WHO'S WHO IN MICROFINANCE: Gray Ghost Microfinance Fund LLC

The Gray Ghost Microfinance Fund LLC, founded in November 2003 by Robert Pattillo, manages a for-profit investment fund comprised solely of investments in microfinance funds. Headquartered in Atlanta, Georgia, Gray Ghost, a limited liability company, manages USD 75 million in total assets. Essentially, Gray Ghost’s fund is a fund of funds. It invests in microfinance funds that supply start-up and expansion capital to microfinance institutions (MFIs) worldwide. Some of Gray Ghost’s investments include USD 4.9 million in Antares Equity Participation Fund (a fund conceived by Robert Pattillo), USD 4 million in Deutsche Bank’s Global Commercial Microfinance Consortium, USD 2 million in Catalyst Microfinance Investors, and USD 2.6 million in Bellwether Microfinance Fund.Gray Ghost does not directly supply MFIs with capital. It develops and manages a portfolio of MFI funds that exhibit solid financial performance and noticeable social return. Gray Ghost utilizes an in-house financial risk and social return model to generate a “blended” rate of return and to evaluate each investment it considers. Potential investments are also analyzed for compatibility with Gray Ghost’s corporate objectives. Its mission is to be a catalyst of capital liquidity in the microfinance industry and to promote microfinance as a viable investment option.

Robert Pattillo, Gray Ghost Fund’s Founder, is an entrepreneur and philanthropist. Prior to founding Gray Ghost, Mr. Pattillo built and managed an industrial real estate development firm. In 1995, he also established The Rockdale Foundation, a family foundation committed to social enterprise and education. Mr. Pattillo has over 10 years of microfinance experience and sits on the board of directors of several microfinance organizations and investment funds, including ACCION Investments, MicroVest, Deustche Bank Microcredit Development Fund, and Catalyst Microfinance Investors. He is also a member of the Council of Microfinance Equity Funds. Mr. Pattillo graduated from Dartmouth College and the Harvard Owner/President Management Program.

Paul DiLeo, Gray Ghost Fund’s Chief Executive Officer, has been with the organization since late 2003. He led the development of the fund and its overall strategy. Prior to Gray Ghost, he worked exclusively in development finance, focusing on small-business finance and microfinance. He was Director of ShoreBank Corporation’s international consulting activities, and also an independent consultant to investors and international agencies. Mr. DiLeo’s twenty years in international finance and development includes work with the United States Treasury, the Federal Reserve, and an investment fund in Russia. Mr. DiLeo earned his bachelor’s degree from the University of Massachusetts. He also has a master’s degree from Boston University and completed New York University’s Professional Program in Business: Accounting and Finance.

Yvonne Johanneson-Jones has served as Strategic Marketing and Compliance Officer since late 2005. Before Gray Ghost, Ms. Johanneson-Jones worked as finance specialist in investor relations at United Parcel Service. She has served as Director of Capital Markets for an Atlanta-based broker/dealer and boutique investment banking firm. With more than 12 years of cross-function industry experience, Ms. Johanneson-Jones began her career at Citigroup where she managed major corporate cash management relationships. She also held positions as Credit Card Customer Service Manager and Marketing Manager. Ms. Johanneson-Jones earned a B.A. in economics and modern languages from the University of the West Indies. She completed post-graduate studies at L’Université de Grenoble in France. She is a Registered Representative and a member of Women Advancing Microfinance (WAM).

Frank Brown joined Gray Ghost Fund as Senior Investment Officer in late 2005. Prior to Gray Ghost, Mr. Brown was a senior analyst in the equities research department at SunTrust Robinson Humphrey. In his 15 years of financial services industry experience, he has held several analyst and portfolio management positions at the vice-president level for firms including Prudential Securities and Caldwell & Orkin, Inc. Mr. Brown is a Registered Representative and earned his bachelor’s degree from the University of the South and an MBA from Duke. He is also a member of the Atlanta Society of Financial Analysts.

Brenda Bracken, Gray Ghost Fund’s Controller, is responsible for all internal accounting functions. She also manages human resource administration. Prior to joining Gray Ghost, Ms. Bracken worked as controller of Robert Pattillo Properties. Ms. Bracken has over twenty years of accounting management experience with companies such as American Resurgens Management Corporation, Fleitz Construction Company, Weyman & Kruse, and Graphic Ads, Inc. Ms. Bracken attended Virginia Commonwealth University.

-Steven Craig

Additional Resources:

MicroCapital.org article, April 12, 2006: Omidyar Network, MicroPlace, Dignity Fund, & Gray Ghost Microfinance Fund Sponsor Silicon Valley MicroFinance Network Presentation by Gray Ghost Founder, Bob Patillo

MicroCapital.org article, May 17, 2006: Pure Genius: Bob Patillo of Gray Ghost Microfinance Fund Announces Co-investment with Omidyar Network and Gates Foundation into Rating Agency MicroRate to Begin Rating Microfinance Investment Funds

MicroCapital.org article, October 13, 2006: US Gray Ghost Fund Continues Secondary Market Activity

MicroCapital.org article, November 8, 2006: Gray Ghost’s Antares Fund Announces Three Secondary Market Microfinance Equity Investments