Project Sage 2.0: Tracking Venture Capital With a Gender Lens by Wharton Social Impact Initiative

FOUR FOR WOMEN

PROJECT SAGE 2.0 TRACKING VENTURE CAPITAL WITH A GENDER LENS Suzanne Biegel • Sandra M. Hunt • Sherryl Kuhlman

January 2019

PROJECT SAGE 2.0

About The Wharton Social Impact Initiative The Wharton Social Impact Initiative (WSII) is Whartonâ&#x20AC;&#x2122;s cross-disciplinary center for research, training, and outreach to strengthen business-based solutions to social and environmental challenges. Our mission is to build the evidence, talent, and community to advance business solutions for a better world. Through our research, training, and outreach, we are growing the community of business leaders, investors, advisors, and scholars working to increase the positive social and environmental impact of business and capital markets. WSII has been researching impact investing since 2013. For the past several years, we have explored gender lens investing as one particularly interesting theme. See our reports on gender lens investing â&#x20AC;&#x201C; and more â&#x20AC;&#x201C; at socialimpact.wharton.upenn.edu.

About Suzanne Biegel Suzanne Biegel is founder of Catalyst at Large Ltd and is a globally recognized expert on gender-smart investing. In 2015-2016 she piloted Women Effect, a global community of investors with a gender lens. She is also Co-Producer of the Gender-Smart Investing Summit and a gender-smart investing advisor to foundations, DFIs, and other institutional investors. In addition to her advisory work, Suzanne has pioneered gender lens investing with her personal portfolio.

PROJECT SAGE 2.0

CAN INVESTING IN PUBLIC EQUITIES IMPROVE THE LIVES OF WOMEN?

Table of Contents 4 Introduction 4 Goals and Audiences 5 Gender Criteria Framework 6 Executive Summary 7 Research Approach

8 Trends 12 Project Sage 1.0 Participants: Where are they now?

14 Is Your Gender Lens a Secret?

15 The Data 25 Looking Ahead

26 Acknowledgements

PROJECT SAGE 2.0

Introduction Gender lens investing (GLI) – investing with the goal of making financial returns and a positive impact on women – is on the rise. Stories of new funds and promising investments are shared widely, signaling the growth of this trend. We wanted to know exactly how big the gender lens investing ecosystem is and how fast it is growing. So, in October of 2017 we researched and published Project Sage: a Landscape of Structured Private Equity, Venture Capital, and Private Debt Vehicles with a Gender Lens. Recently, we conducted a second landscape analysis, Project Sage 2.0, to assess the current state of the field and to understand how things had evolved over one year. This report presents the results of our survey and analysis of private equity, debt, and venture capital funds that operate with a gender lens. The landscape captures the field through July 2018, when our data collection for this report ended.

The diversity of strategies, actors, and geographies in Project Sage 2.0 is so exciting to see. The market is clearly evolving, and the ability for investors with different priorities to deploy capital into these vehicles is getting Name Here | Company and title would go here

sharper and sharper. for the this personEven better are the stories behind the funds, how they are investing, and the types of companies and entrepreneurs they are backing. Suzanne Biegel | WSII Senior Gender Lens Investing and Advisor and founder of Catalyst at Large Ltd

Goals and Audiences We wanted to: • Provide a current landscape of structured private equity, venture capital, and private debt vehicles that operate with a gender lens. • Present trends in gender lens investing, as a follow-up to Project Sage 1.0. • Provide insight on why funds that consistently use a gender lens in their investments may not state it publicly. This report is for: • Fund managers and financial advisors interested in how different funds construct their offerings. • Investors interested in using capital to drive profits and achieve impact. • Entrepreneurs and intermediaries aiming to understand the priorities of fund managers. • Researchers who help to drive further study of impact investing and gender lens investing in particular.

PROJECT SAGE 2.0

CAN INVESTING IN PUBLIC EQUITIES IMPROVE THE LIVES OF WOMEN?

Gender Criteria Framework

n 2017’s Project Sage, we realized that looking for private equity, VC, and debt funds “using a gender lens” was too broad and simple a descriptor; the funds varied greatly in how they described the role of gender in their investment approach. After analyzing each fund’s investment criteria, we created a definitional structure for categories of gender lens investing (see below). Our definitions are not a ranking of “goodness.” It should not be inferred that funds with “Quantified Gender Mandates” are better for women or are better or worse investments than those listed under “Gender Lens Not Referenced.” We’ve put forth this definitional structure to help the field use consistent and specific language, something we discuss throughout this report. CLASSIFYING GENDER CRITERIA: WSII’S APPROACH Category Definition

Example

Quantified Gender Mandate

Positive screen with quantified threshholds on gender related metrics as part of stated investment criteria.

We ensure over 50% of the founding team is female.

Gender Mandate

Positive screen on gender related metrics as part of stated investment criteria.

We make sure the founding team includes women.

Gender Consideration Gender as one factor of analysis.

We consider the gender of founding team members.

Gender Lens Not Referenced

N/A

Funds that consistently use a a gender lens, but do not publicly state it.

