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 was instrumental building the vibrant national industry of today. Bellwether made 60 loans and 12 equity investments in MFIs of which all but one have been exited. Together with its follow-on fund IFIF Bellwether made early and critical investments in many of India’s leading MFIs, including Ujjivaan, Equitas, Janalakshmi, and Sonata. Caspian and Grassroots have continued to partner since the Bellwether launch to create other impact investment vehicles, including IFIF, GMEF, Prospero and CII.