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Bailey McCann, Opalesque New York:

At a time when investing in emerging markets may be falling out of fashion among some investors, Gray Ghost Ventures is confident that great opportunity exists in the emerging markets. The firm may have a unique view into this space as one of the first private investors to line up behind microfinance, Gray Ghost has made several successful venture investments in emerging markets.

"Emerging markets fall in and out of favor with investors," Arun Gore, president and CEO of Gray Ghost Ventures, tells Opalesque. "What we've been able to do is build a track record that shows that you can invest in this space with the goal of making investments that have tangible positive impact on the lives of individuals and still reap commercial rewards."

One of those investments - Movirtu was recently sold to Blackberry. Another, CellBazaar a mobile marketplace sold to Norwegian telecommunications operator Telenor. Both of these companies had significant market share in India, which is a key focus country for Gray Ghost.

Gore highlights the growth potential of areas including South Asia and Sub-Saharan Africa. Both regions of the world have come under the gaze of traditional private equity recently, but investors with those funds are looking at more developed investments. Gore notes that there is equally compelling upside potential in the venture space, and at a lower multiple. "Investors are coming into Southeast Asia and paying significan......................

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