PROJECT SAGE 2.0

Executive Summary

ver the past several years, and specifically from 2017’s Project Sage 1.0 to 2018’s Project Sage 2.0, there has been a shift in how funds state their use of a gender lens, and what a gender lens means in practice. We see more funds using a gender lens as one of many strategies. These funds may not be marketed as gender lens investments explicitly, or primarily, but their use of a gender lens becomes clear through conversation with the fund managers. We also see new language becoming part of the conversation. An example is “gender smart investing,” a term coined by Suzanne Biegel and her team for the Gender-Smart Investing Summit. As a result, it is increasingly difficult to determine which funds and which impacts fall under “gender lens investing.” Furthermore, beyond the already complex question of what targeted impacts are classified under gender lens investing (that the investor is a woman? the investment impacts women? the founder of the investee is a woman?), some maintain that measuring and reporting an investment’s impact on women is a requirement of any gender lens investing vehicle. To be sure, if you are an advocate of gender lens investing, the definitional challenges caused by increased activity in the field are good problems to have: more investors (and, thus, more fund managers) seem to be thinking about a gender lens as a part of their analysis. For researchers, however, this makes defining the population more difficult. The circle is widening, but the edges are becoming blurrier. We are considering this conceptual blurriness as we think about the design of Project Sage going forward. Project Sage 2.0 shows that the What had been a relatively clear criterion for inclusion in volume – and rate – of capital our study—the explicit and public use of a gender lens in investments—may no longer capture all the funds being deployed with gender lens incorporating meaningful gender lens analysis. “Gender lens” is used quite differently from fund to fund and from investing strategies is increasing. investor to investor, and we are eager to add clarity to thi It also suggests that the specific important term. To be clear, we are not making a value judgement regarding funds’ differing definitions of a impact on women being targeted gender lens; we are emphasizing that clarity and by firms’ gender lens investing transparency are important. In short: there is an increase in the size of the private remains very broad. equity, venture capital, and private debt gender lens Sandi M. Hunt | WSII Senior Director investing field and the diversity of its offerings, but still a lack of uniformity in investment processes and definitions.

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Research Approach

roject Sage was released in the fall of 2017, to great response. Stakeholders in the gender lens investing ecosystem – funds, entrepreneurs, researchers – were pleased to have a consolidated point-in-time look at the field. The framework we put forth in Project Sage – see page 5 - was a valuable tool for describing what it means to have an explicit gender lens. Building on Project Sage’s success, we aimed to have Project Sage 2.0 repeat what stakeholders found valuable in Project Sage 1.0, and more. We began Project Sage 2.0 with outreach to two groups: participants in Project Sage 1.0 and other funds we identified as potential fits. The latter came through industry knowledge and connections, as well as via industry lists and online research. We reached out to that combined list with the Project Sage 2.0 survey in early summer 2018. We were not looking for funds that were being led/managed by women but that did not have an explicit gender lens in other ways. Therefore, female leadership was not a requirement for inclusion. One of the challenges in creating our GLI categorization framework during Project Sage 1.0 was how to handle funds that do not publicly state their use of a gender lens but that – we knew through conversations, etc. – were using a gender lens. Often, these funds had clear reasons for why they do not want to state their GLI commitment publicly. We found this interesting, and sought to learn more. To do so, we surveyed funds that consistently use a gender lens while not saying so publicly. This small selection of funds are funds that openly emphasize their commitment to gender but do not explicitly include gender in their investment criteria. Project Sage 2.0 includes interesting new data from their feedback on an anonymous questionnaire about why they use a gender lens without saying so. Some fund managers provided us information for our aggregate numbers (about assets under management or amount raised, for instance) but requested that we not include the information in the public document. You will see that noted appropriately in the table that follows this report. It is important to acknowledge that, as was with Project Sage 1.0, there were surely some funds that we missed. Accordingly, this report does not present an exhaustive scan of the gender lens investing space. We are pleased to put forth this landscape and our summary of trends, as well as to share the complete dataset with you (with the exception of fields funds requested we do not share).

PROJECT SAGE 2.0

Trends 1. The number of funds is growing. Project Sage 2.0 in 2018 identified 87 total funds deploying capital with a gender lens, up from 58 in 2017â&#x20AC;&#x2122;s initial Project Sage report. Furthermore, in 2017, the reporting year for Project Sage 1.0, 19 funds launched that same year. Of the 87 total funds included in the most recent scan, 27 were launched in 2018, suggesting that the rate of launch is increasing. As one can imagine, the number of companies invested in is also growing. The total number of companies invested in by respondents in the first Project Sage was 524; respondents in Project Sage 2.0 reported that they had invested in 828 companies.

2. They are still predominantly first-time funds. Over two thirds â&#x20AC;&#x201D; 69% â&#x20AC;&#x201D; of funds were first-time funds, which are first funds from a given team with this theme (though the venture partners may not be first-time fund managers). This finding is consistent with the percentage of first-time funds in Project Sage 1.0. First Fund

Second Fund

Third Fund

Forth Fund

3. Geographic diversity of targeted investments is increasing. North America was again the region of greatest targeted investment, with approximately 40% of funds including North America as one of their targeted investment areas. This demonstrates an increase in the diversity of targeted investment geography from Project Sage 1.0 only one year earlier, when approximately 80% of reported investments were U.S.-focused. It is worth noting that with the report authors in the U.S. and U.K., despite an effort to identify all pertinent funds around the globe, there is likely some selection bias in fund identification.

FOUR PROJECT FOR SAGE WOMEN 2.0

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4. There is inconsistency in the definition of “having a Gender Lens.” When we gave funds six options for how they defined gender lens investing, and asked them to select all that apply, approximately 50% of funds included all five of the following classifications in their definition of gender lens investing, suggesting that this is still a very broad definition. Fifteen percent of funds also selected “other.” Based on the data, we suspect that in the absence of a clear, universal definition of a gender lens, many stakeholders are erring on the side of broadness and inclusiveness. • Advancing women in finance: more women fund managers, on investment committees (ICs), etc. • Advancing women in corporate/enterprise leadership: C-suite positions, boards, etc. • Advancing products and services that improve the lives of women. • Advancing companies that treat female employees well. • Advancing companies that improve the lives of women in their ecosystem (supply chain members, etc.) How Do You Define Gender Lens Investing? (Funds could select multiple options; 303 total responses) Other Advancing companies that improve the lives of women in their ecosystem (supply chain members, etc.) Advancing companies that treat female employees well Advancing products and services that improve the lives of women Advancing women in corporate leadership: C-suite positions, on Boards, etc. Advancing women in finance: more women fund manager, on IC’s, etc. 0 10 20 30 40 50 60 70 80 90

5. W omen continue to play important roles in these funds and investment committees, and women are significantly represented as limited partners (LPs). • On average, 72% of venture partners are female. • On average, 69% of the investment committee is female. • On average, 54% of limited partners are female.

