What is Gender Lens Investing?
The Global Impact Investing Network (GIIN) defines GLI as investment strategies applied to an allocation or the entirety of an investment portfolio, which seek to examine gender dynamics to inform investment decisions in order to better and/or intentionally and measurably address gender disparities. This includes:
- Investing in women-owned or -led enterprises
- Investing in enterprises that promote workplace equity (in staffing, management, boardroom representation, and along their supply chains); or
- Investing in enterprises that offer products or services that substantially improve the lives of women and girls
Risks
Financial institutions who ignore gender equality are subjecting their investments to regulatory and performance risks.
While the “S” in ESG has typically been less of a focus for regulators than environmental dimensions of sustainability, social factors are the next horizon of regulation and financial institutions need to be ready for these developments. According to KPMG “regulators expect firms to act now and deliver improvements and greater transparency. Disclosure of D&I policies or reporting of pay information is mainly voluntary, but regulation has been introduced in a small and growing number of jurisdictions.” There are currently 12 countries that have adopted mandatory board quotas for gender representation and over half of OECD countries (21 of 38, or 55%) now require private sector employers to analyze their pay data and report gender-disaggregated pay information (OECD). Some of the biggest financial regulatory bodies like the FCA in the UK and the SEC in the USA have implemented listing rules for disclosure around Diversity, Equity, and Inclusion (DEI) and have signaled that if DEI does not improve they will be forced to mandate further action (JD Supra).
But risk exposure goes beyond regulatory developments, not considering gender equality in investments can actually put return at risk. A study by KSA Group found the insolvency rate of companies with all-male boards is 49% higher than those with mixed ones. And a similar study by Creditsafe, found that companies led by women were 20% less likely to fail than those led by men. Further, a global study by BCG found that for every USD 1 of investment raised, women-owned start-ups generated USD 0.78 in revenue, whereas those run by men generated only USD 0.31. Considering gender and other forms of diversity is an important risk mitigation tool, and it can increase upside as well.
Opportunities
Financial institutions who are sensitive to DEI issues tend to unlock significant additional value.
It is well-established that companies that are diverse perform better than their less diverse peers. McKinsey’s analysis found that companies in the top quartile of executive team gender diversity were 25% more likely to have above-average profitability. This translates into higher stock prices. Morgan Stanley analyzed 1,875 firms on the MSCI World Index and found those with greater gender diversity outperformed less gender-diverse firms by 1.6% globally in 2022. In some regions the results were even more striking, for example 7.1% in Europe, 3.0% in Japan and 2.0% in North America.
In addition, women are a significant market that is often underserved by financial institutions. Globally, women’s wealth has shown unprecedented growth over the last decade (UBS). Women now control 32% of the world’s wealth, according to BCG. This will rise at a compound annual growth rate of 5.7% to USD 97 trillion by 2024. Serving women also has additional ancillary benefits as they tend to be clients with more awareness of ESG factors. 64% of women factor ESG concerns into their investment decisions, number that is likely to increase as Gen Z and millennial consumers and investors gain more financial power.
Impact
We can only reach our potential as a global society if everyone is empowered.
It is estimated that Global GDP could expand by USD 12-28 trillion if women were to participate in the economy similarly to men. The European Investment Bank similarly found that greater gender diversity could lead to a potential increase of USD 160 trillion of human capital wealth, and could enhance business performance by 15%.
Beyond economic arguments, gender equality has a range of benefits that are good for people and the planet. Gender equality is a more reliable predictor of peace than a country’s GDP or level of democracy (CMF). Giving women increased access to resources can reduce vulnerability and create more resilient households and communities (UNDP). Everyone benefits in an equal society.
How to use this Dashboard
This dashboard is a resource for you to help you better understand the challenge of achieving gender equality and what gender lens investing is. It provides practical information that will help you to take action. In this dashboard you will find:
- Gender Data from Switzerland and globally, which provides an overview of how we currently are performing on gender equality in society, business, and finance.
- GLI Funds database that lists all GLI funds managed or domiciled in Switzerland. These funds demonstrate how GLI strategies can be applied in practice.
- Take Action ideas for investors, companies, policymakers, and other actors.
- Additional Resources that can help you to practically take action (for example getting certified).
Please feel free to send any questions about gender equality and GLI to
Gender Data
Understanding the state of gender equality in Switzerland can help us to track progress. Here are some key statistics on where were stand on gender equality in Swiss society, business, and investing.
Gender Equality in Swiss Society
The Global Gender Gap Index
The Global Gender Gap Index benchmarks the current state and evolution of gender parity in 146 countries across four key dimensions – Economic Participation and Opportunity, Educational Attainment, Health and Survival, and Political Empowerment. Switzerland is currently ranked 13th globally, however, this was a downgrade from the 10th position in 2021. It ranks 8th in Europe, which is also a downgrade from 6 in 2021.
Source WEF
#13
out of 146 globally
- #10 in 2021
- #18 in 2020
#8
out of 35 in Europe
- #6 in 2021
- #10 in 2020
Proportion of time spent on unpaid care work, by sex
Women continue to spend more time on unpaid care work than men in Switzerland, with the gap widening between 2000 and 2020. This has negative effects on women’s economic opportunities and specifically hurts labour force participation, wages, and job quality.
Source UN Stats
Proportion of seats held by women in national parliaments (% of total number of seats)
Since 2000, the proportion of seats held by women in Swiss national parliament has nearly doubled. Switzerland is a strong performer when it comes to women’s participation in government, with approximately 10% more women with a seat in national parliaments in Switzerland compared to the EU.
Source UN Stats
Share of women among tertiary level students
In Switzerland, women make up approximately 50% of students enrolled in universities, whereas in the EU women take up a slightly larger percentage at 54%.
Source Swiss Federal Statistics Office
Gender Equality in Swiss Business
Female Representation in Company Positions by Country (in %)
All countries perform poorly in terms of female representation at the Senior Management and Executives levels, however, representation in the Board of Directors and Workforce is somewhat stronger.
Switzerland has particularly low female representation in Executives (14%) but is in the middle of the pack in representation at other levels. Switzerland is one of the countries where women have a low chance of being promoted, but not due to a lack of a pool of working women. Overall, very slow progress can be noticed each year across the board.
Female Representation – Boards (in %)
Female Representation – Sr Management (in %)
Female Representation – Executives (in %)
Female Representation – Workforce (in %)
Percentage of women by industry in 2021
The proportion of women in lower management levels is relatively even across different sectors, except in the MEM sector with only 19%. Banking has only 31% of female workers compared to Pharma and the Public Sector where women make up 41%. The proportion of women in higher levels of management is low with only 16% of women in management in MEM and the Banking Sector. In the Public Sector, women in management are roughly a third at 32%.
* includes machine, electrical, and mechanical engineering companies as well as companies in related fields.
Gender distribution by management level
The higher the level of management, the lower the proportion of women. At non-management levels, the difference between the women and men proportion in the workforce is low. In contrast, at the top management level, the gap between women and men is significant with only 17% women compared to 83% men at top management level.
Switzerland Full-/part-time employed, 1992-2022, in %
In Switzerland, more women have been working part-time than full-time since 1992.
The difference has been increasing over the years with more women working part-time and less women working full-time.
Source: Federal Statistics Office
Switzerland Employment : Full-time equivalent employment rate, by sex
In Switzerland and the OECD countries, a much lower proportion of women are working full time compared to men; 57% and 54% respectively in 2021. The proportions have remained fairly consistent over the years.
Source: OECD
Gender Equality: A European Comparison
Employment rate of women as % of women aged 15–64 years
The employment rate of women between the age of 15-64 years is higher in Switzerland than in the EU, with 75% and 63% respectively of women employed in 2021.
Source: Federal Statistics Office
Women employed part-time as % of employed women aged 15–64 years
The proportion of women age 15-64 years working part-time is two times higher in Switzerland than the EU, with 61% and 29% respectively of women working part-time.
Source: Federal Statistics Office
Self-Employment
The share of self-employed is much higher for men than for women across the three countries displayed below. However, Switzerland has a higher share of self-employed women (with employees) than France and Germany.
Source: OECD
Share of self-employed who are own-account workers
Share of self-employed who are employers
Gender Wage Gap
The gender wage gap has decreased over the years in Switzerland resting at 14% in 2020 but is still slightly higher than the OECD average which stands at 12% in 2020.
