Gray Ghost Launches as the First Microfinance Fund of FundsAtlanta, GA, November 17, 2003 —
"After more than 10 years involvement in microfinance as a grant-maker, and having witnessed first hand the impact that microfinance has in low-income countries around the world, it became clear that an investment vehicle could complement grants and encourage greater involvement of private capital in the industry," said Bob Pattillo, Founder of the fund. New funds like the Gray Ghost Microfinance Fund are revolutionizing the microfinance industry. Instead of depending on donor funding, Gray Ghost intends to encourage the participation of traditional capital markets in microfinance investing. The fund believes that the industry will need this kind of capital injection if it is to remain sustainable. "Gray Ghost views itself as a catalyst in the industry, not only because we are the first fund to take this approach to microfinance, but because we will specifically look to invest in, and even create, other funds and investment vehicles that will both positively impact poverty alleviation and catalytically move the industry forward," stated Paul DiLeo, the Gray Ghost Fund's Chief Executive Officer. The fund, which will invest in microfinance funds around the world, will demonstrate the feasibility of commercial investment in microfinance, and according to its founder Pattillo, aims to earn an attractive financial return as well as the social returns for which microfinance is known. "Gray Ghost's investment strategy is predicated on the belief that microfinance can be a profitable investment and we aim to build a portfolio with distinct earnings advantages and social impact," he said. "The fund will invest across the spectrum of the global microfinance industry, offering diversification in asset types and geographic allocation." "The mission of Gray Ghost is to educate other investors about microfinance, engage private capital in the industry, as well as share its investment experience with like-minded social and alternative investors. Through this fund, we hope to demonstrate a way in which like-minded social investors can commit funds to microfinance and play an active part in alleviating global poverty," said Pattillo. # # # ABOUT THE GRAY GHOST FUNDThe Gray Ghost Microfinance Fund, Inc, is a $75-million, for-profit portfolio of investments aimed at connecting private social investors with microfinance opportunities worldwide. As a fund of funds, Gray Ghost hopes to educate the investment community about the dual benefits of microfinance investing as both a means of growing individual wealth and alleviating poverty. The Gray Ghost Microfinance Fund is committed to enriching lives, both financially and spiritually, on both sides of the investment relationship. For more information on the Gray Ghost Microfinance Fund and its work, visit www.grayghostfund.com. MEDIA CONTACTYvonne Johanneson-Jones
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