PROJECT SAGE 2.0

6. Funds are still predominantly raised in North America. Investment Geography: Funds Raised North America Africa Europe Southeast Asia Global Geo-agnostic South Asia Latin America East Asia Middle East North Africa Australia Eastern Europe 0 10 20 30 40 50

7. Investment stages are early. We asked funds about their investment stage focus, noting that funds could â&#x20AC;&#x201C; and many did â&#x20AC;&#x201C; select more than one stage. Most investments are taking place at the seed, early, or Series A/B stage. Investment Stage 80% 60% 40% 20% 0%

Seed ($100,000 to $1 million USD)

Early ($1 million to $2 million USD)

Series A/B ($2 million to $10 million USD)

Series B/C ($10 million to $100 million USD)

Growth ($100 million+ USD)

FOUR PROJECT FOR SAGE WOMEN 2.0

CAN INVESTING IN PUBLIC EQUITIES IMPROVE THE LIVES OF WOMEN?

8. Asset class is dominated by venture capital. (Frequency of responses) Over 70% of funds identifying this as their asset class. Total Venture Capital Private Equity Other Evergreen/Holding Company Debt Collaborative Angel Fund 0 20 40 60 80 100

9. Other forms of diversity are showing up in investment criteria. We asked if there are other components of diversity beyond gender that are publicly stated in investment criteria. Eight percent of funds say they explicitly consider LGBTQI in their investments, and 21% of funds say that their investment criteria include racial/ethnic considerations.

10. Total capital raised has cleared $2.2B. Total raised, among those firms who allowed us to publish funds raised, was approximately $2,246,502,000.

PROJECT SAGE 2.0

11. Sectors and themes remain quite diversified. Tech, health, energy, and education are the four largest specific sectors or themes. Sectors and Themes (funds selected all that apply) Tech Healthcare/Health Energy Clean Tech All/Agnostic Education Other Financial Services/Inclusion Economic Development Agriculture Elder/50+ Biotechnician Film Female Founder 0 5 10 15 20 25

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Project Sage 1.0 participants: Where are they now?

ith the benefit of comparing Project Sage 1.0 and 2.0, we took a close look at the 29 funds that participated in both Project Sage 1.0 and 2.0. There are a few interesting findings:

Assets Under Management • For those 28 funds that were willing to share AUM for both Project Sage 1.0 and 2.0: – The total AUM increased by $1,148,219,162 from 2017 to 2018. – 19 of the 28 respondents reported an increase in AUM. The lack of increase in AUM is in some cases attributable to the fact that those funds had closed their fundraising and fully invested their funds. There was no substantial change in the average percent of investment committee who is female. • 1.0 in 2017: 76.73% • 2.0 in 2018: 74.03% There was a drop of fifteen percentage points in average percent female venture partners. • 1.0 in 2017: 89.84% • 2.0 in 2018: 76.05% It is worth noting that some funds that participated in Project Sage 1.0 do not appear in Project Sage 2.0. Reasons could include that the fund no longer has a gender lens priority, the fund closed, the fund didn’t receive our email, and/or the fund didn’t reply to our survey.

PROJECT SAGE 2.0

Is Your Gender Lens a Secret?

hat was the click-bait subject line of the email we sent to funds that, as stated above, are well known in the industry to consider gender but who did not have a public commitment/ reference to gender lens criteria or consideration in their main fund description. We were eager to understand – and share – why they use, but do not publicly state the use of, a gender lens. For the eight pertinent funds that replied to our follow-up questionnaire about this, the following trends emerged: • 75% of responses from funds said they believe that their impact on women/gender is obvious in their work and they don’t feel the need to explicitly state it. • 75% of responses from funds report that fear of a potential liability re: “gender discrimination” is not the reason they do not publicly state the use of a gender lens. • 63% of responses from funds said that they do not publicly state their gender lens because they don’t want to discourage potential investors who don’t lead with this focus. • 75% of responses from funds disagree with the statement, “We do not have an explicit gender lens besides having women leading the fund.”

CAN INVESTING IN PUBLIC EQUITIES IMPROVE THE LIVES OF WOMEN?

FOUR PROJECT FOR SAGE WOMEN 2.0

Firm Name

Firm Location - City (Country) Fund name First fund, second, etc. Asset class Investment vehicle Inception (year) Target Fund Size (USD) Fully raised? Percent Target Raised (%) Fund Investment Minimum (USD) Investment Stage

The Data Alitheia IDF Managers

Alpha Impact Investment Management Partners

Palo Alto, CA (USA)

Alante Capital

South Africa

Africa Tech Ventures

USA

Advance Global Capital Ltd

Nairobi (Kenya)

1843 Capital

London (UK)

AlphaMundi Group

Switzerland

Anthem Asia

Singapore

Astarte Ventures, LP

Yardley, PA (USA)

First fund

Astarte Ventures GP Fund I

New York (USA)

Second fund

Catalytic

First fund

SocialAlpha-BastionAnthem Asia Myanmar SME Ventures First fund

Alitheia IDF Fund

Equity

Venture Capital

First fund

Venture Capital

Alante Capital Fund 1

Debt

2018

PE Fund

First fund

Venture Capital

2009

Debt

Africa Tech Ventures

Private Equity

2018

PE Fund

First fund Venture Capital

2018

PE Fund

Advance Trade Growth Fund

Venture Capital

2017

Equity

First fund Debt

2018

PE Fund

1843 Capital Ventures, L.P.

Venture Capital

2015

Invoice Discounting

Not provided

$50,000,000

Not provided

$50,000,000

Not provided

$2,000,000

2012

2017

PE Fund

Not provided

$25,000

Not provided

$1,000,000

Not provided

Healthcare

Not provided

$150,000

Not provided

Seed, Early, Series A/B

$5,000

Not provided

Early, Series A/B, Series B/C

Consumer, Healthcare, Education, Communications, Logistics

$750,000

$30,000,000

Not provided

Sustainable Agriculture, Renewable Energy, Financial Inclusion

$3,000,000

$250,000,000

Not provided

$250,000

Not provided

Seed, Early, Series A/B, Series B/C

$250,000

No 30%

Clean Tech, Environment

$3,000,000

$50,000,000

$250,000

Series A/B

$500,000

No 22%

Agribusiness, Consumer Goods & Services (essential)

