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1. NONPROFIT INVESTOR
I N D E P E N D E N T R E S E A R C H F O R P H I L A N T H R O P Y
Nonprofit Investor Research | nonprofitinvestor.org
SUMMARY
Global Partnerships (“GP”) is a nonprofit impact investor based in
Seattle, Washington, and Managua, Nicaragua, which aims to expand
opportunities for people living in poverty by investing in exceptional
microfinance institutions and cooperatives. GP focuses its
investments in organizations that can deliver sustainable programs
across five impact areas, comprising: health care; rural livelihoods;
micro-entrepreneurship; green technology; and women’s
empowerment.
STRENGTHS
▲ Low risk organization model. Innovative long-term funding
model mitigates operational risk to target organizations.
▲ Demonstrated impact. Global Partnerships’ investments have
demonstrably improved the possible outcomes of the constituents it
aims to serve through facilitating the deployment of sustainable
programs dedicated to promoting social opportunity.
▲ Transparency. The investments and investment partners of
Global Partnerships are clearly delineated in organizational materials.
Additionally, GP provides detailed analytics and anecdotal evidence
supporting the efficacy of their programs.
▲ Operational efficiency. Global Partnerships has managed to
increase the scale of its organization while maintaining superior
financial controls. The majority of the organization’s expenses are
directly related to the management of Investment Funds, which
has grown modestly despite the tremendous growth in GP’s reach.
▲ Attractive economies of scale. The organization benefits from its
local infrastructure and partnerships to expand the breadth of its
reach and impact.
RECOMMENDATION: BUY
Global Partnerships has created an innovative impact investing
model that has executed on its aim to provide opportunities for
individuals living in poverty. The organization’s investments have
shown significant impact, are transparent, and benefit from
attractive economies of scale as the organization has expanded. This
growth has all been executed while maintaining superior operational
efficiency.
Global Partnerships
Nonprofit Investor Rating:
BUY
Mission Statement
To expand opportunity for people living in
poverty
Financial Overview
$ in MM, Fiscal Year Ended June 30
2010 2011 2012
Revenue and Support $6.6 $4.8 $5.9
Operating Expenses $4.6 $4.8 $4.9
% of Total:
Program Expenses 80.7% 81.9% 77.9%
G&A 4.4% 3.8% 5.7%
Fundraising 14.9% 14.3% 16.3%
Year Founded: 1994
Contact Details
Global Partnerships
1932 First Avenue, Suite 400
Seattle, WA 98101
(206) 652-8773
http://www.globalpartnerships.org
EIN: 82-0574491
Analyst: Michael D. Ojunga
Peer Review: Kabeer Aziz, Rainbow Wong
Publication Date
May 7, 2013

2. Global Partnerships | Nonprofit Investor Research 2
OVERVIEW OF GLOBAL PARTNERSHIPS’ ACTIVITIES
Founded in 1994, Global Partnerships is a nonprofit social investor whose mission is to expand opportunity for people
living in poverty. GP carries out its mission by identifying and investing in microfinance organizations and cooperatives
which collectively serve individuals in need by providing micro-loans and other life-changing services. The GP platform
has evolved since its inception in 1994, when the organization was founded to support microfinance work in Central
America. GP has since recognized that impoverished people face multiple challenges beyond access to credit and as a
result the organization now prioritizes partners that provide a holistic package of loans and other essential goods and
services.
Since 2005, GP has formed investment funds designed to provide low-cost loans to a select group of socially-focused
partners while providing investors with both financial and social returns. Global Partnerships investor base (provider of
fund capital) includes foundations, development banks, and accredited individual and institutional investors. In addition
to providing investors with a fixed-income financial return, GP’s funds are also structured to deliver positive social
returns – defined by Global Partnerships as a “positive impact on the lives of people living in poverty.” Global
Partnerships focuses its investments in cooperatives and microfinance institutions in five designated impact areas,
consisting of: health care; rural livelihoods; micro-entrepreneurship; green technology; and women’s empowerment.