Source: OECD
Gender Lens Investing in Switzerland
All data on GLI in Switzerland comes from Tameo’s 2022 Private Asset Impact Report, which is detailed research on nearly 200 impact investing funds in emerging markets. It is, therefore, important to remember that this is not a comprehensive study of all Swiss funds in all asset classes but rather a helpful glimpse into one portion of the market.
Source: Tameo
Sector GLI Portfolio Allocation
This graphic shows where funds that take a GLI approach are allocated in terms of sectors, in Switzerland and across all funds studied.
Source: Tameo
Regional GLI Portfolio Allocation
This graphic shows where funds that take a GLI approach are allocated in terms of geographic location, in Switzerland and across all funds studied.
Source: Tameo
Practices Applied in the Investment Process
This graphic shows the practices that are applied by GLI funds in their investment process, in Switzerland and across all funds studied.
Source: Tameo
Practices Applied in the Portfolio Management Process
This graphic shows the practices that are applied by GLI funds in their portfolio management process, in Switzerland and across all funds studied.
Source: Tameo
Country Income Level Exposure
This graphic shows the exposure GLI funds have to different country income levels, in Switzerland and across all funds studied.
Source: Tameo
Employee Gender in Investee Companies
This graphic shows the workforce composition of investee companies in GLI funds in Switzerland.
Source: Tameo
| wdt_ID | Logo | Fund name and Organisation name | Asset class | Capital Committed (Millions) | Status | Vintage | Sectors | Country of Investment | Description about the Fund | Description about the Company | Link |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  |
AlphaJiri Investment Fund AlphaMundi Group |
Private debt,Private Equity | 21 USD approx 21 EUR |
Open | 2020 | Agriculture Energy Economic Development |
East Africa | The AlphaJiri Investment Fund LP (Mauritius) provides debt, mezzanine and equity finance to fuel the resilience and growth of impact ventures in the Sustainable Food and Renewable Energy sectors, using a value chain approach, with a climate-smart and gender-lens orientation. The focus on the promotion of women’s economic and social opportunities, is both within the investee companies and through the products and services that they offer. The fund harbors a pan-African ambition with an initial emphasis on East Africa. The fund has been investing in African SMEs since 2020, and had allocated a total of USD 6M to 4 SMEs by 31 March 2021. | AlphaMundi Group Ltd is a commercial entity, exclusively dedicated to Impact Investing: profitable investments that generate measurable net benefits to society | https://www.alphamundigroup.com/alphajiri-fund/ |
| 2 | |
SocialAlpha Investment Fund (SAIF) AlphaMundi Group |
Private debt | 15 USD approx 15 EUR |
Evergreen | 2009 | Agriculture, Green infrastructure, Economic Development, Financial inclusion/services, Energy, Education | Latin America and Sub-Saharan Africa | Since 2009, the SocialAlpha impact debt fund finances early-and growth-stage ventures that address the SDGs in Latin America and Sub-Saharan Africa, across sectors including Financial Inclusion, Sustainable Food and Renewable Energy, using a Gender Lens and with an emphasis on rural development. The focus on the promotion of women’s economic and social opportunities, is both within the investee companies and through the products and services that they offer. By 31 March 2021, the fund had invested USD 51M through 105 transactions with 47 companies. | AlphaMundi Group Ltd is a commercial entity, exclusively dedicated to Impact Investing: profitable investments that generate measurable net benefits to society | https://www.alphamundigroup.com/socialalpha-fund/ |
| 3 |  |
Asteria Funds - People Impact Global Equalities Asteria Investment Management |
Public Equity > Large-cap | 18 GBP approx 21 EUR |
Open | Q2 2021 | Healthcare | The Fund invests in companies that contribute to the achievement of sustainable development goals designed to be a scheme to achieve a better and more sustainable future for all and to generate social and/or environmental change with a focus on people inclusion, access to basic needs and well-being and offer superior financial growth prospect. | A dedicated Swiss impact investment manager | https://asteriaobviam.com/class/asteria-funds-people-impact-global-equities-c-usd/ | |
| 4 |  |
PG Impact Credit Strategies Blue Earth Capital |
Private debt | 31 USD approx 31 EUR |
Open | 2020 | Energy Agriculture Financial inclusion/services Education Healthcare |
The Fund promotes environmental or social characteristics, but does not have as its objective a sustainable investment. The Fund has a private market strategy aiming at both generating positive financial return and at achieving positive social and environmental impact, as framed by the SDGs. To achieve these objectives, the Fund integrates impact considerations throughout the investment lifecycle, including a best-in-class impact assessment and reporting methodology. The Manager invests in the growth of attractive social enterprises with a proven business model, high development potential and a measurable and scalable social/environmental impact. |
Blue Earth Capital is an independent global impact investment firm. They manage investment strategies for an international clientele of professional investors who are seeking investment solutions that offer market-rate returns, while also helping to address pressing social or environmental challenges. |
https://www.partnersgroup.com/fileadmin/user_upload/Files/ESG_disclosures/PG_Impact_Credit_Strategies_2020_S.C.A.__SICAV-RAIF.pdf | |
| 5 | |
PG Impact Investments II Blue Earth Capital |
Fund of funds Private Equity > Growth Private debt Real assets > Real Estate |
100 USD approx 100 EUR |
Open | 2019 | Blue Earth Capital is an independent global impact investment firm. They manage investment strategies for an international clientele of professional investors who are seeking investment solutions that offer market-rate returns, while also helping to address pressing social or environmental challenges. |
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| 6 |  |
BlueOrchard Covid-19 Emerging and Frontier Markets MSME Support Fund BlueOrchard |
Private debt | 207 USD approx 207 EUR |
Open | 2020 | Financial inclusion/services | Kenya Tanzania Burkina Faso Nigeria Botswana |
The fund fund aims to support more than 200 million jobs in emerging and frontier markets through micro, small and medium enterprises (MSMEs). The aim is to provide solutions to the liquidity and solvency challenges of inclusive financial services institutions caused by volatility in financial markets. The Fund provides support funding to financial institutions and is expected to finance 20 institutions, serve three million micro-entrepreneurs and maintain 60 million jobs per each USD 100 million. The Fund qualifies under the the 2X Challenge criteria. | BlueOrchard is a leading global impact investment manager that is dedicated to generating lasting positive impact for communities and the environment, while aiming to provide attractive returns to investors. | https://www.blueorchard.com/products/blueorchard-covid-19-emerging-frontier-markets-msme-support-fund/ |
| 7 | |
EMF Microfinance Fund BlueOrchard |
Private debt | 61 EUR | Evergreen | 2017 | Financial inclusion/services | An open-end investment fund, which invests in microfinance institutions in emerging markets with the objective to contribute to the creation of prosperity to low-income households | BlueOrchard is a leading global impact investment manager that is dedicated to generating lasting positive impact for communities and the environment, while aiming to provide attractive returns to investors. | ||
| 8 | |
Japan ASEAN Women Empowerment Fund BlueOrchard |
Private debt | 241 USD approx 241 EUR |
Evergreen | 2016 | Financial inclusion/services | ASEAN. Countries | The microfinance fund focuses on empowering women. Japan ASEAN Women Empowerment Fund (JAWEF) is a blended fund that provides loans to microfinance institutions (MFIs) that serve female entrepreneurs (female Small and Medium Enterprises) in the ASEAN region and beyond. The Fund aims at social advancement of women, poverty reduction, fostering growth, job creation and entrepreneurship. | BlueOrchard is a leading global impact investment manager that is dedicated to generating lasting positive impact for communities and the environment, while aiming to provide attractive returns to investors. | https://www.blueorchard.com/products/japan-asean-women-empowerment-fund-jawef/ |
| 9 | |
The Regional Education Finance Fund for Africa BlueOrchard |
Private debt | Evergreen | 2014 | Education Financial inclusion/services |
Africa | Initiated by KfW Development Bank and funded by the German Federal Ministry for Economic Cooperation and Development (BMZ), the Regional Education Finance Fund for Africa (REFFA) is the first regional education finance facility for Africa. It aims to provide customized financial services for the education sector in a demand-oriented, financially sustainable, and socially responsible manner. REFFA provides funding for on-lending to financial institutions in Africa. Financial intermediaries – including banks, microfinance institutions, credit co-operatives and other finance companies – across Africa can receive funding and Technical Assistance (TA) for the expansion and/or development of their education finance portfolios. |
BlueOrchard is a leading global impact investment manager that is dedicated to generating lasting positive impact for communities and the environment, while aiming to provide attractive returns to investors. | https://www.blueorchard.com/products/regional-education-finance-fund-for-africa/ | |
| 10 | |
The Microfinance Initiative for Asia Debt Fund BlueOrchard |
Private debt | 178 USD approx 178 EUR |
Evergreen | 2013 | Energy Financial inclusion/services |