$10,000,000

$300,000,000

$250,000

Seed, Early, Series A/B

$2,000,000

No 14%

Seed, Early, Series A/B

Sustainable Apparel

$5,000,000

$50,000,000

$250,000 Series B/C Technology

$200,000

Seed

Early, Series A/B Financial Services

$3,000,000

B2B Software, Cyber, SilverTech

Sector and Theme Focus

$150,000

$5,000,000

$7,000,000

North America, Europe

$500,000

Southeast Asia

$4,000,000

Latin America, Africa

Min Company Investment (USD)

North America, Latin America, Southeast Asia, East Asia, Soiuth 10

Max Company Investment(USD)

Africa

100%

Global/Geo-Agnostic

North America, Europe

North America

Target Geography # Portfolio Companies

50% of CEOs and founders in the AiiM team’s portfolio were women. The team was looking for best investments in every sector and organically ended up with a portfolio comprising of that high number of women led companies. On taking a closer look, we determined that the team’s lack of bias against gender led us towards that portfolio composition. Going forward at AiiM, we are formalizing our diligence, investment rating and selection criteria processes to intentionally build upon our organically developed strategy and are also adding additional features in our investment framework to include women entrepreneurs are a priority.

50-74%

100%

Summary of firm gender highlights, based on materials and conversations

The Alitheia IDF Fund (AIF), has the strategy to proactively invest in female founders and co-founders who run high-growth, highimpact SMEs in sub-Saharan Africa

100%

67%

Astarte Ventures invests in companies that are developing technology to improve the lives of women and infants.

100%

1843 Capital has a preference for diverse teams

100%

66%

We proactively eliminate unconscious bias in our investment decision-making process and do not discriminate against founders based on their gender, race or sexual identity.

50-74%

50%

ATV strives to have a gender balance in their own team, in the founders it invests in and in the management teams of its portfolio companies.

100%

25%

AlphaMundi is committed to None improving representation of women who work at AlphaMundi and at our portfolio companies. In addition to growing the number of women employees, we also embed gender analysis in our investment process and invest in businesses that provide goods and services that benefit women.

100%

60%

Advance Global Capital (AGC) specializes in financing confirmed invoices of small and medium-sized enterprises (SMEs) through invoice discounting in emerging and underserved markets. AGC unlocks the value of invoices as financeable assets, particularly for women-owned businesses, through local financial institutions (“factors”) or directly via invoicing technology platforms.

% of Female Venture Partners (Band)

n/a

80%

astarteventures.com

50%

100%

anthemasia.com

50%

alphamundi.ch

50%

aiimpartners.com

alantecapital.com/approach/ alitheiaidentity.com/#strategy-and-impact

100% https://www.africatechventures.co/bx/

50%

100%

advanceglobalcap.com/what-we-do/

% of IC Female

1843capital.com

% of LPs Female Firm website Definition of Gender Lens Investing (all that apply)

X X X

Advancing women in finance

X X

Advancing women in corporate leadership Advancing products and services that improve the lives of women Advancing companies that treat female employees well Advancing companies (supply chain members, etc.) that improve the lives of women in their ecosystem Other?

Future of work- supporting companies that provide a work environment and benefits that equally support the success of all genders.

PROJECT SAGE 2.0

Firm Name

Firm Location - City (Country) Fund name First fund, second, etc. Asset class Investment vehicle Inception (year)

Belle Michigan Fund

Detroit, MI (USA)

Belle Michigan

Detroit, MI (USA)

BBG Ventures

New York City (USA)

Backstage Capital

Los Angeles, CA (USA)

Backstage Capital

Los Angeles, CA (USA)

Backstage Capital

Los Angeles, CA (USA)

Avaana Capital Advisors LLP

Mumbai (India)

First fund

Belle Michigan Fund LP

BRAVA Investments LLC

USA

Calvert Impact Capital

Bethesda, MD (USA)

BRAVA Investments LLC Calvert Impact Capital gender equity

Third fund

Second fund

Belle Michigan Impact Fund, LP

First fund

Second fund

Debt

BBG1 and BBG2

2017

Debt

Fund I-III

Evergreen/ Holding Company

First fund

Collaborative Angel Fund

Fund I-III

Collaborative Angel Fund

First fund

Venture Capital

Fund I-III

Venture Capital

First fund Venture Capital

Avaana Capital Growth Fund I

Venture Capital

$750,000,000

2016

Equity

Not provided

2012

Debt and Equity

$2,500,000

2018

Debt and Equity

$10,000,000

2014

Equity

$20,000,000

2015

Debt and Equity

$4,000,000

2015 $4,000,000

Debt and Equity

$20

54%

2015

Not provided

$4,000,000

Not provided

Debt and Equity

Yes

2018

100%

PE Fund

$75,000,000

40%

Target Fund Size (USD)

Not provided

Growth

Not provided

Multiple

Not provided

$1,000,000

Not provided

Healthcare

Early, Series A/B

$10,000,000

Not provided

$100,000

120

Global/Geo-Agnostic

Not provided

Seed, Early, Series A/B

$500,000

Not provided

$100,000

North America

Not provided

Seed, Early, Series A/B

$350,000

Not provided

$100,000

North America

Not provided

Seed

$500,000

Fully raised?

Seed

$250,000

North America

$250,000

All

$500,000

$100,000

Seed

$25,000

North America

$100,000

All

$100,000

Seed

$25,000

100

North America

$25,000

All

$100,000

$25,000

Series A/B

$25,000

100

North America

$25,000

Consumption oriented and ancillary sectors: Consumer Goods & Services, Financial Services, Education, Healthcare (with consumer element, logistics, analytics etc.)

