2. lnvest in 60-80 enterprises ihat deliver
safe drinking water, quality housing,
rural healthcare and clean energy,
touching 50 million lives and bringing
our invesiment total to $100M
Prove that market-based approaches
have a central place in unleashing
human potential for the {our billion
people living in poverty,
Create a robust pipeline of leadership
for organizations that fight poverty
with market-based approaches.
A Better Way: Use Patient Philanthropic Capital to Build Transformative Businesses
We believe that pioneering entrepreneurs will ultimately find
the solutions to poverty. The entrepreneurs Acumen Fund
supports are focused on offering critical services - water,
health, housing, and energy - at affordable prices to people
earning less than four dollars a day.
The key is patient capital. We use philanthropic capitaL to
make disciplined investments - loans or equity, not grants
- that yield both financial and social returns. Any financial
returns we receive are recycled into new investments.
ln the past six years we have refined the Acumen Fund
investment model, built a world-class global team with offices
in four countries, and learned what does and does not work in
growing businesses that serve low-income people.
We want to scale our model by a factor of five, growing our
investment portfolio from $20 to $100 million with the goal of
serving more than 50 million people by 201 1. We will provide
the talent needed to support these enterprises and share
breakthrough insights from our investing work.
Health and lnformation Services
Acumen Fund's investment in Drishtee helps lndian villagers access
essential services,
Drishtee is a franchise of internet kiosks created by entrepreneur Satyan
Mishra to deliver a{fordable services (computer and English classes,
insurance, healthcare) and goods (books, eyeglasses) to lndia's remote,
rural villages.
ACUMEN FUND SUPPORT:
A $800,000 loan and $t,OOO,OOO of equity. On-ground support to expand
into provision of health services.
IMPACT:
Drishtee has 1,550 rural kiosks, employing nearly 2,500 individuals. The
company is insialling 100 new kiosks per month. These kiosks provide 3.5
million poor people who were previously "invisible" to the market with ac-
cess to key services and products.
Ultimately, Drishtee's ambition is to reach the 775 million people who live
in lndia's rural villages - nearly one-eighth of the world's population - with
Drishtee kiosks.
*--..*#
-*d
! 24i.,
t&1.:1;=*s*n
Drishtee entrepreneur slanding rn front of hls kiosk in
rural lndia.
4

3. Our investments have helped more
than 10 million people and created
more than 20,000 iobs.
X xxwws&xxx m m* W rmm XqS &e&$$x
Advanced Bio-Extracts (ABE)
i rrr.:ri.:r.-:: I r : Cultivators oi artemisinin
plants for malaria treatment.
1i,..!tti,,rtijt' $625,000 convertible debt
(2ooo); $600,000 equity (2007)
:r:!:ri:i: 4 million dose production
capacity in 2007, growing io 12 million,
representing 10-200/o ot ihe global
market.
Expected to be the largest supplier of
artemisinin in Africa.
SHEF
li r!.:iit:,a ;.r: Chain of rural pharmacies.
l.r..r'::ri..rri: $1 25,000 debt (2004)
ir rrr::: 1,087,499 customers served
over 3 years,
lnnovative micro-f ranchise model.
Jamii Bora
lr:vr:sil.:l :r,:A new eco"town for former
urban slum-dwellers.
::!.:rir.ii: $250,000 loan (2007)
iaii;j..ir Expected to house 2,000
families impacting 10,000 lives.
Fastesi growing microfinance
organization in Kenya.
o/o of Portfolio
(2007)
$1 '$?.5nrl!cr
f1::rsrr; illr))) $1 -$1.5 nrllirl
v'J-itL-.r ilCl3l $:5c"'tst-$t ir,l!iol
'.i r,, rz!r j/, ';2illt,-, /_ >, , ,:..,.
ffi
Tanzania
A to Z Texiile Mills
1r!.:i,: al 'ir: A company that produces
long-lasting insecticide treated bed
nets-
$325.000 deol (2OO?)
$675,000 grant/debt (2005)
i::,1it.l: 7,000,000 long-lasting nets,
new production facility and 2,000
jobs creaied.
Tanzania s third largest employer.
BroadReach
l- '-...,,. r: i:,r Third party healthcare
administrator for HIV/AIDS treatment.
i,r!.r.i::.iri r:': $1,750,000 equity (2005)
lr1:c:: 1 1 9,337 patients served.
Cross-subsidy modei using available,
underutilized medical providers.