India, Cambodia, Sri Lanka, Mongolia, Indonesia, Tajikistan, Uzbekistan, Philippines, Pakistan, Kazakhstan, Kyrgyzstan, East Timor, Vietnam | The MIFA is the first microfinance initiative of its size to exclusively target Asian microfinance institutions (MFIs), reaching out to 33 MFIs across 9 countries. The microfinance portfolio will target micro-borrowers, such as micro and small businesses and low-income households to purchase solar home systems, efficient cookstoves and efficient technologies (lighting, refrigeration, motors, and pumps). Objectives: i) offers market-based debt financing – with an emphasis on local currency and longer-term financing – to financial entities serving micro businesses (“microfinance institutions” or “MFIs”), with a focus on reaching smaller and less developed MFIs; ii) helps establish microfinance as an asset class with mainstream investors and leverage donor funds with private capital; and iii) supports capacity building among financial entities serving micro entities. |
BlueOrchard is a leading global impact investment manager that is dedicated to generating lasting positive impact for communities and the environment, while aiming to provide attractive returns to investors. | https://www.blueorchard.com/products/microfinance-initiative-for-asia-mifa/ |
| 11 | |
Microfinance Enhacement Facility BlueOrchard |
Private debt | 677 USD approx 677 EUR |
Evergreen | 2009 | Financial inclusion/services | MENA (1%), LAtAm and Caribbean (6%), Eastern Europe and Caucasus (16%), SOuth Asia (23%), SSA (10%), Central Asia (6%), East Asia and the Pacific (16%) | The Fund aims to support economic development and prosperity globally through the provision of short and medium-term financing to financial institutions which support microfinance and micro-enterprises (MFIs) facing difficulties in securing financing. In pursuing its development goal, the Fund will observe principles of sustainability and additionality, combining development and market orientations. As a demand-oriented Fund seeking to respond to the needs of the market and of individual MFIs, since inception MEF has supported low income borrowers by providing over USD 2 billion to more than 250 financial institutions active in the microfinance space in about 55 developing countries worldwide. Impact: 740,000 final borrowers reached by MEF funding, including 78% women. | BlueOrchard is a leading global impact investment manager that is dedicated to generating lasting positive impact for communities and the environment, while aiming to provide attractive returns to investors. | https://www.mef-fund.com/ |
| 12 | |
BlueOrchard Microfinance Fund BlueOrchard |
Private debt | 2,407 USD approx 2,407 EUR |
Evergreen | 1998 | ¨ | Global emergingand frontier market | Our fund provides private loans to microfinance and other financial institutions in emerging markets. These in turn cater to the needs of low-income groups and micro, small, and medium enterprises (MSMEs) who have difficulty accessing funding. In terms of impact, as of June 2022, around 38m MSMEs have been supported by institutions in the portfolio, including 80% female clients. | BlueOrchard is a leading global impact investment manager that is dedicated to generating lasting positive impact for communities and the environment, while aiming to provide attractive returns to investors. | |
| 13 |  |
CARE - She Trades Impact Fund Care Enterprises |
Private debt | 4 USD approx 4 EUR |
Evergreen | 2021 | Healthcare Education Financial inclusion/services Agriculture Water Energy |
Bangladesh, Cambodia, Cameroon, Dominican Republic, El Salvador, Ethiopia, Fiji, Ghana, Guatemala, Honduras, Indonesia, Ivory Coast, Jamaica, Kenya, Philippines, Samoa, Uganda, Vietnam | The Care-SheTrades Impact Fund is a blended finance gender investment fund that focuses on bridging the gap for women-centered businesses across target countries in emerging markets. Because of the disproportionate impact that climate change has on women, the fund also addresses the intersectionality between gender and climate impact by applying a robust climate lens across its investment cycle. The Care-SheTrades Impact Fund will finance women-centered companies that are either women-owned or-led, have a large female employee base, produce essential goods or services that improve women’s prosperity, and/or procure from women-owned or women-led businesses. The Fund is aligned to the 2X challenge |
CARE Enterprises, Inc. – a for-profit subsidiary of CARE USA – has launched its first gender justice impact fund focused on economically empowering women employees, consumers, and suppliers. |
https://www.careenterprises.net/impact |
| 14 |  |
Burning Issues Impact Fund Chi Impact Capital |
Public Equity > Venture Public Equity > Growth |
7 EUR | Open | Q3 2020 | Green infrastructure Economic Development Healthcare Climate Energy |
Europe | Burning Issues Impact Fund (BIIF) provides qualified professional investors with the possibility to create place based and deep impact in Europe, while helping to contribute to the most critical and “burning” Sustainable Development Goals and to reverse climate change. The BIIF invests in a new species of entrepreneurs with an integrated business mission to solve a burning social or environmental issue. These companies are for-profit European-based enterprises that provide transformative and typically tech-heavy and scalable solutions. | Chi Impact Capital is an independent Impact Investment Advisory firm based in Zurich. Chi Impact Capital has a comprehensive Impact Methodology in place and defines, measures and reports impact goals for each advised investee company and also applies a gender-lens as well as a multi-species-lens. | https://chi-impact.com/ |
| 15 |  |
Food Securities Fund Clarmondial |
Private debt | 38 USD approx 38 EUR |
Evergreen | Q2 2021 | Agriculture | Emergingand developping markets | The Food Securities Fund provides working capital loans to sustainable agriculture companies in emerging and developing markets. It uses an innovative blended finance approach to promote sustainable development through agricultural value chains. By offering loans that cover the entire agricultural cycle, the Fund enables its borrowers to provide increased pre-harvest support to farmers. By end of 2021, The Fund’s borrowers employed close to 700 staff and supported rural livelihoods by purchasing agricultural commodities from ca. 40’000 smallholder farmers, thereof 40% women. | Clarmondial is an independent investment advisory company that focuses on practical, profitable and creative solutions for social and environmental businesses and their funders. |
https://www.foodsecuritiesfund.com/ |
| 16 |  |
EMF Microfinance Fund Enabling Qapital |
Private debt | 341 USD approx 341 EUR |
Evergreen | 2008 | Financial inclusion/services | Emerging market / Developing countries (e.g India Ecuador Uzbekistan Cambodia Mongolia) |
Since its inception in 2008, the Enabling Microfinance Fund has been a pure private debt fund, investing in microfinance institutions (MFI) in emerging and frontier markets. All the currencies are systematically hedged. The fund’s focus on supporting financially sound, impact-focused local financial intermediaries enables the population of entrepreneurs to create and grow income-generating activities and to break out of poverty. Expanding access to financial services for these customers promotes resilience, business growth, and helps generate and secure sustainable employment. Microfinance institutions provide loans and increasingly savings, insurance and related products to low-income groups. | Enabling Qapital Ltd. (EQ) is a leading Impact Investment Advisory Company dedicated to a world where investments provide a financial and social return. | https://enabling.ch/fund/ |
| 17 |  |
Finethic SCA.SICAV - SIF Microfinance Fundo Asset Manager |
Private debt | 150 USD approx 150 EUR |
Evergreen | 2006 | Since inception in 2006, Finethic Microfinance has provided loans to more than 180 of these institutions in some 65 countries for a total amount exceeding $850 million. The Finethic Microfinance sub-fund does not lend directly to individuals but to local microfinance institutions and banks that independently manage their own client portfolios. | Fundo has specialized in understanding and managing equity risk in institutional client portfolios from the outset. Since then, it has been offering asset management services dedicated mainly to Swiss and international pension funds. At the forefront of technology, Fundo offers solutions that use computational power (machine learning, algorithms, data analysis) to improve portfolio performance and stability. | https://www.fundo.ch/en/services/finethic | ||
| 18 |  |
SICAV (Lux) Micro and SME Finance Leaders responsAbility Investments |
Private debt | 308 USD approx 308 EUR |
Evergreen | Q4 2006 | Energy Water Waste management |
Emerging markets | responsAbility SICAV (Lux) Micro and SME Finance Leaders has been active since 2006 and invests in the global micro, small and medium-sized enterprise (MSME) finance sector. The fund aims to close funding gaps for local MSME financial institutions. The fund holds both debt securities and makes equity investments. | A Swiss asset manager, active in impact investing since 2003. Its aim is to drive the growth of development-related sectors—namely finance, agriculture, and energy—through return-seeking debt and equity investments. And with over USD 13 billion invested across the globe since inception, the capacity we have built for deal sourcing is unparalleled. |
|
| 19 | |
responsAbility SICAV (Lux) Financial Inclusion Fund responsAbility Investments |
Private debt | 222 USD approx 222 EUR |
Evergreen | 2011 | A Swiss asset manager, active in impact investing since 2003. Its aim is to drive the growth of development-related sectors—namely finance, agriculture, and energy—through return-seeking debt and equity investments. And with over USD 13 billion invested across the globe since inception, the capacity we have built for deal sourcing is unparalleled. |