$100,000

$1,000,000

Fund Investment Minimum (USD)

$2,000,000

100

North America

Percent Target Raised (%)

Investment Stage

$15,000,000

Technology SaaS, Healthcare, Adv Mfg, EdTech, Technology-enabled services, Life FinTech sciences/medical devices, Mobile/Internet/IT Advanced Manufacturing, CleanTech

Min Company Investment (USD)

South Asia

Sector and Theme Focus

Max Company Investment(USD) Target Geography # Portfolio Companies Summary of firm gender highlights, based on materials and conversations

25%

50-74%

We invest in companies who have female leadership or commit to recruiting women to the C-suite and Board of Directors. We seek teams with strong domain expertise, and proven commercialization and entrepreneurial experience.

50%

50-74%

The companies we invest in will have access to not only our capital but a network of successful investors, who will help them succeed. New impact fund website under development.

100%

We believe the greatest untapped opportunity for venture capital lies in backing women who are using technology to address common life-challenges and transform daily habits.

100%

97%

100%

BRAVA is an investment company N/A focused on delivering exceptional returns for investors and achieving measurable and broad-based economic and social impact for women. The Company targets investments in the healthcare, consumer and education industries - all sectors which disproportionally affect or represent women. BRAVA employs a proprietary Gender Equity Matrix in order to screen and select investments which prioritize outcomes (economic returns) over optics (e.g. female ownership).

100%

X X X

Deliberate incorporation of gender factors to better inform investment decisions and to advance gender equity

bravainvestments.com calvertimpactcapital.org/initiatives/gender

100%

70%

Avaana is a gender positive, Backstage Capital invests in Backstage Capital invests in Backstage Capital invests in mainstream investment firm. We companies led by women, people companies led by women, people companies led by women, people embed affirmative action of color and LGBT founders. of color and LGBT founders. of color and LGBT founders. throughout the investment cycle; and believe that gender positive actions and economic returns on investment go hand in hand. We do not believe in having "quotas" for female founders or teams or women oriented products, but bring the diversity agenda to each investee as appropriate to their context. The Avaana team has a track record of championing diversity in the corporate world, and a history of advocacy for women's participation in the workforce including investing in Female Founder Funds, serving on the Advisory Committee of the Women's Entrepreneurship Platform of the Niti Aayog - the 100% 100% 100% 100%

n/a

67%

% of Female Venture Partners (Band)

30%

100%

michbelles.com/our-approach/mission/ michbelles.com/our-approach/mission/

30%

100%

bbgventures.com/about/

30%

100%

backstagecapital.com

67%

X X X

backstagecapital.com

10%

X X X

backstagecapital.com

% of IC Female

X X X

avaanacapital.com

% of LPs Female Firm website

Advancing women in finance

X X X

Definition of Gender Lens Investing (all that apply)

Advancing women in corporate leadership

Advancing founders who understand the needs and desires of the dominant consumer

Advancing products and services that improve the lives of women Advancing companies that treat female employees well Advancing companies (supply chain members, etc.) that improve the lives of women in their ecosystem Other?

CAN INVESTING IN PUBLIC EQUITIES IMPROVE THE LIVES OF WOMEN?

FOUR PROJECT FOR SAGE WOMEN 2.0

Firm Name

Firm Location - City (Country) Fund name

ESPIRA Investments

Prague (Czech Republic)

Entreprenarium

Dakar (Senegal)

Educate Global Fund

London (UK)

DFS Lab

Seattle, WA (USA)

DBL Partners

San Francisco, CA (USA)

First fund

ESPIRA Fund I

Chloe Capital

Ithaca, NY (USA)

First fund

MenInvestInWomen

CARE Enterprises (CEI)

New York, NY (USA)

First fund

Educate Global Fund 1

Capital 4 Development Partners

Utrecht (Netherlands)

First fund

Future of Fintech Fund

Cantera Capital

Mexico

Third fund

DBL Partners III

Equity

Private Equity

SPV I, SPV II

Equity

Venture Capital

First fund

PE Fund

Private Equity

First fund

Equity

Venture Capital

CEI Growth Fund I

Equity

Venture Capital

First fund Venture Capital

Capital 4 Development Asia Fund

2017

Debt and Equity

First fund Other

Cantera Capital I

2018

Debt and Equity

First fund, second, etc. Venture Capital

Not provided

$50,000,000

Not provided

$550,000

153%

Yes

$408,000,000

Not provided

$30,000,000

$100,000

Not provided

$60,000,000

$5,000,000

10%

$25,000,000

$35,000,000

2017

2018

Equity, Mezzanine, Debt

$50,000,000

Not provided

$250,000

2017

Venture Capital

2015

2018

Debt and Equity

$30,000,000

60%

$5,000

2018

Asset class

Not provided

$250,000

2015

Investment vehicle Inception (year)

Not provided $500,000

Seed Healthcare, Retail, Agri (processing), Clean Energy, Education (skills training), Financial Inclusion

Seed, Early, Series A/B

$5,000,000

$500,000

Agnostic

Series A/B

North America

$100,000

$50,000

Technology

Seed

North America

$15,000,000

$2,000,000

Clean Tech, Environment

Early, Series A/B

South Asia, Africa

$2,000,000

$50,000

Financial Services

Seed

Africa

$10,000,000

$5,000,000

Health, Nutrition, Sanitation, Energy, Technology

Series A/B

Africa

$1,000,000

$100,000

Agriculture, Technology, Creative Industries, Energy, Consumer Goods

Seed, Early

Europe

$3,500,000

$2,300,000

Consumer Goods

Early, Series A/B

$2,300,000

Fully raised?

