Acumen FundInvesting in game-changing companies

Investing in leaders

Investing in ideas that change how the world fights poverty

A social fund that invests patient capital in

enterprises that sustainably serve the

poorNote: Acumen Fund, Inc. is structured as a 501(c)3 tax-exempt

organization

Acumen Fund

Since 2001 we have

invested in 69 companies $79 MILLION

individuals reached90 MILLION

57,000 jobs created and supported

Acumen Fund Office

+ Local offices source and diligence deals

+ 24 investment professionals

+ In-country advisory boards

India

Pakistan

East Africa

West Africa

We work in low-income, emerging markets

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+

+

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+Potential for large-scale social impact (10x growth or 1M+ customers)

+Enterprises that have the potential to be financially self-sustaining

+Potential “game changers” – new global models for fighting poverty

+World-class team deeply committed to solving problems for the poor

What makes an Acumen Fund investment?

Financial return

objective

No return

Traditional venture capitalMaximize financial return

Maximize

Social impact objective

None Maximize

Traditional philanthropyMaximize social impact

Patient CapitalBlending social and financial returns for long-term social

impact

0%

Patient Capital for long-term social impact

Early stage

Scale up

Exit at Scale

Recycle returns

7-10 years

Invest funds in equity or debt

Grow enterprises focused on social impact and sustainability

Recycle returns into more enterprises

1 2 3

Investing to alleviate poverty and recycling returns

+Increase productivity of smallholder farmers

+E.g. drip irrigation, seeds, fertilizers and artificial insemination

+Low-cost housing for former slum dwellers

+Focus on building community and flexible financing products.

+Specialized secondary care services, e.g. maternal, eye care

+Low cost distribution systems with innovative pricing

Water & Sanitation

Housing

Health

Energy

Agriculture

Education

+Sustainable, low-cost private education and activities-based learning models

+Vocational and skills training

Our investments create access to basic services

+Community water and sanitation systems

+Scale through public-private partnerships

+Low-cost power/light for off-grid communities

+E.g. solar, biomass, small-scale hydropower

$4M$8M

$15M

$26M

$37M

$43M

$54M

$79M

2004 2005 2006 2007 2008 2009 2010 2011 TODAY

$72M

Portfolio growth

$79MINVESTED

$361MFOLLOW-ON CAPITAL INTO OUR COMPANIES

$9.1MCAPITAL RETURNED

Building the rural water industry in India

Acumen equity investment in WHI in 2004 $600KExternal capital invested (Dow, IFC)$50MCustomers served by WHI and companies replicating their model5M+

Electrifying rural India

Acumen convertible debt investment in Husk Power in 2009

$375KVillages electrified, impacting over 200K lives300+Price for 2 household lights and unlimited cell phone charging.

$2 PER

MONTH

A to Z (Tanzania) – leading global producer of Olyset anti- malarial bed nets

Saiban (Pakistan) – a new model for affordable housing development

ZHL – 772 ambulances in 6 states in India; over 1 million calls answered

GEWP (India) – 330,000 people with increased crop yields

Game-changing investments

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

We are largely backed by philanthropy

+However, donors often have the same criteria as investors

How we raise funds

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

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

“Pioneer Gap”

Blueprint Validate Prepare Scale Up

Business model pioneers face a critical funding gap

Monitor Inclusive Markets, From Blueprint to Scale: The Case for Philanthropy in Impact InvestingApril 2012

West AfricaEducation

+Raised $4M+ in 2011 to build education portfolio; looking to raise $2M more.

+Integrating into geographies in which we have a deep presence

+Made first 2 investments in early 2012 in India

+Launched West Africa office and made first investments in 2011

+Strong portfolio of 3 investments in health, housing, and agriculture and strong emerging pipeline

+Active Board Member from Ghana and emerging Partner community

Regional Fellows

+Expand our Global Fellows program

+East Africa Fellows Program launched May 2011

+Expanding into Pakistan, India, West Africa in 2012-2013

New initiatives

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

Dignity, not dependenceChoice, not charity

Thank You