Global Partnerships has an extensive risk management process, placing particular emphasis on due-diligence, monitoring,
innovative fund structuring, and geographic diversification. As a result, according to Global Partnerships, 100 percent of
principal and preferred return payments have been made on-time to investors over the life of GP’s funds. Global
Partnerships was recognized in 2011 by ImpactAssets 50 as a leading private debt manager that delivers social and
environmental value in addition to financial returns. As of September 30, 2012, Global Partnerships has $42.2 million in
fund capital deployed in eleven countries with 33 partners, serving approximately 97,527 people.
Current Funds Overview
Global Partnerships has two active funds investing as of September 30, 2012: Microfinance Fund 2008 and Social
Investment Fund 2010.
Microfinance Fund 2008 - $20MM Fund Capital (103% Invested)
Microfinance Fund 2008 was launched on October 31, 2008, with total fund capital of $20,000,000. As of September 30,
2012, $20,534,960 is currently invested. The fund is structured to pay interest in the amount of 3.00%, 3.25%, 4.00%,
4.69%, and 4.75% per annum over the life of the fund, payable quarterly, and maturing in October of 2014.
Percent of Investible Assets (Distribution by Country and Institution)
Equador (30%) Nicaragua (15%)
FINCA Equador (10%) FDL (10%)
FODEMI (10%) Pro Mujer in Nicaragua (5%)
Banco D-MIRO (5%) Peru (14%)
Fundación Alternativa (3%) Credivision (6%)
Fundación Faces (2%) Pro Mujer in Peru (6%)
Bolivia (25%) Arariwa (2%)
CRECER (10%) El Salvador (5%)
Pro Mujer in Bolivia (10%) ENLACE (5%)
FONDECO (5%) Guatemala (1%)
Mexico (9%) Friendship Bridge (1%)
FRAC (2%) Cash (1%)
Pro Mujer in Mexico (7%)
Bolivia
25%
Equador
30%
Cash
1%Guatemala
1%
El Salvador
5%
Mexico
9%
Peru
14%
Nicaragua
15%

3. Global Partnerships | Nonprofit Investor Research 3
Social Investment Fund 2010 - $25MM Fund Capital (94% Invested)
Microfinance Fund 2008 was launched on October 31, 2010. As of September 30, 2012, $23,444,114 is currently
invested out of total fund capital of $25,000,000. The fund is structured to pay interest payable quarterly at rates
ranging from 2.715% and 4.59% per annum, maturing in October 2015 and June 2016, respectively. Included in the
provision of the fund, are terms necessitating the payment of interest contingent on surplus cash remaining at the close
of the fund.
Percent of Investible Assets (Distribution by Country and Institution)
Peru (30%) Colombia (12%)
ADRA (4%) Fundación Amanecer (6%)
Pro Mujer in Peru (8%) Contactar (6%)
Arariwa (3%) Equador (10%)
Crediflorida (7%) ESPOIR (4%)
Los Andes (2%) Fundación Faces (3%)
NORANDINO (3%) Banco D-MIRO (3%)
FONDESURCO (2%) Mexico (10%)
APROCASSI (1%) FRAC (4%)
Bolivia (17%) Pro Mujer in Mexico (2%)
CRECER (4%) CONSERVA (4%)
Pro Mujer in Bolivia (5%) El Salvador (10%)
FONDECO (3%) ENLACE (4%)
Sembrar Sartawi (5%) Fundación Campo (6%)
Honduras (5%) Cash (3%)
COMIXMUL (5%) Dominican Republic (1%)
Nicaragua (2%) Esperanza (1%)
Pro Mujer in Nicaragua (2%)
PROGRAM RESULTS AND EFFECTIVENESS
Microfinance Fund 2008
Global Partnerships’ Microfinance Fund 2008 has exhibited
robust total partner loan portfolio growth over the last four
years, climbing from less than $200MM to over $400MM
during that time period. Additionally, the fund continues to
expand the amount of borrowers served, as it has
demonstrated an approximately 20% compounded annual
growth rate from the beginning of Fiscal Year 2009 to
present. During this time period, the Fund has also
maintained stringent operational self-sufficiency as total
revenues / total expenses have consistently exceeded 100%
by a healthy margin – four year average of approximately
115%. The portfolio quality of the fund’s investment partners is of a high level, as delinquent loans (loans past due
greater than 30 days) represent less than 5% of total loans outstanding and the fund has experienced minimal asset
write-offs. GP has recently made a new investment in Friendship Bridge, a Guatemalan microfinance institution that
provides small working capital loans through a group lending methodology to women in mostly rural areas. The
organization also provides clients with education focuses in health, business, agriculture, and self-esteem.
