Impact investor Gray Ghost Ventures said it is raising a $60 million third fund that represents a big step up from its $35 million second fund in 2009. The firm expects a first close on about $25 million in March, said CEO Arun Gore.
Gray Ghost Ventures, based in Atlanta, is an early-stage investor with 60 percent to 70 percent of its investments in India. A second big focus is sub-Saharan Africa.
Gore said the firm’s impact investing has been profitable. The return on its portfolio is more than 2x, he said. “There is no impact if you’re not successful.”
Gray Ghost Ventures’ average investment size is $5 million.