Gray Ghost Microfinance Fund Announces the Creation of the Antares-Equity Participation Fund (EPF)Atlanta, GA, December 1, 2005 —
Conceived in early 2004 by Robert Pattillo, founder of the Gray Ghost Microfinance Fund, the $5-million Antares-EPF will be one of Gray Ghost's primary instruments in its efforts to encourage a deeper and more liquid secondary market in MFI equity shares. "There are a variety of shareholders—both individuals and institutions—who played critical roles in creating MFIs. With many of these MFIs now mature, and with solid track records of performance, these early investors need to be able to get liquidity on their investments when they wish," said Pattillo. "Through the Antares-Equity Participation Fund we want to recognize the value of these early investors by trying to make the market more active for them, demonstrate to them that there is some prospect for exit with a return, which will encourage new investors to enter the sector," he added. To assist in this endeavor, Gray Ghost has selected Costa Rica-based Omtrix, Inc., one of the most experienced managers of equity investments in MFIs globally, as the Antares-EPF's fund manager and sole additional founding shareholder. "Omtrix, under the guidance of Alex Silva, successfully managed and liquidated, as scheduled, ProFund, the first microfinance equity fund in the world. Since we expect that most of the equity that's available in mature MFIs will be found in Latin American institutions at this stage, we naturally turned to the fund manager with the deepest relationships and network of contacts in Latin America," said Paul DiLeo, Chief Executive Officer of the Gray Ghost Microfinance Fund. To help address the illiquidity prevalent in microfinance equity markets, the Antares-EPF will play multiple roles. The fund offers its investors the ability to buy, hold, and assemble blocks of shares, as well as position itself as a central point of information on the availability and valuation of MFI assets. And what of the growth prospects of the new fund? According to Omtrix president, Alex Silva, Antares-EPF is expected to grow pretty rapidly. "We are committed to disbursing the initial $5 million committed by Gray Ghost within the next 12 to 18 months. Hopefully, once this is done, another $10 million will probably become available, both from Gray Ghost, and the enticement of other socially responsible investors," said Silva. Like its namesake, one of the brightest stars in the universe, Pattillo and Silva envision the Antares-EPF as a beacon, leading private investors to liquid assets in a reasonable timeframe and at a reasonable price. "The fund would like to think that, as a result of its actions, a secondary market will be invigorated for MFI shares, and as a consequence, more private investors will be attracted to invest in such shares, thus facilitating the growth of said MFIs and the industry. Despite the upheavals and instability in most emerging countries, micro-entrepreneurs continue to pay their obligations on time, and as a result, no major MFI has failed," said Silva. "Antares is the key to unlocking private investments in MFIs," added Pattillo. "Equity for MFIs will continue to be constrained worldwide, if we don't begin to see a more reliable secondary market." The Antares-EPF will be governed by a board of directors consisting initially of representatives from the Gray Ghost Microfinance Fund, Inc. The board will approve all asset purchases and sales, as well as set investment policy. # # # ABOUT OMTRIX, INC.Founded in 1994, Omtrix, Inc. is a privately owned consulting firm skilled in raising and channeling capital to regulated MFIs in need of equity and quasi-equity resources to expand their portfolio and growth capacity. By virtue of its location in San José, Costa Rica, Omtrix remains in close contact with clients and investees throughout Latin America and the Caribbean and stays well informed of changes in their social and economic operating environments. Omtrix has worked in over 14 countries throughout Latin America and the Caribbean for clients such as ProFund Internacional, the Inter-American Development Bank, and Grupo Roble (El Salvador). More recently, it has expanded into Africa, where it is providing services to Africap Microventures (Senegal). For more information on Omtrix and its work, visit www.omtrixinc.com. 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
|
Press Releases Index | Prev | Next |
|