Nicaragua
2%
Dominican
Republic
1%
Bolivia
17%
Peru
30%
Cash
3%
Honduras
5%
El Salvador
10%
Mexico
10% Equador
10%
Colombia
12%
17 Number of partners
$663 Average loan size
82% Percentage of borrowers served who are
women
48% Percentage of borrowers served living in
rural areas

4. Global Partnerships | Nonprofit Investor Research 4
Social Investment Fund 2010
Global Partnerships’ Social Investment Fund 2010 has grown
rapidly in terms of partner loan portfolio over the last two
years, rising from approximately $100MM to greater than
$500MM during that time period. Over that time, the
amount of borrowers served has increased commensurately,
from approximately 100,000 to over 700,000. During this
time period, the Fund has also maintained stringent
operational self-sufficiency as total revenues / total
expenses have consistently exceeded 100% by a healthy
margin – a two year average exceeding 120%. The portfolio
quality of the fund’s investment partners is of a high level, as
delinquent loans (loans past due greater than 30 days) represent less than 3% of total loans outstanding and the fund
has experienced minimal asset write-offs. GP has recently made a new investment in CONsultores de SERvicios VArios
(CONSERVA), a microfinance institution (MFI) that utilizes the solidarity group methodology to provide small working
capital loans and health services to entrepreneurs living in poverty. The organization concentrates its services on the
lower segments of the market, serving roughly 100% women in the rural, urban, and peri-urban areas in the southeast
region of the country.
TRANSPARENCY
Global Partnerships’ website provides information about the organization’s programs, leadership and financial situation.
Program services expenses are well documented in their audited financial statements. Additionally, Global Partnerships’
publishes comprehensive quarterly fund updates in concert with their annual report. These publications delineate the
organization’s program offerings, efficacy, financial performance, operating metrics and often a case study on a
particular partner organization. From a direct impact perspective, GP lists numerous “success stories” on its website,
highlighting the individuals that it aims to reach through its various funds.
Global Partnerships files its Form 990 with the IRS each year and its financial statements are regularly audited by the
accounting firm Clark Nuber.
FINANCIAL OVERVIEW
STRUCTURE
The consolidated financial statements of Global Partnerships and subsidiaries include the activities of Global
Partnerships and its subsidiaries, Global Partnerships Microfinance Fund 2006, LLC (“MFF2006”); Global Partnerships
Microfinance Fund 2008, LLC (“MFF2008”); Global Partnerships Social Investment Fund 2010, LLC (“SIF2010”); and GP
Fund Management, LLC. Investment funds MFF2006, MFF2008, and SIF2010 (collectively, the “Funds”) were formed in
March 2007, October 2008, and August 2010, respectively, to serve as investment vehicles to make unsecured term
loans to qualified partner institutions in Latin America and the Caribbean. Investors in the Funds have purchased notes
payable from the Funds or made loans to the Funds. The Funds’ investor base includes accredited private investors,
development banks, and institutions. At the time of formation, GP contributed $255,000 in cash to MFF2006, $1,500,000
in cash to MFF2008 and $1,500,000 in cash to SIF2010, as capital contributions.
GP Fund Management, LLC (the “Fund Management”) was formed in June 2005 to provide investment fund
management services. Wholly owned by GP, the management responsibilities for the Fund Management are assigned to
25 Number of partners
$735 Average loan size
81% Percentage of borrowers served who are
women
48% Percentage of borrowers served living in
rural areas

5. Global Partnerships | Nonprofit Investor Research 5
GP according to the Investment Advisory Services Agreement. GP contributed $100 in capital contributions at the
formation.
REVENUES AND OTHER SUPPORT
Global Partnerships’ main source of revenue has fluctuated over time, however, Earned Income has generally
contributed to a significant portion of the organizations funding. GP derives Earned Income from the creation and
management of its investment funds. Fund management fees are earned based on the outstanding loan balances in
each fund for which GP provides servicing and monitoring. Additionally, fund closing fees are earned upon each close of
a new fund. GP also receives loan and commitment fees from partner organizations which are recognized at the time of
loan commitment. In the 2012 Fiscal Year, 55% of GP’s total consolidated revenue was generated through Earned
Income.
