Gray Ghost Emerging Markets Fund III L.P.

United States of America

Last updated 12 May 2020, by Impactyield.

Edit this fund

Gray Ghost Emerging Markets Fund III, L.P., a Delaware limited partnership, is a leading impact investment fund focused on early-stage enterprises in global emerging markets, with a specific focus in South Asia and Sub-Saharan Africa, that uses mobile-based sector agnostic innovative applications of proven technology to address the needs of underserved populations. Created in 2014 to facilitate investments in the developing world, this investment vehicle is being opened to a limited number of like-minded accredited investors given the demand for such investments in the marketplace.

Gray Ghost Management & Operations, LLC is a U.S. limited liability company owned by and under the executive management of President and CEO Arun Gore. The Manager has been engaged as the Fund’s investment adviser.

The Manager's investment professionals have over 95 years of combined international business experience and extensive experience in creating, managing, advising and exiting a number of early-stage and Fortune 500 companies, including deep entrepreneurial, corporate and financial networks in India, Bangladesh, the U.S., Kenya and the U.K.

GGV adheres to a set of best practices which ensures responsiveness, accuracy, diligence and informed decision-making in its investment process and procedures. Below is additional information on how we evaluate investment opportunities:

A scalable and replicable business model; Quantifiable impact; The expectation of market-rate financial return

Financial description

A market-based investment approach is key to addressing some of the world’s most challenging social issues.
A large market exists for goods and services that improve the lives of the underserved. While charitable interventions often seek to address this need, there is a disconnect in the feedback loop when one party pays for a product or service and another party uses or benefits from it. A market-based approach provides a closed feedback loop, which can identify what is most beneficial to the end customers.
Market-based initiatives that can be replicated are required for products and services targeted to the poor, since businesses that cater to low-income populations generally have thinner margins. Therefore, for these businesses reaching millions of people is not only a social imperative, it is also a financial one: they must achieve scale to be profitable. Providing such businesses with appropriate financial and human capital will help them reach scale and create innovative solutions to enhance and empower the lives of the economically disadvantaged.

8 years

of track record


the year funded

50,000,000 USD


Asset manager

Gray Ghost Ventures


Headquarters location:

Other funds managed by this asset manager: First LightGray Ghost DOEN Social Ventures Coöperatief

SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Ensure public access to information and protect fundamental freedoms

Universal access to safe and nutritious food

Universal access to modern energy

Increase global percentage of renewable energy

Double the improvement in energy efficiency

Expand and upgrade energy services for developing countries

Full employment and decent work with equal pay

Universal access to information and communications technology

Key performance indicators

Fund overview

Asset manager: Gray Ghost Ventures

Product track record: Fund has 8 years of track record

Target IRR: 20%

Committed Capital: 0 USD (US Dollar)

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:


Inception year: 2015

Vintage year: 2015

Target region: , , ,

Target close date: 01/12/2015

Product term: 10 year term

Assets under management: 50,000,000 USD (US Dollar)

Investment size: Min: 1,000,000; Max: 5,000,000; Avg: 3,000,000

Co-investment policy:

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 0

Fund investments to date exited or repaid: 0

Management fee: 2.5%

Carried interest: 20%

Hurdle rate: 6%

GIIN Investors' Council Investment: Yes

Limited Partners / Investors: n.a.

Limited Partner / Investor Type: Development Finance Institution (DFI), Family Office, Pension Funds, Other Institutional Investors




Phone number: 678-365-4700

If you wish to have your details removed from this database please email

Arun Gore

President & CEO

Jennifer McReynolds

Investor Relations Manager

Impact Performance


Impact thesis

The developing world is leapfrogging the developed world when it comes to mobile communications and technology-enabled services. In developing countries, mobile phone usage helps to overcome the challenges of daily life, and are farther-reaching than in the industrialized world. Mobiles compensate for inadequate infrastructure, making markets more efficient and unleashing entrepreneurship. Evidence suggests that mobile technology is driving improvements in social links, social empowerment, market information flows, productivity, GDP growth and foreign investment. The World Bank found that the mobiles now play the same crucial role in less developed countries that fixed telephony played in industrialized countries during the period of its proliferation. According to the study, the impact of mobiles on economic growth is twice as important in developing countries, where there is a critical mass effect. It concluded that a 10% increase in mobile penetration in developing countries increases productivity by 4.2%.
The Fund will focus on technology-related investments that improve the lives of low-income populations. ICT models improve productivity and efficiency, reduce costs and provide consumers with valuable market information, leading to reductions in price discrepancies and increased income earning opportunities. Concurrently, the Fund will focus on investments in clean technologies that improve the productive and responsible use of natural resources.

Impact Management


Request information about this fund