reich was a member of the Executive Board of BÖAG Börsen AG, Hamburg and Hanover, as well as Managing Director of the Hamburg and Hanover stock exchanges. She serves on 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 for private and commercial real estate. Previously, he was a Partner for 10 years at Kibo Capital Partners, a private equity fund manager focusing on growth investments in Sub-Saharan Africa. Before joining Kibo in 2014, Christoph Evard was a Vice President at the DEG/KfW Group, where he structured and managed equity and mezzanine investments in African and other emerging markets. Prior to that, he worked in corporate finance at Deutsche Bank and JP Morgan, where he held various positions. In 2001, he co-founded Vistage Germany, a service company that works closely with managing directors of medium-sized companies. He holds a Master's degree from Columbia University, USA, and a Bachelor's 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 applies her knowledge and experience to drive investments in climate-focused initiatives. Previously, Clarisa worked at British International Investment (BII), where she led the Africa Funds team. In this role, she managed a $2.5 billion portfolio that included investments in SMEs, mid-cap and large-cap companies, as well as infrastructure, renewable energy, real estate, and agriculture in Africa. Before specializing in Africa, Clarisa was responsible for sourcing and managing BII investments in South Asia, China, and Southeast Asia for three years. She also oversaw co-investment opportunities and microfinance investments in BII's core regions. She began her career at Grupo Financiero Uno (now part of Citigroup) and subsequently spent four years at BII in London and Costa Rica, where she managed 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 the INCAE Business School in Nicaragua.

Bruno Wenn

Bruno Wenn served as Spokesman of the Management Board of DEG, a subsidiary of the KfW Banking Group, from October 2009 until his retirement in June 2018. Prior to that, he had worked for KfW Development Bank in various leadership positions since 1982. Most recently, he was responsible for the Sub-Saharan Africa division. After completing his degree in economics at the University of Bonn in 1981, he completed a postgraduate program in development economics at the German Development Institute in Berlin in 1981/1982. Bruno Wenn is an honorary member of the Afrika-Verein der deutschen Wirtschaft e.V. (German-African Business Association) in Hamburg/Berlin, a member of the Board of Trustees of the German Africa Foundation in Berlin, a member of the Board of Trustees of Welthungerhilfe in Bonn, a member of the Strategic Advisors Group to the Compliance Advisor Ombudsman (CAO) of the IFC/MIGA in Washington, a member of the Advisors D+C Development and Cooperation in Frankfurt, and a board member of various cultural institutions in Cologne.

Carsten Jorgensen

Carsten Jorgensen is an experienced international executive and investment professional with 25 years of experience and an excellent investment track record across various asset classes. Following a career in global banking and finance, Carsten held leadership positions at IKEA, IKANO, and the Mittal Family Investment Office. Carsten is also very active as a member of various boards and committees. He is Chairman of ACML, a Special Advisor to UNICEF, a member of the Board of Trustees of Hand in Hand International, Chairman of the Investment Committee of Max Matthiessen, and a member of the Board of Directors of the Lind Foundation, bringing a wealth of expertise and experience to these roles.

Our Partners & Associations

Our Partners & Associations

We are a signatory to the Operating Principles for Impact Management (OPIM) and apply them in advisory mandates with positive social and environmental impact goals. These principles define an end-to-end process that covers strategy development, investment identification and structuring, portfolio management, exit, and independent verification.

Our mission is to facilitate access to commercial capital and actively contribute to sustainable impact practices and effective impact generation. In doing so, we aim 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."

Our Partners & Associations

The German Private Equity and Venture Capital Association (BVK) is the central representative body for the private equity and venture capital industry in Germany. It advocates at both the national and European levels for improved political and tax frameworks to promote private equity.

As a transparent advocacy group, the BVK represents the interests of its members to political decision-makers, the media, and the public. Its goal is to strengthen the understanding of the importance of private equity for innovation, entrepreneurship, and economic growth.

Our Partners & Associations

The German Alternative Investments Association (BAI) is the leading interest group for alternative investments in Germany. The association actively promotes research, education, and training, as well as the exchange of knowledge and experience in the field of alternative investment strategies.

At the same time, the BAI is a recognized point of contact and dialogue partner for policymakers, regulatory authorities, and the public. In this capacity, it plays a key role in the further development and shaping of the German and European alternative investment market and advocates for appropriate regulatory frameworks.