Net Assets Released from Restrictions, which have historically comprised a considerable amount of GP’s total
consolidated revenue, represent reclassifications between the applicable classes of net assets (e.g. restricted assets
versus unrestricted assets). These reclassifications take place due to the expiration of temporary restrictions on assets,
generally due to donor-stipulated purposes being fulfilled or the stipulated time period lapsing.
In the 2009 Fiscal Year, Global Partnerships recognized approximately $2.2MM in Recoverable Grant Income, which
contributed to such a large percentage of total revenues being attributed to Other Income.
Global Partnerships’ total consolidated revenue has maintained relatively stable over the past four years, with 2011
being an outlier primarily due to a structural decrease in assets released from restrictions. However, 2011 was also the
only year during the period in which contributions decreased. Despite the softness in 2011 revenue, Global Partnerships
has managed to grow Earned Income each year throughout the four year period.
Revenue Mix Over Time 2012 Revenue Mix
$ in MM
EXPENSES
Global Partnerships has spent an average of 4% of operating expenses through administrative costs over the past four
years. While approximately 12% of operating expenses have been spent on Fundraising over the same period of time,
the organization has maintained effective cost controls and operating efficiency to allow for an 84% four year average of
expenditures allocated towards Program Costs. As a manager of impact investment funds, GP’s Program Expenses
generally encompass compensation and operational expenses relating to the management of the organization’s funds.
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
2009 2010 2011 2012
Earned Income In-kind Contributions
Contributions Other Income
Net Assets Released from Restrictions
$6.6
$4.8
$5.9$6.0
55%
23%
14%
7%1%
Earned Income
Net Assets Released from
Restrictions
Contributions
In-kind Contributions
Other Income

6. Global Partnerships | Nonprofit Investor Research 6
Global Partnerships clearly delineates management compensation in the Form 990, and it is consistent with the
individuals’ respective experience level and industry practices.
Expense Breakdown Total Impact Investments Growth
$ in MM
MISCELLANEOUS
Global Partnerships maintains a healthy balance sheet with over $7MM in Net Assets partly driven by successfully
managing its liabilities (GP has returned all principal and preferred return payments to its Fund investors since inception).
In addition, Global Partnerships has been able to consistently grow the amount of dollars allocated towards total impact
investments since 2006. In Fiscal Year 2012, 94% of Global Partnership’s total cash outflows went to support and expand
Global Partnership’s impact investments.
KEY PERSONNEL BIOS
Rick Beckett – President and Chief Executive Officer
Rick is the president and CEO of Global Partnerships and has led the organization's strategic expansion as a social
investor since 2006. Prior to joining Global Partnerships, Rick was managing director of a $112 million private equity
fund investing in middle-market companies and early stage ventures. Rick spent 10 years at McKinsey & Company where
he served financial institution and healthcare clients on strategy and performance. He specialized in helping not-for-
profit organizations achieve superior results in competitive markets. Rick has served on the boards of directors of
numerous privately held portfolio companies and not-for-profit organizations, including Direct Relief International and
The Initiative for Global Development. He holds a B.A. with distinction in economics from Stanford University, and an
M.B.A. as an Arjay Miller Scholar from the Stanford Graduate School of Business.
Mark Coffey – Chief Investment and Operating Officer
Mark oversees Global Partnerships' social investment funds, directing both the capitalization of GP investment funds
and the lending of capital to GP's microfinance and cooperative partners. Prior to his work at Global Partnerships, he
served as President of ShoreBank Pacific, the first commercial bank in the United States with a focus on environmentally
sustainable community development. Mark has more than 25 years experience in banking and lending, including serving
in executive roles at Homestead Capital, Bank of the Northwest, First Interstate Securities and First Interstate Bank of
Texas. Mark has served as a member of the Board of Directors of BRAC Bank, a development bank known for its work
with small business lending in Bangladesh, as a representative to the Board of BRAC Bank Afghanistan, and on the Board
of Directors of XacBank, a microfinance bank in Mongolia.
