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Women Effect Investments Initiative

Bringing a Gender Lens to Investing


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@CriterionVent

#genderlensinv


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Agenda/Objectives

1. Introductions

2. Women Effect Investments:Initiative Background

3. Operationalizing:

Getting to an Investment Thesis4. Gender Lens Investing is Happening:

The Landscape and Examples

5. Viewfinder for OpportunityWhat Can We Imagine?

6. Moving to Action:Why YOUR Vehicle Should Have a Gender Lens

7. Q & A


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The Initiative:

Bringing a Gender Lens to Investing


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Goldman Sachs

World Bank

Nike Foundation

Hillary Clinton

100 Years, 100 Women


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The Women Effect


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The oppression of women andgirls is the human rights cause of

our time. Nicholas Kristof


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Theory of Change

The Women Effect: The multiplying social and

financial returns that result from investing in

women as economic agents and leaders.

While the philanthropic community has embraced the Women Effect and its power

to accelerate social change, the impact investing community has yet to fully tap into

the potential of investing with a gender lens to amplify social impact and increasefinancial returns to investors.


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Women Effect Investments (WEI)

Women Effect Investments is a field-building initiative that seeks to mobilize more

investment dollars toward improving the condition ofwomen and girls worldwide

Mobilizing women investors and

investment capital towards generating the

Women Effect through investment

Strengthening and creating new

investment opportunities with a gender

lens across a diverse set of financial

intermediaries (funds and other vehicles)

9


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Operationalizing:

What does a gender lens

on investment vehicles really look like?


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From Mission to Investment Thesis


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12

The Great Debate:How, How Much, and When?

RCTs

Pick one

thing

Uniform

metrics

to build

an

industry

Context-specific measures as

developed by the

entrepreneur. Tom Bird

Multiple stakeholders asking for

different metrics has crushed toomany good organizations.

George Overholser, NFF

The first impact evaluation I ever saw of

microcredit made my stomach ache. It askedclients You are eating better now, compared

to before yes? [This organization] was

doing just as much to measure its impact as

anyone elsevery little. Dean Karlan, IPA

Core

guidingmetrics +

context -

specific


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Whats the right way to measure?

Logic Model = Impact Value Chain


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There are many paths to a working

investment thesis that we would consider

investing with a gender lens.

Access to

Capital

Workplace

Equity

Products& Services

Three LENSES


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15

Access to Capital

Access to Capital
http://www.goldenseeds.com/home/


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16

Workplace Equity

Workplace Equity


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17

Products & Services

Products

& Services


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A Gender Lens in Fund Design?As a fund goes through the launch process, what are the gender considerations that could

be mainstreamed or led with along the way?

Questions on your

application

Systems to getthe reporting data

you need

Assign a genderlens advocate

Include women(investor/invest

ee in ameaningful

role)

Define theory ofchange

Build relationshipsand seek out deal

flow

Define impactmeasurement tools

Engage genderlens supportersCraft gender duediligence questions


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Gender Lens Investing is Happening:

The Landscape and Examples


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The GENDER & INVESTING ECOSYSTEM

A growing number of investors, funds and support organizations are recognizing

the importance and potential of a gender lens

Investment Vehicles Investor Groups

Supporting Networks Supporting Organizations

hi l i h k
http://www.goldenseeds.com/home/http://www.85broads.com/http://www.womensfundingnetwork.org/http://www.goldenseeds.com/home/


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Investment Vehicles in the MarketMicrocredit, Mezzanine Debt, Social Investment

Vehicle Gender Lens Geography Category

Access to Capital Global Microcredit

Access to Capital United States

(Ohio)

Microcredit


(Bay Area, NYC,

Chicago)

Microcredit

Access to Capital Southern USA Mezzanine Debt

Access to Capital

Workplace Equity

Africa

Latin America

Social Investment

Products andServices

India Social Investment(Venture Capital)

Access to Capital

Workplace Equity

Products & Services

Global Social Investment

(Note)

Investment Vehicles in the Market


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Investment Vehicles in the MarketVenture Capital, Private Equity, Mutual Fund.


