For example, more than 100 private equity funds, with more $6.5 billion under management, target microfinance as a social investment strategy (Reille & Glisovic-Mezieres, 2009). Such funds raise capital from banks, foundations, or government agencies, and funnel the money to microfinancing organizations, international agencies, or charities that in turn make loans to entrepreneurs at the base of the pyramid in developing economies (Bruton, 2010; Khavul & Bruton, 2013).