4. ! ir:rlir
! Fai:*ran
[;:si *:':i $r,::h A|l:
$ mqrww&Kmw Kx& K rwm kS wxqsm
Sri Lanka
Kashl Foundation
lrr::r'cJ ir : Microfinance f or women"
l-,...ei,..(:rr r $sss,OOO grant/debt
{2002) $9oo,ooo debt (2007)
l:r;r:,:l: 675,000 lives impacted.
Outstanding microfinance institution,
experimenting with home improvemenl
le nding-
Saiban I
lr.!lriiirr'-r : Low-income housing in
Karachi and Lahore.
i:rr.::i..::i. $86,667 grant {2003)
$302,500 grant/debt (2003)
1.i..:r Expected to house 450 families
or 2,250 people.
Creating a commercially sustainable
model for low-income housing.
Flowing Currents
irirrrriri rrr Provisron of rural
electrification through biomass
gasifi cation.
I r...i .,t, !r.r:r:i $21 0,334 ioan guarantee
(2006)
i.rri:,::.lr Expected to impact 875
low-income households.
Testing that a market exists for
renewable energy among rural poor,
WaterHealth I nlernational
l|'riri:tr .ri Uv'water lreatment for
village communiiies as Tsunami relie{.
r:..'.:r;i i:ii:irtr $100,000 grant (2004)
ir.ri:,;.: i: 80,000 people with access to
safe waler.
Showing that reliel efforts can be
designed for long'term sustalnability.
Water Health lnternational
lrvl.ric,i :rr: UV-wate[ treatment for
village communities.
ir,y.liil.tri: $600,000 equity (2004)
$300,000 loan guarantee (2006)
lrr:.::r: 100,000 people with access lo
safe walen
Game-changrng business model for
rural drinking water provision.
Drishtee Dot Com
ir:rc::rij l:r : Expanding Drishtee
services to health and increasing
women entrepreneurs,
l:v.:::,'r;rrri: $1,000,000 equity and
$Boo,ooo debt (2006)
j::r)lli: 1.3 million customers served;
424 wamen entrepreneurs in Drishtee
network.
Fastest-growing technology company
in lndia.
Medicine Shoppe
i: !,i:i:liir f : Expanding network of
pharmacies/clinics io low-income
markeis.
l-.,,..r ':::,t: $1,089,059 equity (2006)
l:',- - 136 stores open, I in low-
income markets, 191 newly created jobs
Low'cost stores a viable part of a larger
pharmacy chain.
Lifespring
li,!'f !iei.l iii: Expanding low-cost
maternal care hospital.
lr'-r,:rr,:.. r : $t.g million equity (2007)
lrri,.;:r:t: Plan io grow to 50 hospiials.
Affordabie, transparent pricing model
for maternity care,
IDE lndia
111,11;11;i rr: Low-cost drip irrigation for
larmers,
ir:!e.1.ii.r:: $1 OO,OO0 grant (2003)
l'"1:r-r;i; 150,000 units sold. 750,000
farmers and {amrly membe.s lives
impacted.
Drip irrigaiion can lead to at least a
doubling of farmers' incomes.
Ziqitza Healthcare Limited
(a.k.a.1298)
l1r,;6;i3i i:: Private ambulances of{ering
"service for all,"
li,r.i:::rt::|:t $1,500,000 equity (2007)
ifila.ir Expected to grow from 10 to 70
ambulances in 2007.
Cross-subsidized prlcing model so
poorest customers do not have to pay,
Scoio
irr;r'.cl ,r r Low-cost eyeglass producer
$soo,ooo debt (2006)
ir: ;;t,,:i : 37,719 patients fitted with
eyeglasses.
Sco.o glasses be.ng so d ar Vedic.ne
Shoppes and Drishlee klosks,

5. Fighting Malaria
Our investment in A to Z helps fight malaria in Tanzania
A to Z Textile Mills is a family-owned maker of long-lasting insecticide-treated
anti-malaria nets in Tanzania.
ACUMEN FUND SUPPORT:
We loaned $SZS,OOO to A to Z in 2AO3 to support a technology transfer
from Japan that would enable A to Z to make long-lasting insecticide-treated
bednets. These nets reduce malaria-related deaths by up to 500/o and last
10 times longer than traditional nets. Acumen Fund also helped facilitate the
technology transfer.
Acumen Fund and A to Z are now partnering to study the lowest-cost way
to distribute bednets and to understand how much people are willing to
pay for nets.
IMPACT:
Thanks to the efforts of CEO Anuj Shah, A to Z has become the third
largest employer in Tanzania. A to Z's factory produces 7 million bednets
per year, has created more than 4,000 new jobs, and its nets protect
millions of people from malaria.
Compare that impact to those of a traditional grant in our Best Available
Charitable Option analysis below.
A to Z bednet user in Tanzania. A to Z's insecticide'treated
bednels provide malarla protection for up to five years.
Best Available Charitable Option Analysis for A to Z
$,02 to supply a person with a year of
malaria proteciion
$.84 to supply a person with a year o{
malaria protection
10
Result

6. As a 501(c)(3) not-for-profit, Acumen Fund raises
charitable funds to invest equity and debt in enterprises
serving low-income people. Our growing community of
more than 130 Partners, all of whom have given $l O,OOO
or more to Acumen Fund, is what makes our work possible.
While donors will not receive a financial return on funds
contributed, we believe that investing in market-based
approaches to fighting poverty generates the highest
available social reiurn on philanthropic dollars:
. 3:1 leverage: Every dollar given results in $3 in other
capital invested through guarantees and co-invesiment
opportunities
. Funds returned to Acumen Fund are recycled into
new investments
. Our investments are directly impacting lives and
demonstrating a new approach to fighting poverty
All Acumen Fund Partners are invited to our annual lnvestor
Gathering, a unique opportunity to discuss our progress
from the previous year. Our Partnership model allows us to
build a strong community that learns together from our work
Our institutional partners include visionary organizations
like the Rockefeller Foundation, the Bill & Melinda Gates
Foundation, Google.org, the Skoll Foundation, the Nike
Foundation, Cisco and Coca-Cola.
For more information about joining our Partner community,
please contact Sasha Dichter, Director of Business
Development, at sdichter@acumenfund.org.
Acumen Fund Steward
Leadership Partner
Keystone Partner
Sustaining Partner
Senior Partner
Associate Partner
Development Partner
$5 mittion
$t million
$soo,ooo
$zso,ooo
$t oo,ooo
$so,ooo
$r o,ooo
Transporting WaterHealth lnternational Uv-treated safe drinking waier in a vi{lage in rural lndia
:

7. Workers producing anii-malarlal artemisinin at ABE factory in Kenya
"What Africa needs most today is more
'patient' capital to spur its would-be capitalists,
Patient capital has all the discipline of
venture capital demanding a return, and
therefore rigor in how it is deployed but
expecting a return that is more in the 5 to
10 percent range."
- Thomas L. Friedman, New York Times columnist, on his vtsit to Acumen Fund investee Advanced Bio-Extracts
Limited (ABE) in Kenya.