Gray Ghost Emerging Markets Fund III L.P.
United States of America
Last updated 12 May 2020, by Impactyield.
Emerging countries (256) / Africa (127) / Eastern Africa (50) / Kenya (12)
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
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.
of track record
the year funded
Gray Ghost Ventures
Headquarters location: United States of America
Other funds managed by this asset manager: First LightGray Ghost DOEN Social Ventures Coöperatief
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
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: United States of America
Product status: Open - committed capital
Style/Stage: Early Stage
Inception year: 2015
Vintage year: 2015
Target region: Africa, Eastern Africa, Emerging countries, Kenya
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: With non-LPs only
Currency of investments: USD (US Dollar)
Currency for fund / product figures: USD (US Dollar)
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
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President & CEO
Investor Relations Manager
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.
Bottom/Base of the PyramidMinorities/Previously Excluded PopulationsRuralUrban