$250,000

Target Fund Size (USD)

Percent Target Raised (%)

Deep Tech applied to Health, Agriculture and Education

$200,000

Southeast Asia, South Asia

Fund Investment Minimum (USD)

$250,000 $4,000,000

Sector and Theme Focus

Investment Stage

Min Company Investment (USD)

East Asia, South Asia

Educate Global makes private ENTREPRENARIUM launched the equity investments in purpose-led MenInvestInWomen (MiW) Fund - a businesses to deliver strong private investment platform returns, to improve education which mobilizes $25 million from delivery for children, and to 50 of the most successful male lead inclusive job creation for business leaders on the African women and young people. continent. This Fund aims to engage men as agents of change for gender equality in the economic sphere. Through the MiW Fund, the funders are taking concrete action to stimulate the development of an ecosystem of profitable women-owned businesses, which contribute to the continent’s growth and the acceleration of women economic citizenship.

30%

100%

One element of ESPIRA’s investment philosophy is our focus on companies managed by balanced teams of men and women. We believe that diversity in decision making and leadership can lead to superior results, and we recognize the potential of such companies and want to become the partner for their further growth

$1,000,000

1-24%

Latin America, Middle East

50-74%

Max Company Investment(USD) Target Geography # Portfolio Companies

1-24%

Summary of firm gender highlights, based on materials and conversations

1-24%

60%

We invest in teams with at least one female leader and are consciously inclusive of founders from other underrepresented groups.

100%

We will apply a gender lens across our entire investment cycle to invest in businesses that directly empower women. We seek to increase access to capital to female-led businesses, improve workplace equity at the employee and leadership level, and increase access to products and services that bring women into the formal economy.

50-74%

30%

Double Bottom Line invest in N/A -- nothing on website companies that can deliver top- currently tier venture capital returns, while working with companies to enable social, environmental and economic improvement. Examples of double bottom line practices include contracting with qualified local women, minority suppliers and contractors; Supporting/cultivating women in senior management roles. DBL Partners III has 64% women founders or C-level executives (at 12/31/17), a key gender metric that DBL has tracked since 2005.

25-49%

25%

Gender Equality. Cantera has a To be qualified to be included in gender balanced team at the the gender lens focus of the management team, investment fund, the investee must have the committee and advisory board following characteristics: (1) levels. We actively seek diversity equal to or greater than 51% in our portfolio founders and ownership held by one or more teams. Some of the development women prior to any investment; goals we champion in our OR (2) of the following: (i) equal portfolio include improved to or greater than 20% ownership women’s health, rural held by a one or more women development and improved girls’ prior to any investment; and (ii) 1 access to education, including or more women as Chief Executive STEM related fields. Officer or Chief Operating Officer (President/Vice-President) or equivalent level within 100 days of the investment; and (iii) equal to or greater than 30% of the board of directors (or similar governance group) being women within 100 days of the investment where a formal board exists. 75-99%

50%

% of Female Venture Partners (Band)

50%

Investing in women-owned businesses

Access to financing for women entreprenuers

espirainvestments.com/

90%

100%

X X

meninvestinwomen.com

educateglobalfund.org

X X X

dfslab.net

n/a

dblpartners.vc

n/a

chloecapital.com

57%

X X X

https://www.careenterprises.net

30%

X X X

c4dpartners.com

% of IC Female

Advancing women in finance

X X X

cantera.co

% of LPs Female Firm website

Advancing women in corporate leadership

Definition of Gender Lens Investing (all that apply)

PROJECT SAGE 2.0

Firm Name

Firm Location - City (Country) Fund name First fund, second, etc. Asset class Investment vehicle Inception (year)

Golden Seeds

2011 Fund

New York (USA)

Go Beyond

Luxembourg

Global Partnerships

Seattle, WA (USA)

Global Partnerships

Seattle, WA (USA)

Global Partnerships

Seattle, WA (USA)

GAMECHANGER FILM FUND, LLC

New York City (USA)

Third fund

Rising Tide Europe

Future Perfect Ventures

New York City (USA)

Fourth+ fund

Social Investment Fund 6.0

Female Founders Fund

New York

Fourth+ fund

Social Investment Fund 5.0

Experior Venture Fund

Poland

Fourth+ fund

Social Venture Fund

First fund

Gamechanger Films

2011

Venture Capital

Second fund

Collaborative Angel Fund

Future Perfect Ventures

Debt

Second fund

Debt

Female Founders Fund

Venture Capital

First fund Other

Experior Venture Fund

Venture Capital

$5,000,000

88%

Venture Capital

Not provided

Blockchain

Seed, Early, Series A/B

$100,000

Africa

$500,000

$75,000

Film Education, Energy, Health, Water, Sanitation & Livelihoods

Latin America, Africa

$3,500,000

$500,000

Livelihoods, Education, Energy, Health, Housing, Sanitation, Water

Latin America, Africa

$3,500,000

$500,000

Livelihoods, Education, Energy, Health, Housing, Sanitation, Water

Europe

$150,000

$50,000

All

Early

North America

$1,000,000

$100,000

All

Seed

$30,000,000

$75,000,000

$10,000

Not provided

Debt and Equity

2015

84%

Equity

$50,000,000

$250,000

2015

Yes

Debt

100%

2013 $5,000,000

$250,000

Debt

Yes

2016

100%

Equity

Not provided

$100,000

2013

Not provided

Film Financing Vehicle (Equity)

$50,000,000

$100,000

Not provided

2014

Not provided

Equity

Not provided

2014

Not provided

Equity

$22,000,000

Not provided

2013

Not provided

Equity

Not provided

Target Fund Size (USD) Fully raised?

Fund Investment Minimum (USD) Seed

$250,000

North America, Global/GeoAgnostic 10

Growth

Technology

$5,000,000

Growth

Seed, Early, Series A/B

$500,000

Global/Geo-Agnostic

Seed

Technology

$500,000

Investment Stage

$200,000

North America

Sector and Theme Focus

Min Company Investment (USD)

Europe

$5,000,000

Series A/B

Percent Target Raised (%)

none

Max Company Investment(USD) Target Geography # Portfolio Companies Summary of firm gender highlights, based on materials and conversations

29%

50-74%

56%

22%

25-49%

56%

22%

25-49%

100%

80%

75-99%

Golden Seeds accepts applications from women-led companies domiciled in the U.S. These companies must have at least one woman in an operating role at the C-suite level.

