About Us

AV Ventures is ACDI/VOCA’s for-profit subsidiary. We provide innovative, catalytic financing to small and medium enterprises (SMEs) with strong potential for growth and impact in Africa, Central Asia, and Latin America. Such investments contribute to more competitive, resilient, and inclusive market systems and provide better economic opportunities for marginalized communities.

By building off  the strong foundations and deep networks developed by ACDI/VOCA’s programming, we strive to create systemic change through our investments. As a result, we can go beyond traditional impact investing to create returns and impact where traditional investors stop short — at earlier, seed and growth stages in lower income countries and underfunded sectors.

Financial Innovation

At AV Ventures, financial innovation is part of our DNA. ACDI/VOCA’s experience supporting SMEs for decades made it clear that the “missing middle” was about more than access – it was also about matching financial products with the needs of growth-oriented firms.

  • From AVV’s very first investment, we have offered innovative products such as revenue-based loans to support these firms with flexible, risk-sharing products tailor made to their needs and environments.
  • We have also targeted a range of SMEs often left out of the impact investing movement: those seeking to raise between $250,000 and $1 million.
  • Finally, recognizing the multiple barriers such firms face if they are to grow, we link our investments not only to technical assistance but to critical market linkages offered by ACDI/VOCA’s global network.

In these ways, we hope to push the innovation frontier globally and share our results and learning with the broader impact investing community.

Our investment thesis centers on bringing financial innovation to the challenge of investing in systemic change. This means going beyond reaching sales, production, or employment targets in a particular value chain, to looking at how we can fundamentally change the structure or dynamics within a broader system. This is how we contribute to ACDI/VOCA’s mission of promoting markets in developing countries in which business owners, smallholder farmers, and communities are empowered to succeed.

Market Gap Graph

Uzbekistan-ADA-field scene

Team

AV Ventures’ headquarters is in Washington, DC. The global team supports AVV’s three investment vehicles, each of which is led by a local investment manager and supporting local staff. The global team also supports AVV’s partnership with Pomona Impact in Central America.

Geoff Chalmers

Geoffrey Chalmers

Managing Director

20+ years’ experience in development partnerships, catalyzing investment in emerging and frontier markets, and enterprise development.

Dipa Sharif

Dipa Sharif

Director, Catalyzing Investments

15 years’ experience in investment banking, renewable energy project finance, and development finance including results-based financing approaches, in both domestic and emerging markets. 

Valentina Echeverry

Valentina Echeverry

Director, Partnerships and Investments

15 years’ experience impact investing, international development and investment management in emerging markets, including building up and managing investment and co-investment portfolios of high impact SMEs across Latin America.

Zubeiru Salifu

Zubeiru Salifu 

Senior Investment Manager 
  • 15+ years’ experience working in SME finance in West Africa;
  • 10+ years at the Private Equity firm Mustard Capital
  • Lead deal management, deal sourcing, and deal origination for AVVG.
Winfred Kumi

Winfred Kumi 

Senior Investment Associate

5+ years’ experience working in SME finance and investment banking in Ghana. 

Sally Amoasah

Sally Amoasah 

Investment Associate

3+ years’ experience working to provide professional audit and assurance services for a wide range of SMEs in Ghana.

Taalaibek Djoumataev

Taalaibek Djoumataev

Co-founder & Managing Partner

CEO of Frontiers. Extensive banking experience as former CEO and Chairman of the Managing Board of Bank of Asia, one of Kyrgyzstan’s private commercial banks. Served as a Member of the Supervisory Board of the Union of Commercial Banks of the Kyrgyz Republic. Critical role in the structural and regulatory changes made to the Kyrgyz financial system during the country’s shift to a market-based economy. 

Farkad Abdyrakhmanov

Farkhad Abdyrakhmanov

Investment Manager

10+ years in financial sector in commercial banks and at Frontiers MLC, as portfolio manager for wholesale lending to microfinance institutions. Extensive experience in financing small and medium-sized businesses in the banking sector, starting as a specialist and growing to the position of regional coordinator of the Credit Department

Adilet Aitiev

Adilet Aitiev

Senior Investment Associate

Adilet has worked for several well-known financial companies and government authorities, including the National Bank of the Kyrgyz Republic, Morgan Stanley and MLC “Frontiers”.  He graduated from Central European University with an MA in Economic Policy in the Global Market.

Ron Musundi

Ronald Musundi

Investment Manager

Ronald Musundi is the Investment Manager and Local Representative of AV Ventures LLC in Kenya, a for-profit subsidiary of ACDI/VOCA. He supports AV Ventures’ impact investing activities in Kenya, which include management of the Impact for Northern Kenya Fund, funded by USAID KUZA and targeting the ten northern Frontier Counties of Kenya. Prior to joining AV Ventures, Ronald worked within the impact investing and financial services space for the Cooperative Bank of Kenya, Business Partners International SME fund, GroFin International Fund, and Safaricom Investment Fund. He holds an MBA in Finance from Jomo Kenyatta University of Agriculture and Technology , Bachelor of Commerce (Finance Option), 2nd Upper Class Honors from Kenyatta University and is also a Certified Public Accountant (CPA-K).

Partners

CrossBoundary
US International Development Finance Corporation
FCDC
KMF-DEMEU
PomonaImpact
USAID
USDA

Funds

AV Ventures currently manages $18.8 million in three early-stage impact investing vehicles: AV Ventures Ghana LLC (AVVG), a $3.6 million agribusiness fund; AV Frontiers Central Asia Investment Fund (CAIF), a sector-agnostic fund of $5.2 million; and a $10 million Fund in Kenya.

Investing in Northern Kenya Fund
ABOUT INVESTING FOR NORTHERN KENYA FUND

Portfolio Highlights

AV Ventures’ investee companies across our three investment funds are high-growth, high-impact companies with dynamic, entrepreneurial leadership. AV Ventures’ portfolio partners benefit from innovative, risk-sharing financial products and a growth-enhancing approach to portfolio management driven by our aligned incentives.

G. I. Nyame Aye Awie Ampa Limited

ABOUT GINAAL

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