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| 20 | |
responsAbility SICAV (Lux) Micro and SME Finance Debt Fund responsAbility Investments |
Private debt | 557 USD approx 557 EUR |
Open | 2007 | A Swiss asset manager, active in impact investing since 2003. Its aim is to drive the growth of development-related sectors—namely finance, agriculture, and energy—through return-seeking debt and equity investments. And with over USD 13 billion invested across the globe since inception, the capacity we have built for deal sourcing is unparalleled. |
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| 21 | |
responsAbility Global Micro and SME Finance Fund responsAbility Investments |
Private debt | 782 USD approx 782 EUR |
Evergreen | 2003 | A Swiss asset manager, active in impact investing since 2003. Its aim is to drive the growth of development-related sectors—namely finance, agriculture, and energy—through return-seeking debt and equity investments. And with over USD 13 billion invested across the globe since inception, the capacity we have built for deal sourcing is unparalleled. |
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| 22 |  |
RobecoSAM Global Gender Equality Impact Equities Fund RobecoSAM |
Public Equity > Large-cap | 319 EUR | Open | Q3 2015 | Healthcare Technologies Cities |
America (58%) Europe (35%) Asia (6%) |
RobecoSAM Global Gender Equality Equities is an actively managed fund that invests globally in companies that advance gender diversity and gender equality. The fund invests in companies that exhibit a high degree of gender equality and diversity through having diverse workforces, equal remuneration practices, talent retention practices and commitment to the wellbeing of all employees. The portfolio is built on the basis of an eligible investment universe that includes companies with higher gender scores based on an internally developed gender score methodology. This comprises various criteria, such as board diversity, equal renumeration, talent management and employee well-being. | Robeco is an international asset manager offering an extensive range of active investments, from equities to bonds. | https://www.robeco.com/doca/CGF_GIGEE_IE-fact-202302-profsgen.pdf?t=1681335607669 |
| 23 |  |
Global Impact Equities Vontobel Asset Management |
Public Equity > Large-cap Public Equity > Mid-cap Public Equity > Small-cap |
51 EUR | Evergreen | Q2 2021 | Agriculture Energy Healthcare Water Technologies Cities |
The Fund allocates capital to, and support the growth of companies offering solutions to environmental and social challenges. The companies they target for their global impact fund provide innovative solutions helping to address critical challenges like population growth, urbanization, resource scarcity, pollution, aging of population, health problems, food distribution and rising inequalities. The investment universe consists of approximately 1,000 companies scattered across multiple sectors. | Vontobel is an investment firm active in the sustainable transformation of our society and economy and an asset management business | https://am.vontobel.com/en/insights/global-impact-equities-report-2022-solutions-to-sustainability-challenges |
Do you have a GLI fund managed or domiciled in Switzerland that is not listed here? Please email
Take Action
Opportunities for Investors
- Develop strategies following clear target criteria in the investment process, like the ones developed by 2X: invest in businesses founded, majority-owned, or partially led by women, or with a substantial share of women in the workforce, or with products and services that disproportionately benefit women
- Monitor the evolution of these criteria in portfolio companies
- Proactively encourage portfolio companies to improve gender lens policies or get a credible gender-lens certification
Opportunities for Companies
- Develop HR policies that enable equal opportunity for women, including:
- Fair and equal pay
- Flexible working arrangements
- Anti-harassment training & policy
- Gender-neutral parental leave
- Publish equal pay reports
- Create company policies that support the creation of a gender-balanced workforce, leadership, and board
- Apply for and receive an EDGE certification and/ or an Equal-Salary Certification
Opportunities for Policymakers
- Implement voluntary or obligatory quotas for gender-balanced boards and senior leadership. Legislation in the UK and France are proven cases that national policy initiatives can be transformative and sometimes indispensable for enterprises’ gender balance and overall performance.
- Assess policies that can address the ‘baby bias’, which is the main reason that Swiss women’s largest window for a promotion into management on average is between 31-40 years of age, whereas, for men, it extends from 31-50 years. 85 There are reference cases available; France, for example, instituted flexible work policies for pregnant women to combat this bias through a policy measure
Opportunities for the Broader Ecosystem
- Support and assist with programs or projects that aim to develop research and data relevant to GLI in Switzerland.
2X Global engages a full spectrum of investors, capital providers, mobilisers, and influencers, and works together to advance intersectional investment agendas, level up gender-smart investments, and scale the field of gender finance.
The 2X Criteria provides a framework for investors globally to identify gender-smart business opportunities along the entire value chain. It can also be used as eligibility criteria and determine a companies’ level of gender performance.
To be eligible/comply, businesses must fulfil at least 1/5 criteria:
1) Entrepreneurship – 51% of women ownership or the business having been founded by a woman;
2) Leadership – 30% of women in senior leadership or 30% on the Board or Investment Committee;
3) Employment – 30-50% share of women in the workforce and one ‘quality’ beyond compliance;
4) Consumption – products or services that specifically benefit women;
5) Investments through financial intermediaries – 30% of DFI loan proceeds or portfolio companies meet the 2X Criteria
EDGE Certification is a methodology applicable across industries and contexts to assess corporate gender gaps. It helps businesses to 1) measure, manage, plan and manage Diversity, Equity and Inclusion (DE&I) change and 2) get actions and outcomes verified by a third party certification body and get a certification showcasing the organisation’s achievements and commitments towards DE&I progress.
There are three different levels of certifications: 1) EDGE Assess – recognizing commitment; 2) EDGE Move – showcasing progress; 3) EDGE Lead – celebrating success
The certification process focuses on intersectionality and tracks: Representation; Pay equity; Effectiveness of policies aiming to achieve equitable career paths; Inclusivity of culture; Professional development opportunities. The EDGE Certifications expire every 2 years to allow for a re-assessment of an enterprise’s efforts on gender.
The EQUAL-SALARY Certification is a process that allows companies to verify and communicate that they pay their female and male employees equally for the same job or for job of the same value. It provides companies a verified stamp of approval that they are paying men and women equally. As of June 2022 covering 50+ companies globally, the certification is valid for 3 years.
How it works?
- Salary analysis: collects employee salary data securely and anonymously
- On-site review: the auditing team make sure the requirements are met
- Certification: based on the result the company is awarded the certification
Monitoring review: the certification is valid 3 years and the company will need to undergo two monitoring reviews, to show commitment to a fair and non-discriminatory wage policy
The Equileap Gender Equality Scorecard™ is inspired by the United Nations Women’s Empowerment Principles. This methodology can be used to assess a company’s gender equality performance in all areas of its business, from boardroom to supply chain.
For each gender criterion, one or several metrics have been identified to evaluate it. A score and weighting has been allocated to each criterion to reflect that some issues may be more important for furthering gender equality than others.
1) Gender balance in leadership and the workforce;
2) Equal compensation and work/life balance;
3) Policies promoting gender equality;
4) Commitment, transparency, and accountability;
5) Monitoring companies’ controversies such as sexual harassment or gender discrimination and providing information on those cases to investors
The Gender Smart Nexus helps businesses, investors, and entrepreneurial intermediaries to practically improve business outcomes and social impacts through advancing gender inclusion.
The platform allows enterprises to self-assess their gender-inclusive practices and provides them recommendations on how to integrate more gender-inclusive practices throughout their organization
The Gender Smart Nexus integrate the 2X Challenge criteria in its assessments.
The UNDP programme – Gender Equality SEAL – is a tool for private enterprises to reduce gender gaps and promoting gender equality and competitiveness.
The GES guides enterprises in developing strategies that support SDG5 by eliminating gender-based wage gaps, eradicating sexual harassment in the workplace, developing company policies with gender biases and discrepancies in mind, and increasing female leadership in decision-making and along the supply chain
There are different steps to earn the GES, including; Creation of a gender equality committee; Training of senior management and staff on gender equality; internal organizational assessment of the company’s policies and practices; Development of a company-wide policy and plan of action for gender equality; Implementation of a gender equality plan of action; an external audit or verification process before obtaining the certification or the award; and monitoring of the ongoing process.
