In 2006, in an effort to increase its involvement in the impact investment sector, GGV and its specialized team of investment professionals was tasked to move beyond microfinance to build a portfolio of mission-related investments on behalf of
Gray Matters Capital (GMC). The team's investments focused on early-stage enterprises seeking to improve the lives of the underserved via Information and Communications Technologies (ICT), as well as other proven technologies. In 2008, based on opportunities realized in the market, the experience gained by the Investment team and its management track record, GGV formally established Gray Ghost Management & Operations (the Manager) as a separate entity. The success of GMC's Mission Related Portfolio led to the creation of the Gray Ghost DOEN Coöperatief in 2009, a fund charged with continuing the work that was started in 2006, albeit on a larger scale.
Furthering the effort to serve low-income communities through for-profit investments, GGV initiated efforts to provide financing to affordable private schools in India. The Indian School Finance Company (ISFC), based in Hyderabad, is a centerpiece of this activity, and allows schools to access loans to address infrastructure needs and improve the quality of teaching and learning thereby enabling parents in low-income communities to make informed choices.
Finally, an affiliated yet independently operated fund, First Light Ventures, was then created as an incubator and investment partner to seed-stage, for-profit vendors. The work that they do and the investments they've attained bridges the gap between seed-and early-stage investments, so that socially conscious businesses have a chance at financial success and improving the lives of many in their communities.