Impact funds

An incomplete list of key funds and companies engaged in social impact investing in developing countries:

Acumen Fund has used donations to make $60 million in investments in 57 enterprises around the world focused on serving the poor.

African Agricultural Capital provides debt and equity investments to approximately ten agricultural and agricultural-related companies in East Africa with funds provided by its three shareholders who are major US and European foundations.

E + Co has used tax-exempt donations to make numerous debt and equity investments in small enterprises in Latin America, Africa and Asia that support the development and use of clean energy.

Fanisi is a venture capital fund headquartered in Luxembourg and founded in 2009 by Norwegian Investment Fund for Developing Countries (NORFUND) and Amani Capital Limited.  Fanisi makes equity investment from $500,000 to $3 million in high growth companies in East Africa.

First Light Ventures is a fund with the Gray Ghost structure (see below) that focus on seed stage, for-profit social ventures primarily in the US, India and Africa.

Grassroots Business Fund is a relatively recent spinoff of the International Finance Corporation (IFC) and uses funds from major international finance organizations and some donors to make investments in agribusiness, information, energy and other industries in various countries.

Grassroots Capital is a private equity fund that invests in the equity of microfinance institutions in various developing countries.

Gray Ghost Ventures was one of the pioneers in for-profit investment in microfinance and currently invests in microfinance, affordable private schools and other social ventures through several entities.

Ignia is an impact investing venture capital firm, based in Mexico which is funded by major international development organizations and private foundations and which has made $34 million in nine commitments to companies that improve the quality of life for those at the bottom of the pyramid in Latin America, including water, housing, health care and telephony.

Root Capital is a non-profit fund that receives tax-deductible donations and below market loans from investors and uses the funds to provide loans and technical assistance to small companies in rural areas in Latin America and Africa in order to expand their production and distribution of agricultural goods, especially coffee and cocoa.

New Ventures is an affiliate of the World Resources Institute which uses foundation support and investor capital in order to support and expand the work of a large number of entrepreneurs in environmental enterprises in developing countries around the world.

Small Enterprise Assistance Funds is a network of over 25 funds focusing on early stage businesses with growth potential in underserved markets in over 20 countries around the world and may be the original pioneer of SME investing.