The Endowment as Guarantor, Unlocking Last Mile Finance — with IDP Foundation, TLG Capital, Morgan Stanley, Jackfruit Finance & Koma Capital

​We'll draw on the live IDP Foundation–TLG Capital–Jackfruit Finance transaction in Kenya: a Morgan Stanley-issued standby letter of credit, backed by IDP's invested portfolio, supports TLG's lending to Jackfruit, which finances low-fee private schools. IDP has made the legal documentation publicly available, including the route for additional guarantors to join by joinder.

​Corina Gardner, CEO of IDP Foundation, who led its pioneering use of the endowment behind the guarantee, will share the foundation's experience first-hand, joined by TLG Capital and Morgan Stanley.

​The discussion builds on Koma's research into the gap between committed guarantee capital and finance reaching smaller businesses in Africa, and Jackfruit's experience deploying it on the ground.

​Three questions for the room:
01 Fit — which foundation and endowment structures are best suited to endowment-backed guarantees, and what would support participation?
02 Framework and pipeline — what would it take for foundations to participate through a common framework, rather than one deal at a time?
03 Infrastructure — what would be needed to originate, assess, execute, syndicate and report that pipeline repeatedly, and who should build and hold it?

​Discussion is non-attributable; a short synthesis of shared conclusions will be circulated afterwards. Coffee and pastries from 8:45am; we begin at 9:00 sharp and close at 10:30, two blocks from Willis Tower.

​Attendance is by invitation and approval. Questions to sfranklin@komacapital.com.