- WHY GENDER
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What is Gender Lens Investing?
The Global Impact Investing Network (GIIN) defines GLI as investment strategies applied to an allocation or the entirety of an investment portfolio, which seek to examine gender dynamics to inform investment decisions in order to better and/or intentionally and measurably address gender disparities. This includes:
- Investing in women-owned or -led enterprises
- Investing in enterprises that promote workplace equity (in staffing, management, boardroom representation, and along their supply chains); or
- Investing in enterprises that offer products or services that substantially improve the lives of women and girls
Risks
Financial institutions who ignore gender equality are subjecting their investments to regulatory and performance risks.
While the “S” in ESG has typically been less of a focus for regulators than environmental dimensions of sustainability, social factors are the next horizon of regulation and financial institutions need to be ready for these developments. According to KPMG “regulators expect firms to act now and deliver improvements and greater transparency. Disclosure of D&I policies or reporting of pay information is mainly voluntary, but regulation has been introduced in a small and growing number of jurisdictions.” There are currently 12 countries that have adopted mandatory board quotas for gender representation and over half of OECD countries (21 of 38, or 55%) now require private sector employers to analyze their pay data and report gender-disaggregated pay information (OECD). Some of the biggest financial regulatory bodies like the FCA in the UK and the SEC in the USA have implemented listing rules for disclosure around Diversity, Equity, and Inclusion (DEI) and have signaled that if DEI does not improve they will be forced to mandate further action (JD Supra).
But risk exposure goes beyond regulatory developments, not considering gender equality in investments can actually put return at risk. A study by KSA Group found the insolvency rate of companies with all-male boards is 49% higher than those with mixed ones. And a similar study by Creditsafe, found that companies led by women were 20% less likely to fail than those led by men. Further, a global study by BCG found that for every USD 1 of investment raised, women-owned start-ups generated USD 0.78 in revenue, whereas those run by men generated only USD 0.31. Considering gender and other forms of diversity is an important risk mitigation tool, and it can increase upside as well.
Opportunities
Financial institutions who are sensitive to DEI issues tend to unlock significant additional value.
It is well-established that companies that are diverse perform better than their less diverse peers. McKinsey’s analysis found that companies in the top quartile of executive team gender diversity were 25% more likely to have above-average profitability. This translates into higher stock prices. Morgan Stanley analyzed 1,875 firms on the MSCI World Index and found those with greater gender diversity outperformed less gender-diverse firms by 1.6% globally in 2022. In some regions the results were even more striking, for example 7.1% in Europe, 3.0% in Japan and 2.0% in North America.
In addition, women are a significant market that is often underserved by financial institutions. Globally, women’s wealth has shown unprecedented growth over the last decade (UBS). Women now control 32% of the world’s wealth, according to BCG. This will rise at a compound annual growth rate of 5.7% to USD 97 trillion by 2024. Serving women also has additional ancillary benefits as they tend to be clients with more awareness of ESG factors. 64% of women factor ESG concerns into their investment decisions, number that is likely to increase as Gen Z and millennial consumers and investors gain more financial power.
Impact
We can only reach our potential as a global society if everyone is empowered.
It is estimated that Global GDP could expand by USD 12-28 trillion if women were to participate in the economy similarly to men. The European Investment Bank similarly found that greater gender diversity could lead to a potential increase of USD 160 trillion of human capital wealth, and could enhance business performance by 15%.
Beyond economic arguments, gender equality has a range of benefits that are good for people and the planet. Gender equality is a more reliable predictor of peace than a country’s GDP or level of democracy (CMF). Giving women increased access to resources can reduce vulnerability and create more resilient households and communities (UNDP). Everyone benefits in an equal society.
How to use this Dashboard
This dashboard is a resource for you to help you better understand the challenge of achieving gender equality and what gender lens investing is. It provides practical information that will help you to take action. In this dashboard you will find:
- Gender Data from Switzerland and globally, which provides an overview of how we currently are performing on gender equality in society, business, and finance.
- GLI Funds database that lists all GLI funds managed or domiciled in Switzerland. These funds demonstrate how GLI strategies can be applied in practice.
- Take Action ideas for investors, companies, policymakers, and other actors.
- Additional Resources that can help you to practically take action (for example getting certified).
Please feel free to send any questions about gender equality and GLI to
- GENDER DATA
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Gender Data
Understanding the state of gender equality in Switzerland can help us to track progress. Here are some key statistics on where were stand on gender equality in Swiss society, business, and investing.
Gender Equality in Swiss Society
The Global Gender Gap Index
The Global Gender Gap Index benchmarks the current state and evolution of gender parity in 146 countries across four key dimensions – Economic Participation and Opportunity, Educational Attainment, Health and Survival, and Political Empowerment. Switzerland is currently ranked 13th globally, however, this was a downgrade from the 10th position in 2021. It ranks 8th in Europe, which is also a downgrade from 6 in 2021.
Source WEF
#13
out of 146 globally
- #10 in 2021
- #18 in 2020
#8
out of 35 in Europe
- #6 in 2021
- #10 in 2020
Proportion of time spent on unpaid care work, by sex
Women continue to spend more time on unpaid care work than men in Switzerland, with the gap widening between 2000 and 2020. This has negative effects on women’s economic opportunities and specifically hurts labour force participation, wages, and job quality.
Source UN Stats
Proportion of seats held by women in national parliaments (% of total number of seats)
Since 2000, the proportion of seats held by women in Swiss national parliament has nearly doubled. Switzerland is a strong performer when it comes to women’s participation in government, with approximately 10% more women with a seat in national parliaments in Switzerland compared to the EU.
Source UN Stats
Share of women among tertiary level students
In Switzerland, women make up approximately 50% of students enrolled in universities, whereas in the EU women take up a slightly larger percentage at 54%.
Source Swiss Federal Statistics Office
Gender Equality in Swiss Business
Female Representation in Company Positions by Country (in %)
All countries perform poorly in terms of female representation at the Senior Management and Executives levels, however, representation in the Board of Directors and Workforce is somewhat stronger.
Switzerland has particularly low female representation in Executives (14%) but is in the middle of the pack in representation at other levels. Switzerland is one of the countries where women have a low chance of being promoted, but not due to a lack of a pool of working women. Overall, very slow progress can be noticed each year across the board.
Female Representation – Boards (in %)
Female Representation – Sr Management (in %)
Female Representation – Executives (in %)
Female Representation – Workforce (in %)
Percentage of women by industry in 2021
The proportion of women in lower management levels is relatively even across different sectors, except in the MEM sector with only 19%. Banking has only 31% of female workers compared to Pharma and the Public Sector where women make up 41%. The proportion of women in higher levels of management is low with only 16% of women in management in MEM and the Banking Sector. In the Public Sector, women in management are roughly a third at 32%.
* includes machine, electrical, and mechanical engineering companies as well as companies in related fields.
Gender distribution by management level
The higher the level of management, the lower the proportion of women. At non-management levels, the difference between the women and men proportion in the workforce is low. In contrast, at the top management level, the gap between women and men is significant with only 17% women compared to 83% men at top management level.
Switzerland Full-/part-time employed, 1992-2022, in %
In Switzerland, more women have been working part-time than full-time since 1992.
The difference has been increasing over the years with more women working part-time and less women working full-time.
Source: Federal Statistics Office
Switzerland Employment : Full-time equivalent employment rate, by sex
In Switzerland and the OECD countries, a much lower proportion of women are working full time compared to men; 57% and 54% respectively in 2021. The proportions have remained fairly consistent over the years.
Source: OECD
Gender Equality: A European Comparison
Employment rate of women as % of women aged 15–64 years
The employment rate of women between the age of 15-64 years is higher in Switzerland than in the EU, with 75% and 63% respectively of women employed in 2021.
Source: Federal Statistics Office
Women employed part-time as % of employed women aged 15–64 years
The proportion of women age 15-64 years working part-time is two times higher in Switzerland than the EU, with 61% and 29% respectively of women working part-time.
Source: Federal Statistics Office
Self-Employment
The share of self-employed is much higher for men than for women across the three countries displayed below. However, Switzerland has a higher share of self-employed women (with employees) than France and Germany.
