Microfinance Investment Vehicles (MIVs)in 2010 are confronting the most challenging investmentenvironment since the 1990s. Over the past two years,microfinance investors witnessed a handful of debt defaultsand a major slowdown in demand for capital from microfinanceinstitutions (MFIs) a sharp contrast after the heady marketgrowth experienced in previous years. However, MIVs continueto grow and earn positive returns. This brief presents themajor trends within the MIV sector to emerge from thisyear's Consultative Group to Assist The Poorest (CGAP)MIV survey, powered by Symbiotic. It also highlights thegrowing commitment among MIVs to sound environment, social,and governance (ESG) practices. The last section discussesMIV challenges and prospects.