“We became a Pioneer GIIRS Fund, because we feel that it is important as an impact investor to not only measure financial returns, but also our social and environmental performance. GIIRS will allow us to measure our impact in a way that is consistent with other leading impact oriented funds in the space."

- Joe Glorfield, Partner, TBL Capital


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Gray Matters Capital Fund
GIIRS Pioneer | Certified B Corporation
Fund Manager Name: Gray Ghost Ventures
Fund Manager Website: www.grayghostventures.com
Rated: 11.17.2011

Fund Description

The first impact investing fund in the Gray Ghost Ventures Family. Established in 2006, the fund is part of Gray Matters Capital Foundation.

Fund Mission

Gray Matters Capital is designed with two missions. First is to increase the amount of efficient allocation of human and financial capital. Second is to invest in the services of persons who are impoverished and underserved by existing capital markets.

Vintage Year


Geographic and Industry Investment Targets

Target Industry

Electricity, gas & air conditioning | Financial & insurance activities | Human health & social work | Information & communication | Other services | Transportation & storage

Target Industries Description

Providing affordable goods targeted for base of pyramid users, including mobile banking, last mile distribution, micro insurance, and affordable source of electricity.

Investment Region(s)

Asia | Latin America

Countries of Investment

Bangladesh | India | Mexico

Geographic Target Description

Emerging markets with prominent need at the base of pyramid

Impact Investment Targets

Impact Targets

Socially beneficial prod/serv | Environmentally beneficial prod/serv | Targeting the underserved | Workforce development | Community development | Distributed wealth models | Socially beneficial supply chains | Environmentally beneficial practices

Socially Beneficial Products & Services

Access to basic services | Health | Infrastructure/market access | Economic &/or empowerment opportunities | Capital Flow (microfinance, equity, etc)

Socially Beneficial Products & Services Description

Products designed to enable users to attain a better quality of life by providing greater access to basic services, lighting, and financial inclusion.

Environmentally Beneficial Products & Services

Renewable energy/Cleantech | Energy efficency | Pollution prevention

Environmentally Beneficial Products & Services Description

Alternative method of producing electricity through stirling engines and solar energy.