Source: OECD
Share of self-employed who are own-account workers
Share of self-employed who are employers
Gender Wage Gap
The gender wage gap has decreased over the years in Switzerland resting at 14% in 2020 but is still slightly higher than the OECD average which stands at 12% in 2020.
Source: OECD
Gender Lens Investing in Switzerland
All data on GLI in Switzerland comes from Tameo’s 2022 Private Asset Impact Report, which is detailed research on nearly 200 impact investing funds in emerging markets. It is, therefore, important to remember that this is not a comprehensive study of all Swiss funds in all asset classes but rather a helpful glimpse into one portion of the market.
Source: Tameo
Sector GLI Portfolio Allocation
This graphic shows where funds that take a GLI approach are allocated in terms of sectors, in Switzerland and across all funds studied.
Source: Tameo
Regional GLI Portfolio Allocation
This graphic shows where funds that take a GLI approach are allocated in terms of geographic location, in Switzerland and across all funds studied.
Source: Tameo
Practices Applied in the Investment Process
This graphic shows the practices that are applied by GLI funds in their investment process, in Switzerland and across all funds studied.
Source: Tameo
Practices Applied in the Portfolio Management Process
This graphic shows the practices that are applied by GLI funds in their portfolio management process, in Switzerland and across all funds studied.
Source: Tameo
Country Income Level Exposure
This graphic shows the exposure GLI funds have to different country income levels, in Switzerland and across all funds studied.
Source: Tameo
Employee Gender in Investee Companies
This graphic shows the workforce composition of investee companies in GLI funds in Switzerland.
Source: Tameo
- GLI FUNDS
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wdt_ID Logo Fund name and Organisation name Asset class Capital Committed (Millions) Status Vintage Sectors Country of Investment Description about the Fund Description about the Company Link 1 
AlphaJiri Investment Fund
AlphaMundi GroupPrivate debt,Private Equity 21 USD
approx 21 EUROpen 2020 Agriculture
Energy
Economic DevelopmentEast Africa The AlphaJiri Investment Fund LP (Mauritius) provides debt, mezzanine and equity finance to fuel the resilience and growth of impact ventures in the Sustainable Food and Renewable Energy sectors, using a value chain approach, with a climate-smart and gender-lens orientation. The focus on the promotion of women’s economic and social opportunities, is both within the investee companies and through the products and services that they offer. The fund harbors a pan-African ambition with an initial emphasis on East Africa. The fund has been investing in African SMEs since 2020, and had allocated a total of USD 6M to 4 SMEs by 31 March 2021. AlphaMundi Group Ltd is a commercial entity, exclusively dedicated to Impact Investing: profitable investments that generate measurable net benefits to society https://www.alphamundigroup.com/alphajiri-fund/ 2 SocialAlpha Investment Fund (SAIF)
AlphaMundi GroupPrivate debt 15 USD
approx 15 EUREvergreen 2009 Agriculture, Green infrastructure, Economic Development, Financial inclusion/services, Energy, Education Latin America and Sub-Saharan Africa Since 2009, the SocialAlpha impact debt fund finances early-and growth-stage ventures that address the SDGs in Latin America and Sub-Saharan Africa, across sectors including Financial Inclusion, Sustainable Food and Renewable Energy, using a Gender Lens and with an emphasis on rural development. The focus on the promotion of women’s economic and social opportunities, is both within the investee companies and through the products and services that they offer. By 31 March 2021, the fund had invested USD 51M through 105 transactions with 47 companies. AlphaMundi Group Ltd is a commercial entity, exclusively dedicated to Impact Investing: profitable investments that generate measurable net benefits to society https://www.alphamundigroup.com/socialalpha-fund/ 3 
Asteria Funds - People Impact Global Equalities
Asteria Investment ManagementPublic Equity > Large-cap 18 GBP
approx 21 EUROpen Q2 2021 Healthcare The Fund invests in companies that contribute to the achievement of sustainable development goals designed to be a scheme to achieve a better and more sustainable future for all and to generate social and/or environmental change with a focus on people inclusion, access to basic needs and well-being and offer superior financial growth prospect. A dedicated Swiss impact investment manager https://asteriaobviam.com/class/asteria-funds-people-impact-global-equities-c-usd/ 4 
PG Impact Credit Strategies
Blue Earth CapitalPrivate debt 31 USD
approx 31 EUROpen 2020 Energy
Agriculture
Financial inclusion/services
Education
HealthcareThe Fund promotes environmental or social characteristics, but does not have as its objective a sustainable investment. The Fund has a private market strategy aiming at both generating positive financial return and at achieving positive social and environmental impact, as framed by the SDGs. To achieve these objectives, the Fund integrates impact considerations throughout the investment lifecycle, including a best-in-class impact assessment and reporting methodology.
The Manager invests in the growth of attractive social enterprises with a proven business model, high development potential and a measurable and scalable social/environmental impact.Blue Earth Capital is an independent
global impact investment firm. They manage investment strategies for an international clientele of professional investors who are seeking investment solutions that offer market-rate returns, while also helping to address pressing social or environmental challenges.https://www.partnersgroup.com/fileadmin/user_upload/Files/ESG_disclosures/PG_Impact_Credit_Strategies_2020_S.C.A.__SICAV-RAIF.pdf 5 PG Impact Investments II
Blue Earth CapitalFund of funds
Private Equity > Growth
Private debt
Real assets > Real Estate100 USD
approx 100 EUROpen 2019 Blue Earth Capital is an independent
global impact investment firm. They manage investment strategies for an international clientele of professional investors who are seeking investment solutions that offer market-rate returns, while also helping to address pressing social or environmental challenges.6 
BlueOrchard Covid-19 Emerging and Frontier Markets MSME Support Fund
BlueOrchardPrivate debt 207 USD
approx 207 EUROpen 2020 Financial inclusion/services Kenya
Tanzania
Burkina Faso
Nigeria
BotswanaThe fund fund aims to support more than 200 million jobs in emerging and frontier markets through micro, small and medium enterprises (MSMEs). The aim is to provide solutions to the liquidity and solvency challenges of inclusive financial services institutions caused by volatility in financial markets. The Fund provides support funding to financial institutions and is expected to finance 20 institutions, serve three million micro-entrepreneurs and maintain 60 million jobs per each USD 100 million. The Fund qualifies under the the 2X Challenge criteria. BlueOrchard is a leading global impact investment manager that is dedicated to generating lasting positive impact for communities and the environment, while aiming to provide attractive returns to investors. https://www.blueorchard.com/products/blueorchard-covid-19-emerging-frontier-markets-msme-support-fund/ 7 EMF Microfinance Fund
BlueOrchardPrivate debt 61 EUR Evergreen 2017 Financial inclusion/services An open-end investment fund, which invests in microfinance institutions in emerging markets with the objective to contribute to the creation of prosperity to low-income households BlueOrchard is a leading global impact investment manager that is dedicated to generating lasting positive impact for communities and the environment, while aiming to provide attractive returns to investors. 8 Japan ASEAN Women Empowerment Fund
BlueOrchardPrivate debt 241 USD
approx 241 EUREvergreen 2016 Financial inclusion/services ASEAN. Countries The microfinance fund focuses on empowering women. Japan ASEAN Women Empowerment Fund (JAWEF) is a blended fund that provides loans to microfinance institutions (MFIs) that serve female entrepreneurs (female Small and Medium Enterprises) in the ASEAN region and beyond. The Fund aims at social advancement of women, poverty reduction, fostering growth, job creation and entrepreneurship. BlueOrchard is a leading global impact investment manager that is dedicated to generating lasting positive impact for communities and the environment, while aiming to provide attractive returns to investors. https://www.blueorchard.com/products/japan-asean-women-empowerment-fund-jawef/ 9 The Regional Education Finance Fund for Africa
BlueOrchardPrivate debt Evergreen 2014 Education
Financial inclusion/servicesAfrica Initiated by KfW Development Bank and funded by the German Federal Ministry for Economic Cooperation and Development (BMZ), the Regional Education Finance Fund for Africa (REFFA) is the first regional education finance facility for Africa. It aims to provide customized financial services for the education sector in a demand-oriented, financially sustainable, and socially responsible manner.
