Mikro Kapital’s ALTERNATIVE Fund debuts on the Luxembourg Stock Exchange with its bonds issued under the EMTN programme

Mikro Kapital's ALTERNATIVE Fund has successfully completed its inaugural listing on the Luxembourg Stock Exchange, marking a pivotal expansion for the Luxembourg-based securitization fund. The listing involves bonds issued under ALTERNATIVE's EMTN (Euro Medium Term Note) programme, providing institutional and professional investors with regulated market access to the fund's debt securities. This achievement underscores the fund's commitment to combining robust governance frameworks with regulatory alignment while maintaining its core mission of generating measurable positive impact in emerging economies.

Operating since 2015, ALTERNATIVE has established itself as a significant vehicle for channeling global capital into underserved entrepreneurial ecosystems. Over its decade of operation, the fund has raised more than €550 million in bonds denominated in multiple currencies—euros, Swiss francs, and U.S. dollars—reflecting strong institutional demand for diversified emerging-market exposure. Beyond traditional debt instruments, ALTERNATIVE has demonstrated fintech innovation by issuing over $10 million in tokenized bonds, positioning itself at the intersection of traditional fixed-income markets and blockchain-based securitization.

The fund's portfolio footprint spans nearly 170 locations across 10 countries, primarily concentrated in Europe and Central Asia, with a strategic focus on MSMEs. This geographic and sectoral diversification mitigates concentration risk while addressing critical financing gaps in emerging markets where traditional banking infrastructure remains underdeveloped. According to Johannes Feist, CEO of Mikro Kapital, the LuxSE listing represents "our ongoing commitment to providing investors with transparent access to financing instruments that support entrepreneurs and small businesses in emerging markets, creating positive impact."

The institutional infrastructure supporting this listing reinforces ALTERNATIVE's credibility within alternative investment markets. Citibank N.A., London Branch, functions as Paying and Settlement Agent, ensuring operational sophistication and counterparty integrity expected by institutional investors. Legal counsel from Linari Law Firm guided the structuring and admission process, signaling compliance with Luxembourg's regulatory framework and EMTN market standards.

This listing represents a strategic evolution for impact-focused alternative investment vehicles, demonstrating that social-impact mandates and institutional-grade market access are increasingly compatible—a development of particular relevance to family offices and institutional investors integrating ESG criteria into emerging-market allocation strategies.