This article highlights some of the key challenges facing social impact investors in developing countries as identified through a survey by GIIN Investors' Council member Gray Ghost Ventures.

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It is difficult to gauge the actual size of the 'impact investing' sector. Many companies are family offices or private venture capital firms that do not publish data on their size or target sector. However, a survey of 31 of the best-known funds in the sector with around $2 billion of assets under management—conducted this year for Gray Ghost Ventures, an impact investment fund—revealed a picture of the main investor categories. These include non-profit organizations and foundations, public-private partnerships, venture capital funds and corporate foundations. Most impact investment firms are headquartered in the U.S. and Europe, but an increasing number are based in developing countries, with India leading the way.