Despite the global economic recession, total assets of the 10 largest Microfinance Investments Vehicles (MIVs) grew in 2011, reaching US billion. During the year, MIVs continued to face many challenges, including increased credit risk in several markets and lower returns, but the overall investment market was more active than in 2010, with renewed capital appetite from most microfinance services providers and more focus on underserved markets. Overall, lower fund returns since 2009 reflect lower market interest rates, higher loan loss provisions, and increased competition for placement of funds, especially in several saturated markets.