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Bob Pattillo, Founder, Gray Ghost Ventures. Bob Pattillo's presentation from the 2009 Take Action! Impact Investing Conference in San Francisco.
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In the beginning there was…….
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Which led to…….
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Portfolio One
•$10mm in developing market enterprises;
•GMC Exempt Entity (Operating Foundation)
•Greatly exceeded financial, social expectations
•Eight investments in 38 months;
•Six have secured a 2nd round of financing;
•Four do not appear to have a need to raise additional capital over the next 12 months;
•No write-offs
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Problem: 1.6 billion people light with kerosene
•Annual cost of $38 billion;
•1.5 tons of carbon dust per lamp every 5 years;
•Toxic fumes;
•Thousands burned & maimed in fires.
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Solution: Rechargeable LED Lamps•100X greater duration than fluorescent•Optional solar charger;•Mini-power station;•Seven month payback from kerosene savings;•11% increased productivity;•Partnering with MFI’s•Sales: > $1.2 million*Bonus* - Extra 1.4 hrs homework per child/lamp.
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Problem: Microentrepreneurs lack pricing info, internet access
Solution: Cell phone access to market info, buyers & suppliers
•Bangladeshi farmers now gross 40% more;
•Service is free due to the increased SMS text traffic.
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Drive-by wifi and supply chain
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Remittances by cell phone without a bank account
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Co-Investors Include:
The Barred Rock Fund
Omidyar Network
UPSGarage Technology Ventures
Draper Fisher Jurvetson
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Portfolio Two
•$35mm for profit fund;•Fiduciary investor (DOEN)•Focused on emerging market mobile phone technology;•Hired the former CFO T-Mobile to lead fund management;•70% focus in India; one of the few ways to participate in the booming economy;
– 6.4% projected GDP growth;– largest middle class in the world;– 440,000,000 mobile phones in use
•$30mm raised to date;•Open to select investors.
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GGV Social Investments Holdings LLC
(USA)
Member
Custodial Agreement
Global Investment Manager Agreement
Gray Ghost-DOENCooperatief, UA
(Netherlands)
DOEN Participaties BV(Netherlands)
SonaltenVentures Ltd
(Cyprus)[FVCI]
Indian Investment Portfolio
Other CountriesInvestment Portfolio
GGV Equity Plan LLC
(USA)
GGV Social Investments Holdings LLC
(USA)
FVCI Custodian
Investment Manager for Netherlands Fund & its
Cyprus Subsidiary
WWV/Management & Operations LLC
(USA)
Investment Manager
MemberMember
Sub-Advisor Agreement
Third PartyProvider(India)
ATCCorporate Services Provider for domicile
purposes
Why start a separate fund???
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Financials
Total Equity $35,000,000
Portfolio Performance (Gross IRR) 26.6%
Returns to LPs (Net IRR) 20.1%
Average Hold Time (Years): 6.0
Average Cash/Cash Multiple: 3.4X
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www.grayghostventures.com
Handouts available or contact Jennifer McReynolds at (678) 365-4734
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www.grayghostventures.com
Handouts available or contact Jennifer McReynolds at (678) 365-4734
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