REFFA provides funding for on-lending to financial institutions in Africa. Financial intermediaries – including banks, microfinance institutions, credit co-operatives and other finance companies – across Africa can receive funding and Technical Assistance (TA) for the expansion and/or development of their education finance portfolios.BlueOrchard is a leading global impact investment manager that is dedicated to generating lasting positive impact for communities and the environment, while aiming to provide attractive returns to investors. https://www.blueorchard.com/products/regional-education-finance-fund-for-africa/ 10 The Microfinance Initiative for Asia Debt Fund
BlueOrchardPrivate debt 178 USD
approx 178 EUREvergreen 2013 Energy
Financial inclusion/servicesIndia, Cambodia, Sri Lanka, Mongolia, Indonesia, Tajikistan, Uzbekistan, Philippines, Pakistan, Kazakhstan, Kyrgyzstan, East Timor, Vietnam The MIFA is the first microfinance initiative of its size to exclusively target Asian microfinance institutions (MFIs), reaching out to 33 MFIs across 9 countries. The microfinance portfolio will target micro-borrowers, such as micro and small businesses and low-income households to purchase solar home systems, efficient cookstoves and efficient technologies (lighting, refrigeration, motors, and pumps). Objectives:
i) offers market-based debt financing – with an emphasis on local currency and longer-term financing – to financial entities serving micro businesses (“microfinance institutions” or “MFIs”), with a focus on reaching smaller and less developed MFIs;
ii) helps establish microfinance as an asset class with mainstream investors and leverage donor funds with private capital; and
iii) supports capacity building among financial entities serving micro entities.BlueOrchard is a leading global impact investment manager that is dedicated to generating lasting positive impact for communities and the environment, while aiming to provide attractive returns to investors. https://www.blueorchard.com/products/microfinance-initiative-for-asia-mifa/ 11 Microfinance Enhacement Facility
BlueOrchardPrivate debt 677 USD
approx 677 EUREvergreen 2009 Financial inclusion/services MENA (1%), LAtAm and Caribbean (6%), Eastern Europe and Caucasus (16%), SOuth Asia (23%), SSA (10%), Central Asia (6%), East Asia and the Pacific (16%) The Fund aims to support economic development and prosperity globally through the provision of short and medium-term financing to financial institutions which support microfinance and micro-enterprises (MFIs) facing difficulties in securing financing. In pursuing its development goal, the Fund will observe principles of sustainability and additionality, combining development and market orientations. As a demand-oriented Fund seeking to respond to the needs of the market and of individual MFIs, since inception MEF has supported low income borrowers by providing over USD 2 billion to more than 250 financial institutions active in the microfinance space in about 55 developing countries worldwide. Impact: 740,000 final borrowers reached by MEF funding, including 78% women. BlueOrchard is a leading global impact investment manager that is dedicated to generating lasting positive impact for communities and the environment, while aiming to provide attractive returns to investors. https://www.mef-fund.com/ 12 BlueOrchard Microfinance Fund
BlueOrchardPrivate debt 2,407 USD
approx 2,407 EUREvergreen 1998 ¨ Global emergingand frontier market Our fund provides private loans to microfinance and other financial institutions in emerging markets. These in turn cater to the needs of low-income groups and micro, small, and medium enterprises (MSMEs) who have difficulty accessing funding. In terms of impact, as of June 2022, around 38m MSMEs have been supported by institutions in the portfolio, including 80% female clients. BlueOrchard is a leading global impact investment manager that is dedicated to generating lasting positive impact for communities and the environment, while aiming to provide attractive returns to investors. 13 
CARE - She Trades Impact Fund
Care EnterprisesPrivate debt 4 USD
approx 4 EUREvergreen 2021 Healthcare
Education
Financial inclusion/services
Agriculture
Water
EnergyBangladesh, Cambodia, Cameroon, Dominican Republic, El Salvador, Ethiopia, Fiji, Ghana, Guatemala, Honduras, Indonesia, Ivory Coast, Jamaica, Kenya, Philippines, Samoa, Uganda, Vietnam The Care-SheTrades Impact Fund is a blended finance gender investment fund that focuses on bridging the gap for women-centered businesses across target countries in emerging markets.
Because of the disproportionate impact that climate change has on women, the fund also addresses the intersectionality between gender and climate impact by applying a robust climate lens across its investment cycle. The Care-SheTrades Impact Fund will finance women-centered companies that are either women-owned or-led, have a large female employee base, produce essential goods or services that improve women’s prosperity, and/or procure from women-owned or women-led businesses. The Fund is aligned to the 2X challengeCARE Enterprises, Inc.
– a for-profit subsidiary of CARE USA – has launched its first gender justice impact fund focused on economically empowering women employees, consumers, and suppliers.https://www.careenterprises.net/impact 14 
Burning Issues Impact Fund
Chi Impact CapitalPublic Equity > Venture
Public Equity > Growth7 EUR Open Q3 2020 Green infrastructure
Economic Development
Healthcare
Climate
EnergyEurope Burning Issues Impact Fund (BIIF) provides qualified professional investors with the possibility to create place based and deep impact in Europe, while helping to contribute to the most critical and “burning” Sustainable Development Goals and to reverse climate change. The BIIF invests in a new species of entrepreneurs with an integrated business mission to solve a burning social or environmental issue. These companies are for-profit European-based enterprises that provide transformative and typically tech-heavy and scalable solutions. Chi Impact Capital is an independent Impact Investment Advisory firm based in Zurich. Chi Impact Capital has a comprehensive Impact Methodology in place and defines, measures and reports impact goals for each advised investee company and also applies a gender-lens as well as a multi-species-lens. https://chi-impact.com/ 15 
Food Securities Fund
ClarmondialPrivate debt 38 USD
approx 38 EUREvergreen Q2 2021 Agriculture Emergingand developping markets The Food Securities Fund provides working capital loans to sustainable agriculture companies in emerging and developing markets. It uses an innovative blended finance approach to promote sustainable development through agricultural value chains. By offering loans that cover the entire agricultural cycle, the Fund enables its borrowers to provide increased pre-harvest support to farmers. By end of 2021, The Fund’s borrowers employed close to 700 staff and supported rural livelihoods by purchasing agricultural commodities from ca. 40’000 smallholder farmers, thereof 40% women. Clarmondial is an independent investment advisory company
that focuses on practical, profitable and creative solutions for social and environmental businesses and their funders.https://www.foodsecuritiesfund.com/ 16 
EMF Microfinance Fund
Enabling QapitalPrivate debt 341 USD
approx 341 EUREvergreen 2008 Financial inclusion/services Emerging market / Developing countries (e.g India
Ecuador
Uzbekistan
Cambodia
Mongolia)Since its inception in 2008, the Enabling Microfinance Fund has been a pure private debt fund, investing in microfinance institutions (MFI) in emerging and frontier markets. All the currencies are systematically hedged. The fund’s focus on supporting financially sound, impact-focused local financial intermediaries enables the population of entrepreneurs to create and grow income-generating activities and to break out of poverty. Expanding access to financial services for these customers promotes resilience, business growth, and helps generate and secure sustainable employment. Microfinance institutions provide loans and increasingly savings, insurance and related products to low-income groups. Enabling Qapital Ltd. (EQ) is a leading Impact Investment Advisory Company dedicated to a world where investments provide a financial and social return. https://enabling.ch/fund/ 17 
Finethic SCA.SICAV - SIF Microfinance
Fundo Asset ManagerPrivate debt 150 USD
approx 150 EUREvergreen 2006 Since inception in 2006, Finethic Microfinance has provided loans to more than 180 of these institutions in some 65 countries for a total amount exceeding $850 million. The Finethic Microfinance sub-fund does not lend directly to individuals but to local microfinance institutions and banks that independently manage their own client portfolios. Fundo has specialized in understanding and managing equity risk in institutional client portfolios from the outset. Since then, it has been offering asset management services dedicated mainly to Swiss and international pension funds. At the forefront of technology, Fundo offers solutions that use computational power (machine learning, algorithms, data analysis) to improve portfolio performance and stability. https://www.fundo.ch/en/services/finethic 18 
SICAV (Lux) Micro and SME Finance Leaders
responsAbility InvestmentsPrivate debt 308 USD
approx 308 EUREvergreen Q4 2006 Energy
Water
Waste managementEmerging markets responsAbility SICAV (Lux) Micro and SME Finance Leaders has been active since 2006 and invests in the global micro, small and medium-sized enterprise (MSME) finance sector. The fund aims to close funding gaps for local MSME financial institutions. The fund holds both debt securities and makes equity investments. A Swiss asset manager, active in impact investing since 2003.
Its aim is to drive the growth of development-related sectors—namely finance, agriculture, and energy—through return-seeking debt and equity investments. And with over USD 13 billion invested across the globe since inception, the capacity we have built for deal sourcing is unparalleled.19 responsAbility SICAV (Lux) Financial Inclusion Fund
responsAbility InvestmentsPrivate debt 222 USD
approx 222 EUREvergreen 2011 A Swiss asset manager, active in impact investing since 2003.
