DAI has acquired registered investment adviser (RIA) MicroVest Capital Management to further fortify its investment management arm, DAI Capital.

Financial terms of the deal were not disclosed.

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Established in 2003, MicroVest focuses on allocating private investments to financial institutions that caters to underbanked enterprises in emerging markets.

The firm is said to have disbursed over $1bn to more than 200 financial institutions across 60 countries to help drive financial inclusion.

MicroVest marks DAI’s first takeover in the asset management space. The deal will help the company to mobilise and deploy private capital in frontier and emerging markets.

DAI, which has footprint in over 100 countries, works with governments, donors, corporations, and philanthropies to provide integrated development solutions across technical disciplines.

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Commenting on the deal, DAI president and CEO Jim Boomgard said: “Combining with MicroVest adds a rich vein of expertise to DAI’s existing asset management team, connects that combined team to a wider network of investors, and provides DAI a platform on which to build a world class, high-impact asset management business.”

Under the terms of the deal, MicroVest will retain its current management team. The firm will continue to be led by its founder Gil Crawford.

Crawford commented: “In its 50 years of operation, DAI has found the right formula to balance a global perspective with local insights. DAI’s local networks and technical domain expertise represent an infusion of new, added value to MicroVest’s investors, portfolio companies, and stakeholders.”

According to DAI, the latest transaction complements its recent purchase of Magister Advisors, which is focused on the Africa and MENA region.