83.7%85.7%85.1%
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
2010 2011 2012
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Program Services Management and General
Fundraising Program Expense % of Total
$4.8 $4.9
$4.6
$3.9
$8.6
$12.1
$22.5
$32.3
$48.8
$69.6
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
2006 2007 2008 2009 2010 2011 2012

7. Global Partnerships | Nonprofit Investor Research 7
Detailed Financial Statements (GAAP Basis)
Fiscal Year Ended June 30 2010 2011 2012
Consolidated Revenue and Expenses (GAAP Accounting Basis)
Operating Revenue:
Contributions $1,017,263 $723,127 $820,654
In-kind Contributions 379,786 445,724 410,923
Earned Income 2,203,425 2,456,101 3,264,727
Other Income 48,112 86,822 77,990
Net Assets Released from Restrictions 2,933,631 1,124,435 1,369,989
Total Unrestricted Revenue and Other Support $6,582,217 $4,836,209 $5,944,283
% Growth 10.6% (26.5%) 22.9%
Expenses:
Program Services $3,711,598 $3,927,786 $3,824,651
Supporting Services:
Management and General 200,700 182,103 281,232
Fundraising 684,588 686,941 801,319
Total Expenses: $4,596,886 $4,796,830 $4,907,202
% of Revenue 69.8% 99.2% 82.6%
Change in Unrestricted Net Assets $1,985,331 $39,379 $1,037,081
Changes in Temporarily Restricted Net Assets
Contributions $766,180 $830,953 $2,491,860
Net Assets Released from Restrictions (2,933,631) (1,124,435) (1,369,989)
Changes in Temporarily Restricted Net Assets ($2,167,451) ($293,482) $1,121,871
Change in Net Assets ($182,120) ($254,103) $2,158,952
KEY BALANCE SHEET INFORMATION
Cash and Cash Equivalents $5,039,544 $13,933,537 $8,602,554
Pledges Receivable, Current 555,346 261,844 886,703
Social Investment Loans Receivable, Current Portion 5,383,896 15,762,993 17,992,058
Other 90,941 240,286 370,005
Total Current Assets $11,069,727 $30,198,660 $27,851,320
Pledges Receivable $171,265 $193,786 $739,546
Social Investment Loans Receivable, Long-Term Portion 19,067,847 19,386,350 21,275,859
Investments 50,000 63,634 63,759
Property, Plant and Equipment 43,299 166,944 155,068
Total Assets $30,402,138 $50,009,374 $50,085,552
Accounts Payable $52,032 $51,285 $93,229
Long-Term Debt, Current Portion 3,521,771 2,472,803 -
Accrued Liabilities 129,563 234,452 288,068
Total Current Liabilities $3,703,366 $2,758,540 $381,297
Deferred Rent Liability $0 $60,219 $79,688
Long-Term Debt 20,914,337 41,660,283 41,935,283
Total Liabilities $24,617,703 $44,479,042 $42,396,268
Accumulated Deficit ($983,534) ($1,233,107) ($358,924)
Unrestricted Net Assets 5,576,607 5,865,559 6,028,457
Temporarily Restricted Net Assets 1,191,362 897,880 2,019,751
Total Net Assets $5,784,435 $5,530,332 $7,689,284
Program Costs as a % of Total Expenses 80.7% 81.9% 77.9%
G&A as a % of Total Expenses 4.4% 3.8% 5.7%
Fundraising as a % of Total Expenses 14.9% 14.3% 16.3%
Source: Audited Financial Statements (GAAP Acccounting Basis)

8. Global Partnerships | Nonprofit Investor Research 8
OTHER THIRD PARTY RATINGS
BBB Wise Giving Alliance indicates that a review of Global Partnerships is in progress.
Global Partnerships is not currently covered by Charity Navigator, GreatNonprofits, Philanthropedia, or GiveWell.
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DISCLOSURES
Michael D. Ojunga certifies that he does not have any affiliation with Global Partnerships and has never made a donation to the
organization. Additionally, Michael D. Ojunga has not supported directly competing organizations in a greater capacity than a
nominal donation. NPI analysts and NPI as an organization do not receive any form of compensation from reviewed charities.
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