What We Do

The Gray Ghost Fund is a fund of funds focused exclusively on investments in microfinance funds that supply start-up and expansion capital — both debt and equity — to microfinance institutions (MFIs) around the world.

Through our portfolio, Gray Ghost aims to encourage other private investors to consider microfinance as a viable alternative investment option, offering both financial and social return. We seek to 1) educate investors about the social impact of microfinance as an important tool in global poverty alleviation and 2) mobilize commercial capital to enhance the scale and scope of the industry.

Gray Ghost serves as an industry catalyst, creating targeted funds where particular needs exist and building liquidity in the market. We also work to enhance liquidity in microfinance assets by encouraging new funds to facilitate transfers and by being active in the secondary market on our own account.