Gray Ghost Ventures (GGV) is an impact investment firm dedicated to providing market-based capital solutions to entrepreneurs who are addressing the needs of low-income communities in emerging markets. Depending upon the need and opportunity, we serve as creator and manager, sole funder, lead investor, co-investor, general partner or limited partner in operating companies or investment funds. GGV’s focus areas include: microfinance, social venture investment and affordable private schools

GGV has been consistently in the vanguard of the global impact investing movement. With the establishment of the Gray Ghost Microfinance Fund in 2003, GGV became one of the earliest private investors in microfinance. Building on our microfinance experience, we began to make equity investments in innovative early-stage businesses with the expectation of financial and social return. This led to the formation of the Gray Ghost DOEN Cooperatief, a fund predominantly focused on investing in Information, Communication and Technology (ICT) ventures that serve the needs of low-income communities in India. An affiliated, but independently operated fund, First Light Ventures, incubates ideas into new enterprises and serves as an investment partner to seed-stage, for-profit social ventures.

Most recently, GGV initiated efforts to provide financing to affordable private schools in emerging markets. The Indian School Finance Company (ISFC), based in Hyderabad, is a centerpiece of this activity. Gray Matters Capital and the Rockdale Foundation, both founded by Bob Pattillo, complement our school finance work through programmatic activities and grants directed at metrics, accountability and transparency initiatives that enhance the operations of affordable private schools in the developing world.