Grassroots Capital has assembled a team of investment professionals with combined financial and microfinance industry experience, and complementary skills in key markets around the globe.
Paul DiLeo | Co-Founder and Managing Partner
Paul has pioneered the application of equity in the microfinance industry and in so doing has helped shape the sector as an investable opportunity. With over two decades of experience in development finance and 10 years' experience in the microfinance sector, he has cultivated a wealth of knowledge in the industry and is respected as a thought leader in the microfinance investment community.
Paul launched and manages the Gray Ghost Microfinance Fund which was the first private, for-profit microfinance fund established to demonstrate the viability of microfinance investment. Prior to starting Gray Ghost, he was instrumental in setting up a U.S. government-backed investment fund in Russia and during his tenure at Shorebank Corporation made equity investments in leading microfinance institutions in India and Bangladesh.
He also worked extensively in advising and evaluating microfinance institutions and small business banks around the world. Paul started his career in international finance with the U.S. Treasury and Federal Reserve Bank of New York. He obtained his Bachelor’s degree from the University of Massachusetts, has a Master’s degree from Boston University, and completed studies in business accounting and finance at New York University.
David FitzHerbert | Co-Founder and Managing Partner
David brings to the team a unique combination of entrepreneurial and investment experience. David gained extensive fund management expertise during his 10 year tenure at Hambros Bank, where he served as an investment manager of both public and private equities and ultimately became the director responsible for managing the Hambros’ operations in Japan.
Following his successful career in investment banking, David moved into the field of renewable energy and founded, managed and successfully sold two UK-based renewable energy companies before being introduced to microfinance. David has invested in and held board and investment committee positions in multiple microfinance funds.
David is a graduate of Oxford University, where he studied philosophy, politics and economics
Prasad Viswanatha | Managing Partner
Prasad has 20 years of experience in the mainstream financial sector, of which the last 8 years have been spent in microfinance. He is the founder of Caspian Capital Partners, an Indian fund management company and co-founder of The Bellwether Microfinance
Fund which was established in 2005 in collaboration with the Gray Ghost Microfinance Fund, as the first domestic microfinance equity fund in India.
Prior to founding Bellwether, Prasad held the positions of CFO, COO and eventually CEO of Bhartiya Samruddhi Finance limited, the flagship company in the BASIX group, one of the largest microfinance networks in India. BASIX was the first microfinance institution in India to raise external equity, as well as the first in Asia to securitize its microfinance portfolio. During his tenure at BASIX, Prasad was responsible for building robust operations which resulted in company growth from an asset base of Rs.100 million to Rs. 500 million.
Before entering the world of microfinance, Prasad was a Vice President in the Corporate Finance and Asset Financing Divisions of KARVY Consultants. He also held the position of Vice President of Project Finance for the TVS Group. Reputed to be a leader in Indian microfinance, Prasad served as a member of a high-level task force constituted by the Deputy Governor of the Reserve Bank of India to deliberate on the funding issues of microfinance institutions and he has done extensive policy work with government agencies and regulators.
Prasad has a Masters degree in management studies from Birla Institute of Technology and Science in Pilani, India.
Mona Kachhwaha | Investment Partner
Mona joined the India team in 2007 after over 13 years of financial industry experience gained during her tenure with the Global Consumer Banking Division of Citibank India. While at Citibank, she worked in a range of functions including Operations, Sales, Product Development, Credit Risk Management and Business Management. During her tenure she was the head of the credit risk function (Policy & Credit Administration) for the Mortgage Business.
In 2004, Mona assumed responsibility for setting up and heading Citibank's microfinance business in India. Some of her key responsibilities as the microfinance business head included creating business alliances and partnerships with microfinance institutions of significant size and scope, developing relationships with industry bodies, funding agencies, networks and other relevant entities, as well as interfacing with regulators and government bodies on behalf of Citibank. She was also responsible for launching one of India’s first micro-savings products, named "Citibank Pragat" and introduced the use of custom designed biometric-enabled, voice-guided ATM machines for clients.
Mona graduated in mathematics from Delhi University and holds a post graduate diploma in business management from XLRI, Jamshedpur in India.
Andrej Machacek | Investment Manager
Andrej joined the Grassroots team in 2008 and is presently based in the firm’s London offices. Having initially played a central role in the Fund’s fund raising, his main focus now is on the Fund’s investment activities in Sub-Saharan Africa and MENA. He also plays a supporting role in the Fund’s Investor Relations activities and shares the responsibility for ensuring Grassroots’ UK regulatory compliance. Having traveled extensively across the African continent, he is dedicated to playing his part in unlocking and investing in commercially sustainable business models in Africa and beyond.
Prior to joining Grassroots, Andrej spent 2 years at a venture capital incubator firm, assisting entrepreneurs in refining their business strategies, setting up their business ‘infrastructure’ and in achieving commercial scale. As a Vice President in Deutsche Bank’s Global Markets division, Andrej spent 5 years working with Deutsche’s Capital Markets, Leveraged Finance, Financial Sponsors and M&A departments in structuring and executing a wide range of financing and risk management solutions. He was also the Co-Founder and Finance Director of an Emerging Markets real estate investment company.
Andrej obtained his BA degree in Economics and Management from Balliol College, Oxford and an MBA from Harvard Business School. He is an Open Society Foundation and Dulverton Trust scholar.
Anna Kanze | Investment Analyst
Anna Kanze joined Grassroots in 2008 and is primarily responsible for investment monitoring and reporting, industry research, and social performance measurement in South East Asia and Latin America. Prior to Grassroots, Anna spent three years working at Citi Investment Research in Equity Research and the Global Capital Markets groups. At Citi, Anna was involved in conducting primary research, generating investment ideas, creating and maintaining financial valuation models, and writing published industry and company research reports. Anna also has direct marketing and market research experience analyzing the Internet, new technologies and consumer packaged goods industries.
Anna has a BA in International Relations and Economics from the University of Pennsylvania and an MBA from the NYU Stern School of Business. She is also a member of Women Advancing Microfinance (WAM) and the Microfinance Club of New York (MFCNY).
Christine Killorin | Chief Financial Officer
Christine leads administrative and operational management of Grassroots Capital. She brings to the team more than 20 years of Fortune 500 Company senior management experience in operations, human resource and financial management. Prior to joining Grassroots Capital, Christine was the Chief Financial Officer of Gray Ghost Ventures. Her microfinance experience includes her tenure as Chief Operating Officer for Women’s World Banking.
Christine is a Certified Public Accountant. She has an MBA with a concentration in Finance from Columbia University and a Bachelor of Business Administration in Accounting from the University of Texas at Austin.