Access to Capital United States Venture Capital

Access to Capital West Coast USA Venture Capital

Access to Capital Spain Venture Capital

Access to Capital

Workplace EquityProducts & Services

Iceland Private Equity

Access to Capital

Workplace Equity

France Private Equity

Access to Capital Netherlands Private Equity

ISIS

Fund

Access to Capital

Workplace Equity

Global Private Equity

Access to Capital

Products & Services

Sub-Saharan

Africa

Private Equity

Workplace Equity Global Mutual Fund


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Investment Vehicles in the MarketAngel Investing


Access to Capital North America Angel Investing

Access to Capital

Workplace Equity

United States

(Midwest and

South)

Angel Investing


(Wisconsin and

Midwest)

Angel Investing
http://www.goldenseeds.com/home/


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Viewfinder

for

Opportunity


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What weve heard

Im already doing social impact thats too many layers!

I wouldnt have anything to invest in.

I already knew that helping women is good for everyone, but

Im working on an investment vehicle, not charity.

Its a constraintI dont need.


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You cant count

what you dont see.

You cant invest in

the invisible.

Gayle Lemmon


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What If?

An investment vehicle focused

on maternal health

affordable technologies, care

provider training, mobile

education and monitoring.


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What If?

An investment vehicle focusedon ending the trafficking of

women and girls on

changing incentives

throughout the supply chain

with credit card companies,

the hospitality industry, orinnovative reporting

technologies.


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What If?

A peer-allocated capital model with agender lens and virtual giving

women the room to live up to their

potential outside of the traditional pitch

scenario, while maintaining work-life

balance across diverse geographies.


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What If?An investment vehicle

focused on public transit

for women keeping

them safe and facilitating

their economic

participation.


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Moving to Action

A ki Q ti


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Asking Questions

Begins the Conversation

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Management and Board # of females on management

team?

# of females on the BOD or

board of advisors?

Employees

% of total female employees?

Breakout of number and percent

of females by level

Initiatives in place to increase

female employment?

Policies and Programs

Maternity leave policy?

Onsite daycare services?

Other policies and programs for

female employees? Flexible career options (eg

telecommuting)

Reporting on these policies and

programs? Historical compliance?

Suppliers and Vendors

Gender composition of supply

chain (female ownership of

distribution, manufacturing)

Workplace

Equity

Products

& Services

Products and Services

Products and services targeted at

female customers?

If so, how do they provide value to

females?

Any indirect benefits females

receive from the products and

services? % of female customers?

Legal

Complaints or

reports of gender

discrimination, such

as salary inequality?

Capital Access Services

Services that helpwomen gain access

to capital, such as

technical training?

Ownership

% of company owned

by women

Access to

Capital


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Imagining Partners


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Your Investment Vehicle?


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Question & Answer


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Resources

www.womeneffectinvestments.wordpress.com

http://www.jackizehner.com/

http://www.icrw.org/

http://www.ncrw.org/

Gender Equality as an Investment Concept

by Joe Keefe (Pax World)

Investing Is/In Womens Workby Jackie VanderBrug & Joy Anderson (Criterion Ventures)
http://www.womeneffectinvestments.wordpress.com/http://www.jackizehner.com/http://www.icrw.org/http://www.ncrw.org/http://paxworld.s3.amazonaws.com/22/98/f/548/genderequality_investmentconcept_0810.pdfhttp://momentum.tides.org/investing-is-in-womens-work/http://momentum.tides.org/investing-is-in-womens-work/http://paxworld.s3.amazonaws.com/22/98/f/548/genderequality_investmentconcept_0810.pdfhttp://www.ncrw.org/http://www.ncrw.org/http://www.icrw.org/http://www.icrw.org/http://www.jackizehner.com/http://www.jackizehner.com/http://www.womeneffectinvestments.wordpress.com/

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