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Notice
Directory
Definitions
Glossary
Slide Show

Executive Summary:
-Overview
-Administration
-Success Factors

Market Opportunity
Change Technology
Market Dynamics
Timing

Administration
Structure
Strategy
Subscriptions
Administration
Economics

Operations
Business model
Overview
Infrastructure
Culture
Economics
People

Investment Process
Overview
Dealflow
Initial screen
Target research
Verification & documentation
Monitor & advice
Exit
Listed investments
Decision making process

Risks


Appendicies

Business Model

*Example Deal Flow Reports
*Initial Screen Template
*Environmental And Social Guidelines
*Strategic Review Templates
*Financial Review Template
*Due Diligence Checklist
*Diagnostic Tool Questionnaire and Illustrative Graphs
*Outline of Investment Committee Report
*EVCA Valuation Guidelines
*Proforma Fund Projections
*Parallel Analysis Decision Making Model
*Memorandum and Articles of Association
*Securities Law Matters
*Taxation

Market & Geopolitics

*Summary Findings of Global Economic Outlook (UNEP)
*Conclusions of World Resources Institute Global Resources Analysis
*The Future of the Global Environment Analysis by UNEP/RIVM

Additional Links and Data

: Example Fund Details

information dated 2004

Proforma Fund Projections

Please contact GRI Equity for additional documentation. Thank you.

NOT TO BE RELIED UPON. Please read the notice of Risks and Conflicts of Interest. Actual Performance Will Differ From Projections. While expectations may or may not be exceeded, a rigorous investment management process implemented perfectly will still result in error. (All outcomes are beyond the probability threshold.) However, the investment management process that GRI Equity uses is intended to manage and reduce risk and to provide a framework for managing change during the tenor of Holdings.

Holding Company Summary














Yr1

Yr2

Yr3

Yr4

Yr5

Yr6

Yr7

Yr8

Yr9

Yr10

Investor Cash Flow

(30,000)

0

0

0

0

0

0

20,000

30,000

30,000

34,000

Investor IRR

17%











Listed Portfolio Value


24,036

17,947

12,060

9,005

10,086

11,296

12,652

14,170

15,870

0

UnListed Portfolio Value


0

8,413

19,097

30,887

44,853

62,712

53,256

36,000

14,679

0

Total Portfolio Value


24,036

26,360

31,157

39,892

54,939

74,008

65,907

50,169

30,549

0

Cash (Investment Pipeline Capital)


10,044

11,193

11,409

9,519

5,990

5,322

10,777

9,368

4,917

2,708

Portfolio plus cash


34,080

37,552

42,566

49,412

60,929

79,331

76,685

59,537

35,467

2,708

Assets


34,577

38,049

43,063

49,909

61,425

79,828

77,181

60,034

35,963

3,205

Investors Equity


34,370

37,712

42,560

49,187

60,371

78,242

75,411

58,455

34,871

3,010

Staff Equity


109

239

404

623

956

1,487

1,672

1,481

994

95













Total Commitments

30,000

US$ thousands






















Income Statement


Yr1

Yr2

Yr3

Yr4

Yr5

Yr6

Yr7

Yr8

Yr9

Yr10

Revenues


220

221

222

223

224

225

226

227

228

229













Management Fee


588

588

588

588

588

588

588

588

588

588

Investment costs


100

100

100

100

100

100

100

100

100

100

Administration


300

300

300

300

300

300

300

300

300

300

Total Costs


987

987

987

987

987

987

987

987

987

987













Operating Profit


(767)

(766)

(765)

(764)

(763)

(762)

(761)

(760)

(759)

(758)

Dividend


0

0

0

0

0

0

20,000

30,000

30,000

34,000

Retained Earnings


(767)

(766)

(765)

(764)

(763)

(762)

(20,761)

(30,760)

(30,759)

(34,758)













Investor Cash Flow

(30,000)

