Grassroots Capital Management Corp PBC (Grassroots) has been an active participant in the evolution of the global microfinance industry from philanthropic experiment to an industry with over 300 million clients, fully integrated into capital markets and many national financial systems. To engage impact investors and further develop and expand the impact investment industry, we have written a report recounting and assessing the experience of the Gray Ghost Microfinance Fund (GGMF) – an early private investor, promoter and operator of funds in the impact investment space.
GGMF, managed by Grassroots and Gray Ghost Ventures, was launched in late 2003 as a pioneering private fund of funds intended to promote private capital flows to the microfinance industry.
- At the time of its launch, GGMF was the largest private investor in microfinance
- Between 2003 – 2008, GGMF committed $97 million across 23 funds and seeded 12 new impact managers
- The vast majority of managers with which GGMF invested have successfully raised new impact funds and become prominent actors in the impact space
- GGMF is on track to deliver a 5.4% annualized return from a portfolio combining debt and equity assets
The report is divided into three key sections:
- Section I — Foreword & Executive Summary
- Section II — Detailed review and analysis of the performance of GGMF
- Section III — Detailed review and analysis of the performance of GGMF’s investments
Section I of this report is available here. The subsequent sections are available on request.
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