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Grassroots has collaborated in the creation of eight impact investment funds over the past fifteen years, and managed investments in nearly twenty others.


Caspian Impact Investments

Launched in 2013, CII is an Indian multi-sector Social impact debt provider. The mission of CII is to provide debt…

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India Financial Inclusion Fund

India Financial Inclusion Fund is a US$89 million, 10 year fund launched in 2008 by Caspian Investment Advisors to build on…

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Próspero Microfinanzas Fund

Próspero Microfinanzas was launched in 2010 to create a regionally based equity management capability focused on emerging microfinance institutions in…

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Other Funds Managed & Launched


The Antares - Equity Participation Fund was created by Gray Ghost in 2006 to promote a secondary market for microfinance equity positions in Latin American MFIs and build a track…

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Global Microfinance Equity Fund

Launched in 2008, GMEF was designed as a follow-on fund to Gray Ghost:  a globally diversified fund of funds promoting local management teams dedicated to specific regions. After committing roughly…

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Gray Ghost Microfinance Fund

GGMF was launched in 2003 as a fund of funds and, at the time, was the largest private investor in microfinance. Gray Ghost invested $100 million in 23 microfinance investment…

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Short Term Liquidity Facility

STLF was formed by Gray Ghost in 2004 to provide short-term liquidity support to institutions facing liquidity pressure due to delays in funding, unanticipated growth or seasonal requirements.

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The Bellwether Fund

In 2005, Gray Ghost provided support for the creation of the Bellwether Fund and its manager, Caspian Impact Advisors.  Bellwether was the first equity fund active in Indian microfinance and…

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