Bob Pattillo, Founder, Gray Ghost Ventures. Bob Pattillo's presentation from the 2009 Take Action! Impact Investing Conference in San Francisco.

1. In the beginning there was…….
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2. Which led to…….
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3. 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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4. 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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5. 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. 5

6. 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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7. Drive-by wifi and supply chain
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8. Remittances by cell phone without a bank account
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9. Co-Investors Include:
The Barred Rock Fund
Omidyar Network
UPS
Garage Technology Ventures
Draper Fisher Jurvetson
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10. 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. 10

11. Why start a separate fund???
GGV Equity GGV Social Investments
GGV Social Investments
DOEN Participaties BV
Plan LLC Holdings LLC
Holdings LLC
(Netherlands)
(USA) (USA)
(USA)
Member
Member
Member
Sub-Advisor
Gray Ghost-DOEN Investment WWV/Management & Agreement
Other Countries Cooperatief, UA Manager
Investment Portfolio Operations LLC Third Party
(Netherlands) (USA) Provider
(India)
Global Investment Investment
Manager Agreement Manager for
Sonalten Netherlands
ATC Fund & its
Corporate Services Ventures Ltd
(Cyprus) Cyprus
Provider for domicile Subsidiary
purposes [FVCI] Custodial Agreement
Indian Investment Portfolio FVCI
Custodian
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12. 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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13. www.grayghostventures.com
Handouts available or contact Jennifer
McReynolds at (678) 365-4734
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14. www.grayghostventures.com
Handouts available or contact Jennifer
McReynolds at (678) 365-4734
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