Duncan Onyango joined Acumen as Director of East Africa in September 2012. He has been a long supporter of Acumen and informally served as an advisor to the East Africa team over the years, as well as being actively involved in the Fellows Program. Duncan most recently served as the Group Chief Finance Officer of Rift Valley Railways, where he led the structuring of a $287M debt and equity capital investment in the rail sector. He began his career with over ten years at Abbey National, a major international bank in London, gaining cross-functional business experience in both the retail and corporate arms of Abbey, including serving as the bank’s Head of Training & Management Development for the Wealth Management Division.

1. INVESTMENT DIMENSION
OF THE INCLUSIVE
BUSINESS ECOSYSTEM
Duncan Onyango
Calabar, Nigeria, 19-20 June 2014

2. A social fund that invests
patient capital in enterprises
that sustainably serve the poor
Note: Acumen Fund, Inc. is structured as a 501(c)3 tax-exempt organization
Acumen

3. 3
INDIA
PAKISTAN
EAST
AFRICA
LATIN
AMERICA
WEST
AFRICA
NEW
YORK
+ 5 Offices in
Investment
Regions
+ 24 Investment
Professionals
+ 70 Global Staff
Office
Investments
Advisory
Fellows
Chapters
+
Global footprint

4. Creating Access to Basic Services
4
HEALTH
EDUCATION
AGRICULTURE
ENERGY
HOUSING
WATER
$11.6
$2.8
$12.8
$0.7 $1.1
Agriculture
Energy
Health
Housing
Water
SECTOR INVESTMENTS BY $
$11.6
$2.8
$12.8
$0.7 $1.1
Agriculture
Energy
Health
Housing
Water
SECTOR INVESTMENTS BY #

5. Cumulative Portfolio Growth
$86M
INVESTED
$365M
FOLLOW-ON
CAPITAL INTO
OUR COMPANIES
$14M
CAPITAL
RETURNED

6. $1.2 $1.2 $1.5
$2.3
$3.8
$5.9
$10.8
$29.5
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 To
date
Cumulative Approvals
Rapidly growing East Africa portfolio
86+M
LIVES IMPACTED
45K+
JOBS CREATED
$45.4M
CAPITAL LEVERAGED
$3.2M
AVERAGE REVENUES
GENERATED IN 2013
$3M
CAPITAL EXPECTED TO
BE RETURNED TO
ACUMEN IN 2014
Total Cash Returned:
$5.2M
($US in millions) $45.4

7. State of the Portfolio

8. 2013 Portfolio Performance
Performance Ranking:
• Performing: Largely
tracking to or above
targets and providing
regular data
• Issues: Company is
missing targets
• Watch: Serious issues are
facing the company that
could result in legal
action, insolvency, default
or other serious
consequences

9. WHY ACUMEN?
9
+Potential for large-scale
social impact
+Invest in disruptive enterprises that are
financially self-sustaining
+Extensive knowledge base from existing
investments
+World-class team of investment
professionals and advisors

10. The Patient Capital Model
The aim of our model is to bridge the efficiency and scale of
market-based approaches and the social impact of pure
philanthropy.
10
RECEIVE
CHARITABLE
DONATIONS
SCALE
GAME-
CHANGING
COMPANIES
MAKE
PATIENT
CAPITAL
INVESTMENTS
DEBT OR EQUITY
INVESTMENT IN AN
EARLY-STAGE
SOCIAL ENTERPRISE
7 – 10 YEARS
RETURNS RECEIVED
FROM AN EXIT OR
PAYBACK ARE
RECYCLED TO MAKE
NEW INVESTMENTS
EXIT &
RECYCLE
RETURNS
RECYCLING RETURNS

11. Financial
return
objective
No return
Traditional venture capital
Maximize financial return
Maximize
Social impact
objective
None Maximize
Traditional philanthropy
Maximize social impact
Patient Capital
Blending social and
financial returns for
long-term social impact
0%
Patient Capital for long-term social impact

12. Early stage
Scale up
Exit at Scale
Recycle
returns
7-10 years
Invest funds in
equity or debt
Grow enterprises
focused on social
impact and
sustainability
Recycle
returns into
more
enterprises
1 2 3
Investing to alleviate poverty and recycling
returns

13. HIGH LEVEL OF SCRUTINY
Strong brand awareness historical on-ground presence
drive robust and renewing pipeline
13
Over 700 deals reviewed
150 deals entering
formal diligence
55 deals
received
committee
approval
29 deals
closed
+ Highly
experienced
team and
stringent review
processes ensure
high level of
scrutiny for all
potential
investments

14. ADDING VALUE AT EACH STAGE
Pre-Investment Deal Structuring Post-Investment
+ Rigorous initial pre-investment screening and selection
+ Experienced Portfolio Leadership Team (PLT) – weekly, multi-
country, cross- sectoral learning; partnership model
+ Highly-seasoned, majority independent Investment Committee
+ Impact ‘Theory of Change’ articulated in Investment Memo
+ Top-tier external Counsel & in-house legal team
+ East Africa and global Advisory members’ participation
+ Technical Assistance; Board seats; Quarterly & Annual Reviews
14

15. TECHNICAL ASSISTANCE
+ A convening of
several corporations
and Acumen-backed
social enterprises to
identify common
ground for
collaboration.
+ Acumen solicits
applications from its
portfolio of social
enterprises that seek
flexible grant funding
innovate around critical
business challenges.
+ Matchmaking
between capabilities of
high-level employees at
corporations with social
enterprise needs.
TECHNICAL
ASSISTANCE
SUMMIT
TECHNICAL
ASSISTANCE GRANTS
CORPORATE
SECONDMENTS
KEY ACTIVITIES
1. Provide grant funding and technical expertise on specific
areas such as marketing and product design to help
Acumen investees reach scale
2. Harness insights into business opportunities that better serve
low-income consumers globally

16. Key Lessons & Issues

17. 2007 2008 2009 2010 2011 2012 2013
$500k
$800k
$200k
$600k
Acumen Risk Capital
Key:
Getting Real about Costs:
The case of d.light

18. 2007 2008 2009 2010 2011 2012 2013
$1.5M
$90k
$500k
$800k
$200k
$600k
$150k $200k $1.5M
Acumen Risk Capital
Investment cost &
management support
Acumen Fellow
Key:
Working capital loan:
USAID/Acumen with
Deutsche Bank and other
lenders
= $3.1M
OUR INVESTMENT IN D.LIGHT:
Fellows & Working Capital Facility
$50k
$50k
$70k
$70k
$70k
$70k$150k
$140k

19. Dignity, not dependence
Choice, not charity
Thank You

20. Contact Details
Duncan Onyango
Acumen East Africa
1st Floor, Cape Office Park
Ring Road Kilimani
P.O. Box 101883-00101 Jamia
Nairobi, KENYA
Tel: +254 716 252802
Mob: +254 720 630028
Skype: duncan.onyango1