Its aim is to drive the growth of development-related sectors—namely finance, agriculture, and energy—through return-seeking debt and equity investments. And with over USD 13 billion invested across the globe since inception, the capacity we have built for deal sourcing is unparalleled.20 responsAbility SICAV (Lux) Micro and SME Finance Debt Fund
responsAbility InvestmentsPrivate debt 557 USD
approx 557 EUROpen 2007 A Swiss asset manager, active in impact investing since 2003.
Its aim is to drive the growth of development-related sectors—namely finance, agriculture, and energy—through return-seeking debt and equity investments. And with over USD 13 billion invested across the globe since inception, the capacity we have built for deal sourcing is unparalleled.21 responsAbility Global Micro and SME Finance Fund
responsAbility InvestmentsPrivate debt 782 USD
approx 782 EUREvergreen 2003 A Swiss asset manager, active in impact investing since 2003.
Its aim is to drive the growth of development-related sectors—namely finance, agriculture, and energy—through return-seeking debt and equity investments. And with over USD 13 billion invested across the globe since inception, the capacity we have built for deal sourcing is unparalleled.22 
RobecoSAM Global Gender Equality Impact Equities Fund
RobecoSAMPublic Equity > Large-cap 319 EUR Open Q3 2015 Healthcare
Technologies
CitiesAmerica (58%)
Europe (35%)
Asia (6%)RobecoSAM Global Gender Equality Equities is an actively managed fund that invests globally in companies that advance gender diversity and gender equality. The fund invests in companies that exhibit a high degree of gender equality and diversity through having diverse workforces, equal remuneration practices, talent retention practices and commitment to the wellbeing of all employees. The portfolio is built on the basis of an eligible investment universe that includes companies with higher gender scores based on an internally developed gender score methodology. This comprises various criteria, such as board diversity, equal renumeration, talent management and employee well-being. Robeco is an international asset manager offering an extensive range of active investments, from equities to bonds. https://www.robeco.com/doca/CGF_GIGEE_IE-fact-202302-profsgen.pdf?t=1681335607669 23 
Global Impact Equities
Vontobel Asset ManagementPublic Equity > Large-cap
Public Equity > Mid-cap
Public Equity > Small-cap51 EUR Evergreen Q2 2021 Agriculture
Energy
Healthcare
Water
Technologies
CitiesThe Fund allocates capital to, and support the growth of companies offering solutions to environmental and social challenges. The companies they target for their global impact fund provide innovative solutions helping to address critical challenges like population growth, urbanization, resource scarcity, pollution, aging of population, health problems, food distribution and rising inequalities. The investment universe consists of approximately 1,000 companies scattered across multiple sectors. Vontobel is an investment firm active in the sustainable transformation of our society and economy and an asset management business https://am.vontobel.com/en/insights/global-impact-equities-report-2022-solutions-to-sustainability-challenges Do you have a GLI fund managed or domiciled in Switzerland that is not listed here? Please email
- TAKE ACTION
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Take Action
Opportunities for Investors
- Develop strategies following clear target criteria in the investment process, like the ones developed by 2X: invest in businesses founded, majority-owned, or partially led by women, or with a substantial share of women in the workforce, or with products and services that disproportionately benefit women
- Monitor the evolution of these criteria in portfolio companies
- Proactively encourage portfolio companies to improve gender lens policies or get a credible gender-lens certification
Opportunities for Companies
- Develop HR policies that enable equal opportunity for women, including:
- Fair and equal pay
- Flexible working arrangements
- Anti-harassment training & policy
- Gender-neutral parental leave
- Publish equal pay reports
- Create company policies that support the creation of a gender-balanced workforce, leadership, and board
- Apply for and receive an EDGE certification and/ or an Equal-Salary Certification
Opportunities for Policymakers
- Implement voluntary or obligatory quotas for gender-balanced boards and senior leadership. Legislation in the UK and France are proven cases that national policy initiatives can be transformative and sometimes indispensable for enterprises’ gender balance and overall performance.
- Assess policies that can address the ‘baby bias’, which is the main reason that Swiss women’s largest window for a promotion into management on average is between 31-40 years of age, whereas, for men, it extends from 31-50 years. 85 There are reference cases available; France, for example, instituted flexible work policies for pregnant women to combat this bias through a policy measure
Opportunities for the Broader Ecosystem
- Support and assist with programs or projects that aim to develop research and data relevant to GLI in Switzerland.
- ADDITIONAL RESOURCES
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2X Global engages a full spectrum of investors, capital providers, mobilisers, and influencers, and works together to advance intersectional investment agendas, level up gender-smart investments, and scale the field of gender finance.
The 2X Criteria provides a framework for investors globally to identify gender-smart business opportunities along the entire value chain. It can also be used as eligibility criteria and determine a companies’ level of gender performance.
To be eligible/comply, businesses must fulfil at least 1/5 criteria:
1) Entrepreneurship – 51% of women ownership or the business having been founded by a woman;
2) Leadership – 30% of women in senior leadership or 30% on the Board or Investment Committee;
3) Employment – 30-50% share of women in the workforce and one ‘quality’ beyond compliance;
4) Consumption – products or services that specifically benefit women;
5) Investments through financial intermediaries – 30% of DFI loan proceeds or portfolio companies meet the 2X Criteria
EDGE Certification is a methodology applicable across industries and contexts to assess corporate gender gaps. It helps businesses to 1) measure, manage, plan and manage Diversity, Equity and Inclusion (DE&I) change and 2) get actions and outcomes verified by a third party certification body and get a certification showcasing the organisation’s achievements and commitments towards DE&I progress.
There are three different levels of certifications: 1) EDGE Assess – recognizing commitment; 2) EDGE Move – showcasing progress; 3) EDGE Lead – celebrating success
The certification process focuses on intersectionality and tracks: Representation; Pay equity; Effectiveness of policies aiming to achieve equitable career paths; Inclusivity of culture; Professional development opportunities. The EDGE Certifications expire every 2 years to allow for a re-assessment of an enterprise’s efforts on gender.
The EQUAL-SALARY Certification is a process that allows companies to verify and communicate that they pay their female and male employees equally for the same job or for job of the same value. It provides companies a verified stamp of approval that they are paying men and women equally. As of June 2022 covering 50+ companies globally, the certification is valid for 3 years.
How it works?
- Salary analysis: collects employee salary data securely and anonymously
- On-site review: the auditing team make sure the requirements are met
- Certification: based on the result the company is awarded the certification
Monitoring review: the certification is valid 3 years and the company will need to undergo two monitoring reviews, to show commitment to a fair and non-discriminatory wage policy
The Equileap Gender Equality Scorecard™ is inspired by the United Nations Women’s Empowerment Principles. This methodology can be used to assess a company’s gender equality performance in all areas of its business, from boardroom to supply chain.
For each gender criterion, one or several metrics have been identified to evaluate it. A score and weighting has been allocated to each criterion to reflect that some issues may be more important for furthering gender equality than others.
1) Gender balance in leadership and the workforce;
2) Equal compensation and work/life balance;
3) Policies promoting gender equality;
4) Commitment, transparency, and accountability;
5) Monitoring companies’ controversies such as sexual harassment or gender discrimination and providing information on those cases to investors
The Gender Smart Nexus helps businesses, investors, and entrepreneurial intermediaries to practically improve business outcomes and social impacts through advancing gender inclusion.
The platform allows enterprises to self-assess their gender-inclusive practices and provides them recommendations on how to integrate more gender-inclusive practices throughout their organization
The Gender Smart Nexus integrate the 2X Challenge criteria in its assessments.
The UNDP programme – Gender Equality SEAL – is a tool for private enterprises to reduce gender gaps and promoting gender equality and competitiveness.
The GES guides enterprises in developing strategies that support SDG5 by eliminating gender-based wage gaps, eradicating sexual harassment in the workplace, developing company policies with gender biases and discrepancies in mind, and increasing female leadership in decision-making and along the supply chain
There are different steps to earn the GES, including; Creation of a gender equality committee; Training of senior management and staff on gender equality; internal organizational assessment of the company’s policies and practices; Development of a company-wide policy and plan of action for gender equality; Implementation of a gender equality plan of action; an external audit or verification process before obtaining the certification or the award; and monitoring of the ongoing process.