75-99%

32%

WE KNOW… that the best innovations will come from the most diverse teams, and we are funding exceptional entrepreneurs with global ambitions that share our vision and values.

100%

83%

Gamechanger is the first fund to Global Partnerships (GP) is an Global Partnerships (GP) is an Global Partnerships (GP) is an Gender Lens Investing (GLI) and provide equity financing to impact-first investor dedicated impact-first investor dedicated impact-first investor dedicated “Profit Planet People” are core narrative feature films directed to expanding opportunity for to expanding opportunity for to expanding opportunity for criteria: we will proactively seek by women. people living in poverty. We invest people living in poverty. We invest people living in poverty. We invest companies that live our values at the edge of the market, at the edge of the market, at the edge of the market, and communicate them strongly. emphasizing approaches that emphasizing approaches that emphasizing approaches that We will be looking for include people marginalized by include people marginalized by include people marginalized by entrepreneurs whose business depth of poverty, gender, and/or depth of poverty, gender, and/or depth of poverty, gender, and/or will greatly benefit from having geography, including women and geography, including women and geography, including women and a global community of women as the rural poor. the rural poor. the rural poor. investors. We will not automatically invest in women entrepreneurs but work to identify and support women entrepreneurs. Need to have at least one of the following (1) currently adhering to values or (2) share fundamental values/principlesis among team/board ; GLI criteria: needs to have a positive impact on women through at least one of (1) internal operations (e.g., leadership, hiring practices, 100%

75%

X X X

go-beyond.biz goldenseeds.com/entrepreneurs/investment-criteria/

71%

1-24%

100%

% of Female Venture Partners (Band)

60%

100%

globalpartnerships.org/about-us/ globalpartnerships.org/about-us/ globalpartnerships.org/about-us/

X X X

X X

gamechanger-films.com/

Advancing women in finance

X X X

http://www.femalefoundersfund.com futureperfectventures.com/home/

% of IC Female

evf.com.pl/en/

% of LPs Female Firm website

Advancing women in corporate leadership

Definition of Gender Lens Investing (all that apply)

CAN INVESTING IN PUBLIC EQUITIES IMPROVE THE LIVES OF WOMEN?

FOUR PROJECT FOR SAGE WOMEN 2.0

Firm Name

Firm Location - City (Country) Fund name

Impact NH Fund

Manchester, NH (USA)

Impact Investment Exchange (IIX)

Singapore

Impact Investment Exchange (IIX)

Singapore

Impact Engine Management

Chicago, IL (USA)

Illuminate Ventures

Oakland, CA (USA)

First fund

Impact NH Fund

Illuminate Ventures

Oakland, CA (USA)

First fund

IIX Women's Livelihood Bond

Illuminate Ventures

Oakland, CA (USA)

First fund

IIX Growth Fund

Halogen Ventures

Santa Monica, CA (USA)

Fourth+ fund

Impact Engine IV, LLC

Graca Machel Trust

Nairobi (Kenya)

First fund

Spotlight Fund

2017

Collaborative Angel Fund

Second fund

Debt

Royalty, Equity, Debt

Illuminate Ventures Fund II

Private Equity

2017

Debt

First fund

Venture Capital

2018

PE Fund

Illuminate Ventures Fund I

Venture Capital

2015

Equity

First fund Venture Capital

2011

Equity

Halogen Ventures

Venture Capital

2017

Equity

First fund Venture Capital

2013

Equity

GMT Capital

Venture Capital

2016

Equity

First fund, second, etc. Asset class

2018

Debt and Equity

$30,000,000 Yes

$10,400,000 Yes

$20,000,000

100%

Yes

$30,000,000

100%

Yes

100%

Yes

$10,000,000

Not provided

$25,000,000

100%

Yes

$8,000,000

Not provided

$200,000

Technology

Seed, Early, Series A/B

$500,000

$1,000,000

$500,000

Technology

Seed, Early

North America

$1,000,000

$500,000

Technology

Seed, Early

North America

$250,000

Technology

Seed

North America

$250,000

$25,000

Social Impact + Tech focused on Economic Empowerment, Education, Health and Resource Efficiency

Seed

Southeast Asia

$3,000,000

$250,000

Climate Resilience (Clean Tech/Environment, Sustainable Agriculture), Women's Empowerment

Early, Series A/B

$250,000

Southeast Asia

$3,700,000

$1,000,000

Financial Services

Early, Series A/B, Series B/C

$200,000

North America

$100,000

$25,000

Agnostic

Seed

$2,500

$1,000,000

Investment vehicle Inception (year)

Not provided

Seed

$100,000

North America

100%

Not provided

Agnostic

$500,000

100%

Fully raised?

Target Fund Size (USD)

Percent Target Raised (%)

$50,000

North America

Fund Investment Minimum (USD)

Min Company Investment (USD)

Africa

$1,000,000

Sector and Theme Focus

Investment Stage

Max Company Investment(USD) Target Geography # Portfolio Companies

1-24%

50%

1-24%

83%

75-99%

Summary of firm gender highlights, based on materials and conversations

100%

Women Empowerment is one of the core focus areas – the fund will prioritize investments that are led by women founders or where a significant portion of end beneficiaries are women.

50%

• Women as founder • Products Female in founding team and and services that target and female forward values. benefit women • Supply and value chains that integrate a significant amount of women entrepreneurs

100%

38%

Research shows what many have Research shows what many have Research shows what many have We are in the process of long suspected: women long suspected: women long suspected: women relaunching our website with a entrepreneurs are poised to lead entrepreneurs are poised to lead entrepreneurs are poised to lead revised approach to talking the next wave of growth in the next wave of growth in the next wave of growth in about impact investing. While we global technology ventures. global technology ventures. global technology ventures. do not use specific gender criteria when making our investment decisions, both our team and our investment track record (41% female CEOs) demonstrate our strong support of women-led businesses.

