Who we are

The Luxembourg Microfinance and Development Fund (LMDF), is a Luxembourg social investment fund, which was created in 2009. The creation took place thanks to a Luxembourg commitment aimed at contributing to the reduction of poverty through microfinance around the world.

LMDF invests in emerging microfinance institutions that work hard to provide a better life for micro-entrepreneurs.

We help these promising institutions to become solid partners for micro-entrepreneurs who need a reliable and fair supply of basic financial services: microcredit, a safe place to keep their money, money transfer and micro-insurance.

Teams and governance

Raymond Schadeck

Raymond Schadeck

Chairman

Long and distinguished career at Ernst & Young, engaged in different associations, with several commitments in the social and philanthropic area.

Michel Haas

Michel Haas

Attaché de Gouvernement – Ministry of Finance. Michel is an economist with a risk management and audit training. He also sits on the board of LuxFLAG.

Patrick Losch

Patrick Losch

Patrick is an independent investor and a forester. He is socially and environmentally committed to Luxembourg NGOs as a director in the respective boards.

Michel Maquil

Michel Maquil

Chairman at Inclusive Finance Network Luxembourg (InFiNe.lu).

Marie-Anne Marx

Marie-Anne Marx

Counsellor of Legation, MAEE

Natacha Oskian

Natacha Oskian

Natacha Oskian is Business Development and MarCom Director at Allen & Overy’s Luxembourg office, leads the Fintech team and is an active member of the Allen & Overy Global Private Equity group. She has more than 10 years’ experience as an external and internal auditor and is an active member of the LPEA, ALFI, ABBL and LHoFT working groups.

Raoul Stefanetti

Raoul Stefanetti

Banque Internationale à Luxembourg, area manager of the bank’s retail branch network and has been active in corporate, structured as well as public finance.

Monica Tiuba

Monica Tiuba

Monica is an independent director.

Dzemal Tomic

Dzemal Tomic

Banque et Caisse d’Epargne de l’Etat. Dzemal is deputy head of institutional relationship management and head of business coordination division. He has more than 15 years’ experience in the investment funds business for which he assumes a significant role within the bank.

Kaspar Wansleben

Kaspar Wansleben

Executive Director

Kaspar Wansleben is the Managing Director of LMDF. Before joining LMDF, Kaspar has been involved in microfinance since 2006 as a member of the credit committee of the finance program of MFIs: LUXMINT, managed by ADA. He also worked at the International Labour Organisation (2002) and at PlanetRating (2004). Kaspar is a visiting lecturer at the University of Luxembourg on social entrepreneurship and was a board member of MFX Solutions Inc, the provider of currency risk solutions to the microfinance sector for 5 years.

Kaspar Wansleben is chartered accountant and joined KPMG in 2005 where he was specialised during 6 years in the industrial and financial sectors as advisor in finance and auditor. He graduated in Business and Finance from the Euromed in Marseille and the University of Bremen. He is of German nationality and has lived in many Asian countries.

Apricot Wilson

Apricot Wilson

Deputy CEO and Head of Risk

Apricot is a Deputy CEO and Head of Risk at LMDF and has recently returned to the organisation, having completed her MBA at the China Europe International Business School, Shanghai. She started her career at Aberdeen Asset Management, where she completed the graduate training scheme, before joining LMDF in 2016. Apricot has also worked with UNESCO Bangkok, in the education policy department and with Roland Berger.

She has an MA in Modern Languages from the University of Cambridge and a Certified Expert in Microfinance from the Frankfurt School of Management.

Alejandro Vazquez Ortega

Alejandro Vazquez Ortega

Fund Manager

Alejandro is Fund Manager at the LMDF and has more than 7 years of experience in Corporate and Project finance. Prior to joining the Fund in 2021, he acted as the Head of Corporate, Project finance and Treasury at Vallair Solutions S.à.r.l., where he also acted as interim deputy CFO for a couple of years. During this period, he managed the investment processes and raised more than USD 100m for CAPEX and Project finance Investments through different finance structures. Prior to having completed his MBA at the HEC Paris business school, Alejandro held several positions managing research and innovation projects working with Akzo Nobel, in the U.K. and Dupont Coatings, in Mexico.

He has a MSc in Chemical Engineering from the Loughborough University and holds a certificate on “Challenges on Global Poverty” from M.I.T. From 2013 to 2014, he acted as co-president of the HEC Net Impact Club. Alejandro is currently pursuing his CFA certification (sitting for Level II examination) and is fluent in Spanish, French and English.

Jennifer Popescu-Urbain

Jennifer Popescu-Urbain

Shareholder Relations Deputy Manager

Prior to joining the Fund, Jennifer worked since 2010 at ADA asbl as executive secretary. She has also worked (2007-2010) in the field of international Radio / Television as an administrative assistant in the first place, and then as an assistant to the antenna / support.

Graduated in tourism in 2007, Jennifer is multilingual and speaks seven languages, including French, Luxembourgish, German, English, Portuguese, Spanish and Romanian.

Carla Navarro Díaz

Carla Navarro Díaz

Associate operations and communications

Carla Navarro Díaz has a degree in Social Education and a master’s in international Cooperation from the HEGOA Institute, University of the Basque Country (Spain). Prior to joining LMDF Carla completed several internships in different fields: on at the University of Córdoba, in Argentina, among others. She arrived in Luxembourg in 2016 where she did an internship at the Cercle de Coopération des ONGD du Luxembourg, followed by a second internship at LMDF.

Carla joined the Fund in 2018 and speaks English, French and Spanish.

Cassiopée Thuin

Cassiopée Thuin

Analyst

Cassiopée joined the Fund in 2020 after a Master degree in European Governance at the University of Luxembourg and a double Bachelor degree in International Management at Dublin City University and ESB Business School (Reutlingen, Germany). In 2017, during her volunteering experience in Cambodia, she has taken an interest in the field of development. It was during her Master’s degree in Luxembourg that she discovered microfinance and wrote her final thesis on this subject.

Today, in parallel with her commitment to the Fund, she is pursuing a PhD at the University of Luxembourg on the impact of microfinance. Cassiopée is fluent in French, English and German.