1. Acumen Fund
Investing in game-changing companies
Investing in leaders
Investing in ideas that change how the world fights poverty

2. Acumen Fund
A social fund that invests
patient capital in enterprises
that sustainably serve the poor
Note: Acumen Fund, Inc. is structured as a 501(c)3 tax-exempt organization

3. Since 2001 we have
$79 MILLION invested in 69 companies
90 MILLION individuals reached
57,000 jobs created and supported

4. We work in low-income, emerging markets
Pakistan
+
+ India
West
+ Africa
East
Africa + Acumen Fund Office
+
+ Local offices source and
diligence deals
+ 24 investment professionals
+ In-country advisory boards

5. What makes an Acumen Fund investment?
+ Potential for large-scale social impact
(10x growth or 1M+ customers)
+ World-class team deeply committed to
solving problems for the poor
+ Enterprises that have the potential to be
financially self-sustaining
+ Potential “game changers” – new global
models for fighting poverty

6. Patient Capital for long-term social impact
Traditional venture capital
Maximize financial return
Maximize Patient Capital
Blending social and
financial returns for
long-term social impact
Financial
return 0%
objective
Traditional philanthropy
Maximize social impact
No return
None Maximize
Social impact
objective

7. Investing to alleviate poverty and recycling
returns
7-10 years
Exit at Scale
Recycle
returns
Scale up
Early stage
1 Invest funds in 2 Grow enterprises 3 Recycle
equity or debt focused on social returns into
impact and more
sustainability enterprises

8. Our investments create access to basic services
Water & Sanitation Energy
+ Community water and + Low-cost power/light for
sanitation systems off-grid communities
+ Scale through public- + E.g.
private partnerships solar, biomass, small-
scale hydropower
Housing Agriculture
+ Low-cost housing for + Increase productivity of
former slum dwellers smallholder farmers
+ Focus on building + E.g. drip
community and flexible irrigation, seeds, fertilize
financing products. rs and artificial
insemination
Education
Health
+ Specialized secondary + Sustainable, low-cost
care services, e.g. private education and
maternal, eye care activities-based learning
+ Low cost distribution models
systems with innovative + Vocational and skills
pricing training

9. Portfolio growth
$79M $79M
INVESTED $72M
$361M
FOLLOW-ON CAPITAL
INTO OUR COMPANIES $54M
$9.1M $43M
CAPITAL RETURNED
$37M
$26M
$15M
$8M
$4M
2004 2005 2006 2007 2008 2009 2010 2011 TODAY

10. Building the rural water industry in India
$600K Acumen equity investment in WHI
in 2004
External capital invested
$50M (Dow, IFC)
5M+ Customers served by WHI and
companies replicating their model

11. Electrifying rural India
Acumen convertible debt
$375K investment in Husk Power in
2009
Villages electrified, impacting
300+ over 200K lives
Price for 2 household lights
$2 PER MONTH and unlimited cell phone
charging.

12. Game-changing investments
A to Z (Tanzania) – leading global producer of GEWP (India) – 330,000 people with increased
Olyset anti- malarial bed nets crop yields
Saiban (Pakistan) – a new model for ZHL – 772 ambulances in 6 states in India;
affordable housing development over 1 million calls answered

13. How we find investments
+We believe in building a local team, a strong network of
local advisors, and finding local funders
+Enterprises must have a high potential for social-impact
and a financially sustainable business plan
+Lots of collaboration with others in the space to refer
pipeline opportunities to each other

14. How we raise funds
We are largely backed by philanthropy
+However, donors often have the same criteria as
investors

15. How we raise funds
We are clear on our return expectations
+We invest primarily for social impact
+ We expect our capital to be returned, but know that the
time horizon is long
+Any returns are reinvested into the portfolio

16. How we raise funds
We are clear on our investing thesis, and what
value we can add in return
+Ten years of impact investing experience
+Support for innovative business models
+A wide ranging local and global community of experts

17. Business model pioneers face a critical
funding gap
Blueprint Validate Prepare Scale Up
“Pioneer Gap”
Monitor Inclusive Markets, From Blueprint to Scale: The Case for Philanthropy in Impact Investing
April 2012

18. New initiatives
Education West Africa Regional Fellows
+ Raised $4M+ in 2011 to + Launched West Africa office + Expand our Global Fellows
build education portfolio; and made first investments in program
looking to raise $2M 2011
+ East Africa Fellows
more. + Strong portfolio of 3 Program launched May
+ Integrating into investments in 2011
geographies in which we health, housing, and
agriculture and strong + Expanding into
have a deep presence
emerging pipeline Pakistan, India, West Africa
+ Made first 2 investments in 2012-2013
in early 2012 in India + Active Board Member from
Ghana and emerging Partner

19. Our vision for 2015
Catalyze patient capital globally
+ Expand to 15 countries by 2015
+ Grow our portfolio to $150M and
impact 150M+ lives
+ At least 10 of our 80+ companies
are truly transformative
+ 400+ Global and Regional Fellow
Program Alumni across the globe
+ Change the way the world tackles
poverty

20. Thank You
Dignity, not dependence
Choice, not charity