0

0

0

0

0

0

20,000

30,000

30,000

34,000

Investor IRR

17%























Balance Sheet

Yr 0











Cash

30,000

10,044

11,193

11,409

9,519

5,990

5,322

10,777

9,368

4,917

2,708













Listed Porfolio Cost


21,461

14,307

8,584

5,723

5,723

5,723

5,723

5,723

5,723

0

Listed Portfolio Appreciation


2,575

3,640

3,476

3,282

4,363

5,573

6,929

8,447

10,147

0

Listed Portfolio Value


24,036

17,947

12,060

9,005

10,086

11,296

12,652

14,170

15,870

0

Unlisted Portfolio Cost


0

7,154

14,307

20,030

22,892

22,892

15,738

8,584

2,861

0

Gains Retained and reinvested


0

858

2,678

4,996

6,637

6,637

5,778

3,958

1,641

0

Unlisted Portfolio Appreciation


0

401

2,111

5,861

15,325

33,184

31,739

23,457

10,177

0

UnListed Portfolio Value


0

8,413

19,097

30,887

44,853

62,712

53,256

36,000

14,679

0

Portfolio Cost


21,461

21,461

22,892

25,753

28,614

28,614

21,461

14,307

8,584

0

PortfolioAppreciation


2,575

4,899

8,266

14,139

26,324

45,394

44,446

35,862

21,965

0

Portfolio

0

24,036

26,360

31,157

39,892

54,939

74,008

65,907

50,169

30,549

0

Current Assets

0

247

247

247

247

247

247

247

247

247

247

Management Company

0

250

250

250

250

250

250

250

250

250

250













Total Assets

30,000

34,577

38,049

43,063

49,909

61,425

79,828

77,181

60,034

35,963

3,205













Current Liabilities

0

99

99

99

99

99

99

99

99

99

99













Investors Capital

30,000

30,000

30,000

30,000

30,000

30,000

30,000

30,000

30,000

30,000

30,000

Staff Shares


95

190

285

380

475

570

665

760

855

950

Shareholders Capital

30,000

30,095

30,190

30,285

30,380

30,475

30,570

30,665

30,760

30,855

30,950

Ratio Staff/Paid in Capital


0.32%

0.63%

0.94%

1.25%

1.56%

1.86%

2.17%

2.47%

2.77%

3.07%

Retained Earnings

0

(767)

(1,534)

(2,299)

(3,063)

(3,826)

(4,589)

(25,350)

(56,110)

(86,869)

(121,628)

Realised gains


2,575

4,395

6,713

8,354

8,354

8,354

27,321

49,424

69,914

93,783

Accummulated Gains

0

2,575

4,899

8,266

14,139

26,324

45,394

44,446

35,862

21,965

0

Shareholders Equity

30,000

34,478

37,950

42,964

49,810

61,327

79,729

77,083

59,935

35,865

3,106













Total Liabilities

30,000

34,577

38,049

43,063

49,909

61,425

79,828

77,181

60,034

35,963

3,205













Cash Flow












Profit


(767)

(766)

(765)

(764)

(763)

(762)

(761)

(760)

(759)

(758)

Dividends


0

0

0

0

0

0

20,000

30,000

30,000

34,000

Increase in Current Assets


247

0

0

0

0

0

0

0

0

0

Increase in Current Liabilities


99

0

0

0

0

0

0

0

0

0

Investment in Mgmt Co


250

0

0

0

0

0

0

0

0

0

Investors Capital


0

0

0

0

0

0

0

0

0

0

Staff Shares


95

95

95

95

95

95

95

95

95

95













Portfolio Investments


21,461

0

1,431

2,861

2,861

0

(7,154)

(7,154)

(5,723)

(8,584)

Realised Gains


2,575

1,820

2,317

1,641

0

0

18,968

22,102

20,490

23,870













Change in Cash


(19,956)

1,149

216

(1,890)

(3,530)

(667)

5,455

(1,409)

(4,451)

(2,209)















1

2

3

4

5

6

7

8

9

10

PORTFOLIO


Yr1

Yr2

Yr3

Yr4

Yr5

Yr6

Yr7

Yr8

Yr9

Yr10

Cash Invested


30,000

0

0

0

0

0

0

0

0

0

Operating Costs


987

987

987

987

987

987

987

987

987

987

Change in Mgmt Co & NWC


398

0

0

0

0

0

0

0

0

0

Available Cash


28,614

(987)

