Acumen Fund
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| Type | Non-profit organization |
|---|---|
| Founded | April 2001 |
| Founder(s) | Jacqueline Novogratz |
| Website | www.acumenfund.org |
Acumen Fund is a non-profit global venture fund that uses entrepreneurial approaches to solve the problems of poverty.[1] Its aim is to help build financially sustainable organizations that deliver affordable goods and services that improve the lives of the poor. Acumen Fund is a 501(c)(3) organization headquartered in New York, with regional offices in India, Pakistan and Kenya
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[edit] History
Acumen Fund was incorporated on April 1, 2001, with seed capital from the Rockefeller Foundation, Cisco Systems Foundation and three individual philanthropists. Acumen Fund’s investors and advisors include also the Bill & Melinda Gates Foundation, Google.org and the Skoll Foundation.[2] Jacqueline Novogratz is the founder and CEO of Acumen Fund.[3]
[edit] Investments
Acumen Fund uses patient capital to build businesses. The fund makes disciplined investments – loans or equity, not grants – that yield both financial and social returns. As of June 30, 2008, Acumen Fund had approved $34m in investments in the following countries: India, Pakistan, Kenya, Tanzania, Uganda, the United States and the United Kingdom.[4] According to its website, it supports 26 thriving enterprises, helping over 36 million people. Investments are separated into five portfolios: Water, Health, Housing, Energy and Agriculture. Acumen Fund commitments range from $300,000 to $2,000,000 in equity or debt with a payback or exit in roughly five to seven years.[5][6]
In Pakistan, Acumen Fund started its work in 2006 with a $1 million initial investment. They used the fund to provide capital to enterprises providing critical goods and services to the poor, with a focus on high-risk social enterprises. In the aftermath of the 2010 flooding, the Pakistan chapter increased its capacity to $11 million.[7]
[edit] Goals
- Identifying extraordinary social enterprises with innovative approaches to serving poor in the areas of health, water, and housing;
- Supporting these enterprises to become financially sustainable with equity and debt financing and intensive support;
- Creating methods for measuring the social and financial returns of these investments;
- Building a global community of professionals (staff and Fellows), donors, institutional partners and social entrepreneurs capable of deploying financial, human and intellectual capital to solve problems of poverty.
[edit] Fellows Program
The Acumen Fund Fellows Program selects young professionals each year to work with Acumen portfolio organizations in Kenya, Tanzania, South Africa, India and Pakistan. The Fellows spend one year, starting in September, working with the Acumen team and local entrepreneurs.[8]
[edit] Chapters of Acumen Fund
Acumen Fund is a not-for-profit venture fund that addresses poverty. Cities around the globe are joining these efforts through volunteer-run chapters to support Acumen.
Official Chapters include: Chicago for Acumen; New York for Acumen; San Francisco for Acumen; Dubai for Acumen and Mumbai for Acumen.
Seed Chapters include: Toronto for Acumen; DC for Acumen; London for Acumen; Pakistan for Acumen; Silicon Valley for Acumen; and Vancouver for Acumen.
[edit] See also
- LifeSpring Hospitals, a joint venture established in 2005
[edit] References
- ^ "A Most Meaningful Gift Idea". New York Times. December 23, 2009. http://www.nytimes.com/2009/12/24/opinion/24kristof.html.
- ^ http://www.acumenfund.org/community/partners.html
- ^ http://www.ted.com/index.php/talks/jacqueline_novogratz_invests_in_ending_poverty.html
- ^ http://www.acumenfund.org/investments.html
- ^ Investments
- ^ "Making a difference with patient capital in energy, healthcare". Mint (newspaper), Wall Street Journal. Nov 3 2009. http://www.livemint.com/2009/11/02215151/Making-a-difference-with-patie.html.
- ^ http://www.brecorder.com/news/top-stories/1130584:news.html
- ^ http://www.acumenfund.org/get-involved/fellows-program.html
[edit] External links
- Acumen Fund website
- Acumen Fund blog
- Investing in the World's Poor Stanford Graduate School of Business, May 2007
- Philanthropy and Development in Emerging Markets, Business Week, March 2, 2009
- Hard Lessons Learnt in the War on Poverty, Financial Times, February 24, 2009
- Developing Entrepreneurship among the World's Poorest The McKinsey Quarterly, March 2009
- The Patient Capitalist The Economist, May 21, 2009
