Jacqueline's Letter: Autumn 2009

Acumen Fund

Jacqueline Novogratz
November 2009

Overview: A quarterly update letter from Jacqueline recaps recent news and Acumen Fund's annual Investor Gathering, which took place in New York on November 17, 2009. Amongst other news, there is early proof that Patient Capital is working, a new product called Acumen Capital Markets (ACM), and an update from Jacqueline's recent trip to India.

Publication Preview: "This past week, we held our Investor Gathering at the Rubin Museum, thanks to the generosity of Donald and Shelley Rubin.  We were humbled to welcome Acumen Partners and team members who traveled from 16 different countries. The energy, intellect and commitment in the room were palpable; we felt incredibly honored and inspired. Special thanks to Arif Naqvi, Acumen Steward and our keynote speaker who traveled from Dubai. Arif spoke about an “empathetic evolution” in today’s interconnected world. He looked back at history and discussed the role of entrepreneurs, and the power of individuals to effect large-scale change.  It was a privilege to hear him speak about the world and about Acumen Fund as well.



If there were one theme at the gathering, it was that Patient Capital is working – and we are seeing it in every country in which we work. I visited Pakistan for the first time in 2002, and that same year we approved our first loan to Kashf when that microfinance organization had less than 15,000 borrowers. Today, Kashf lends to 300,000 women through its nonprofit arm as well as its recently formed commercial bank."