(987)

(987)

(987)

(987)

(987)

(987)

(987)

(987)













Starting Portfolio


28,614

(987)

(987)

(987)

(987)

(987)

(987)

(987)

(987)

(987)




75%

67%

60%

67%






Listed Portfolio %


100%

75%

50%

30%

20%






Listed Portfolio Cost


28,614

21,461

14,307

8,584

5,723

5,723

5,723

5,723

5,723

5,723

Retained Unrealised Appreciation


0

2,575

3,640

3,476

3,282

4,363

5,573

6,929

8,447

10,147

Listed Portfolio Value Starting


28,614

24,036

17,947

12,060

9,005

10,086

11,296

12,652

14,170

15,870

Marginal Portfolio Cost


28,614

0

0

0

0

0

0

0

0

0

Rate of Net Appreciation

12%

12%

12%

12%

12%

12%

12%

12%

12%

12%

12%

Appreciation for the year


3,434

2,884

2,154

1,447

1,081

1,210

1,356

1,518

1,700

1,904

Listed Portfolio Value before liquidation


32,048

26,921

20,101

13,508

10,086

11,296

12,652

14,170

15,870

17,774

Listed Portfolio Cost


28,614

21,461

14,307

8,584

5,723

5,723

5,723

5,723

5,723

5,723

Accummulated Appreciation


3,434

5,460

5,793

4,923

4,363

5,573

6,929

8,447

10,147

12,052

Divestments at end of year


8,012

8,974

8,040

4,503

-

-

-

-

-

17,774

Divestment of Principal


7,154

7,154

5,723

2,861

-

-

-

-

-

5,723

Principal retained


21,461

14,307

8,584

5,723

5,723

5,723

5,723

5,723

5,723

-

Realised Gain


858

1,820

2,317

1,641

-

-

-

-

-

12,052

Appreciation Retained


2,575

3,640

3,476

3,282

4,363

5,573

6,929

8,447

10,147

-

Closing/Starting Portfolio


24,036

17,947

12,060

9,005

10,086

11,296

12,652

14,170

15,870

-













Unlisted Portfolio %


0%

25%

50%

70%

80%






Marginal Portfolio Cost



8,012

8,974

8,040

4,503






Capital Invested



7,154

7,154

5,723

2,861






Gains reinvested



858

1,820

2,317

1,641






Unlisted Portfolio Cost


-

8,012

16,986

25,026

29,528






Accummulated Capital Invested



7,154

14,307

20,030

22,892

22,892

22,892

15,738

8,584

2,861

Accummulated Gains reinvested



858

2,678

4,996

6,637

6,637

6,637

5,778

3,958

1,641

Appreciation on Capital



358

1,484

3,140

7,955

14,790

12,611

8,292

3,110

-

Accummulated appreciation on Capital



358

1,842

4,982

12,937

27,727

33,185

34,324

31,711

28,849

Appreciation on Gains



43

226

610

1,508

3,070

4,053

3,707

1,783

-

Accumulated Appreciation on Gains



43

269

879

2,387

5,457

8,652

10,539

10,005

8,364

Total Appreciation


0

401

1,711

3,750

9,463

17,859

16,664

12,000

4,893

0

Accummulated total appreciation


0

401

2,111

5,861

15,325

33,184

31,739

23,457

10,177

0

Divestments


0

0

0

0

0

0

26,121

29,256

26,213

14,679

Divestment of Principal


0

0

0

0

0

0

7,154

7,154

5,723

2,861

Principal retained


0

7,154

14,307

20,030

22,892

22,892

15,738

8,584

2,861

0

Divestment of Gain


0

0

0

0

0

0

858

1,820

2,317

1,641

Gains Retained


0

858

2,678

4,996

6,637

6,637

5,778

3,958

1,641

0

Realised Appreciation


0

0

0

0

0

0

18,109

20,282

18,173

10,177

Appreciation Retained


0

401

2,111

5,861

15,325

33,184

31,739

23,457

10,177

0

UnListed Portfolio Value


0

8,413

19,097

30,887

44,853

62,712

53,256

36,000

14,679

0













Net Ending Portfolio


24,036

26,360

31,157

39,892

54,939

74,008

65,907

50,169

30,549

0

Investments


28,614

8,012

8,974

8,040

4,503

0

0

0

0

0

Divestments


8,012

8,012

8,974

8,040

4,503

0

26,121

29,256

26,213

32,454

Net Investments


20,602

0

0

0

0

0

-26,121

-29,256

-26,213

-32,454

Net Accumulated Investments


20,602

20,602

20,602

20,602

20,602

20,602

-5,519

-34,775

-60,988

-93,442

Appreciation/Depreciation


3,434

3,285

3,864

5,197

10,544

19,070

18,020

13,518

6,594

1,904

Accummulated Appreciation


3,434

6,719

10,583

15,780

26,324

45,394

63,414

76,932

83,525

85,430













Unlisted Portfolio


Yr1

Yr2

Yr3

Yr4

Yr5

Yr6

Yr7

Yr8

Yr9

Yr10

Deal size

3000


2,671

2,991

2,680

1,501






Deals per year

3


2.67

2.99

2.68

1.50


10 holdings of about $ 3 million each.




Appreciation Rate (unlisted)




5%

15%

20%

50%

50%




IRR

27%


1

1.05

1.21

1.45

2.17

3.26







(1.00)

0.00

0.00

0.00

0.00

3.26
















Starting Balance

29,528

Yr1

Yr2

Yr3

Yr4

Yr5

Yr6

Yr7

Yr8

Yr9

Yr10

Investments Yr 2



8,012

8,413

9,675

11,609

17,414

26,121




Investments Yr 3




8,974

9,422

10,836

13,003

19,504

29,256



Investments Yr 4





8,040

8,442

9,709

11,650

17,476

26,213


Investments Yr 5






4,503

4,728

5,437

6,524

9,786

14,679

Principal Investments Yr 2



7,154

7,511

8,638

10,366

15,548

23,323




Investments Yr 3




7,154

7,511

8,638

10,366

15,548

23,323



Investments Yr 4





5,723

6,009

6,910

8,292

12,439

18,658


Investments Yr 5






2,861

3,005

3,455

4,146

6,219

9,329

Gain Investments Yr 2



858

901

1,037

1,244

1,866

2,799




Investments Yr 3




1,820

1,911

2,198

2,637

3,956

5,933



Investments Yr 4





2,317

2,433

2,798

3,358

5,037

7,555


Investments Yr 5






1,641

1,723

1,982

2,378

3,567

5,350













Divestments








26,121

29,256

26,213

14,679













Appreciation of investments Yr 2



401

1,262

1,935

5,805

8,707





Appreciation of investments Yr 3




449

1,413

2,167

6,501

9,752




Appreciation of investments Yr 4





402

1,266

1,942

5,825

8,738



Appreciation of investments Yr 5






225

709

1,087

3,262

4,893


Total Appreciation



401

1,711

3,750

9,463

17,859

16,664

12,000

4,893

0




401

2,111

5,861

15,325

33,184

49,849

61,848

66,741

66,741

Principal Appreciation of investments Yr 2



358

1,127

1,728

5,183

7,774





Appreciation of investments Yr 3




358

1,127

1,728

5,183

7,774




Appreciation of investments Yr 4





286

901

1,382

4,146

6,219



Appreciation of investments Yr 5






143

451

691

2,073

3,110


Total Appreciation on Principal



358

1,484

3,140

7,955

14,790

12,611

8,292

3,110

0




358

1,842

4,982

12,937

27,727

40,339

48,631

51,741

51,741

Gain Appreciation of investments Yr 2



43

135

207

622

933





Appreciation of investments Yr 3




91

287

440

1,319

1,978




Appreciation of investments Yr 4





116

365

560

1,679

2,518



Appreciation of investments Yr 5






82

258

396

1,189

1,783


Total Appreciation on Gains



43

226

610

1,508

3,070

4,053

3,707

1,783

0




43

269

879

2,387

5,457

9,510

13,217

15,001

15,001

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