100%

75%

100%

IIX’s Women’s Livelihood Bond Women-led companies in NH, ME, (WLB)™ is an $8 million debt VT, MA security designed to unlock capital for Impact Enterprises (IEs) and Microfinance Institutions (MFIs) that are part of the sustainable livelihoods spectrum for women in South-East Asia (Cambodia, Vietnam and the Philippines). The WLB™ has empowered over 385,000 women with access to credit, to market linkages, and to affordable goods and services. This will, in turn, help them transition from subsistence to sustainable livelihoods and redefine the dominant narrative from viewing women as victims to recognizing them as solutions to development, change and progress. 100%

50%

X X X

iixglobal.com/iix-growth-fund/ iixglobal.com/portfolio-item/iix-womens-livelihood-bond/ impactnhfund.org

X X X

80%

100%

75%

100%

50%

% of Female Venture Partners (Band)

75%

X X X

theimpactengine.com

70%

100%

X X X

illuminate.com/whitepaper/

50%

X X X

illuminate.com/whitepaper/

10%

X X X

illuminate.com/whitepaper/

% of IC Female

X X X

gracamacheltrust.org/womens-investment-funds/ halogenvc.com

% of LPs Female Firm website

X X X

Definition of Gender Lens Investing (all that apply) Advancing women in finance

X X

Training women in private investing in order to increase their participation in the angel networks

Promoting representation, participation and growth of women entrepreneurs in sectors where they are under represented

PROJECT SAGE 2.0

Firm Name

Firm Location - City (Country) Fund name First fund, second, etc.

Jane VC

Karmijn Kapitaal

Makondo Impact Ventures

Mann Deshi Northern Arc Investments

Marigold Capital

MergeLane

Mindshift Capital

Dubai (UAE)

InvestHER Ventures

Boulder, CO (USA)

Invest2Innovate

Toronto (Canada)

First fund

Mindshift Capital Fund 1, LP

2018

Not provided

$15,000,000

2017

Debt, DebtEquity, Royalties & Blended Finance

Not provided

$20,000,000

2014

Equity

Venture Capital

Not provided

$50,000,000

Equity

Venture Capital

India

Second fund

MergeLane Highway Fund

$1,500,000

Not provided

Bogota (Colombia)

First fund

Marigold Capital I LP

The Netherlands

First fund

Makondo Alternative Investment Fund for Women

USA & UK

First fund

$50,000,000

Chicago, IL (USA)

Second fund

Not provided

Islamabad/Karachi (Pakistan)

First fund

$105,934,500

Not provided

Inception (year) Target Fund Size (USD)

Series A/B, Series B/C

Multiple

Early

Financial Services

Series A/B

$100,000

Seed, Early

$200,000

Seed, Early, Series A/B

$250,000

$50,000

Global/Geo-Agnostic

$2,000,000

$25,000

Europe

$15,000,000

$1,200,000

Africa

$5,000,000

$500,000

Southeast Asia

$1,500,000

$100,000

North America

$1,500,000

$230,000

North America

$1,000,000

$100,000

North America, Europe, Middle East 0

$5,000,000

$500,000

Technology Education, Health, Food, Fintech

Early, Series A/B

Seed, Early

2018

Yes

Jane VC FundKarmijn 1 Kapitaal Fund II Coöperatief

Venture Capital

$2,000,000

100%

First fund

Venture Capital

Not provided

InvestHER Ventures

Private Equity

2018

Multi-instrument

Not provided

First fund Venture Capital

2015

Equity

Not provided

$1,000,000

i2i Ventures

Other

2018

Equity

Not provided

$1,200,000

Seed, Early

Venture Capital

2016

Debt and Equity

Not provided

Asset class

2018

Equity

Not provided $0

Seed

$15,000,000

Fully raised?

$50,000

Investment vehicle

Percent Target Raised (%) Fund Investment Minimum (USD) Investment Stage Technology

$100,000

North America

Technology, tech-enabled, or All, especially Production, Trade, disruptive business models Services, Healthcare and Technology

Agnostic

$1,000,000

Sector and Theme Focus

Focus on themes over sectors; products and services with various customer types and business models empowering through prevention and rehabilitation; Education, Financial inclusion, SRHR

Min Company Investment (USD)

South Asia

Jane VC invests in visionary female Karmijn believes in the power of We build an inclusive and Moving Towards Prosperity: A entrepreneurs with big ideas. Our diversity. They invest in sustainable post-conflict fund for Women Micro goal is to create a more robust companies that are led by a mixed Colombia by investing in Entrepreneurs in India • This and dynamic startup ecosystem, management team, existing of a companies that solve complex focused Alternative Investment one female led startup, tech balanced combination of women social problems for the majority. Fund (AIF) for Women Micro leader, and investor at a time. and men. Key are the differing We focus on full-stack businesses Entrepreneurs aims to provide visions, management styles and that open access to essential first-stage institutional capital priorities individuals bring to services, economic opportunities to women micro entrepreneurs. • the team. They believe this and a sustainable environment It will enable women micro diversity of leadership styles to women, marginalised entrepreneurs to build their leads to better decision making. populations and conflict credit history and financial victims. track records, preparing them for future rounds of capital infusion from mainstream institutions. • The AIF ties into the mission of both Mann Deshi and Northern Arc Investments which is to be responsive to women’s needs, to create opportunities for their growth, and to ensure that every individual and every enterprise has complete access to financial 100%

67%

50-74%

51%

60%

100%

60%

100%

Max Company Investment(USD) Target Geography # Portfolio Companies

25-49%

67%

We invest in companies with at least one female founder who is on the management team.

100%

50%

Exclusively invest in female founders

100%

i2i Ventures is a female-led fund committed to a gender lens and inclusive approach to investing into startups in Pakistan.

100%

33%

Summary of firm gender highlights, based on materials and conversations

100%

67%

https://marigoldCompanies with at least one capital.com/who-we-are/ Above woman in leadership all else, we are committed to gender lens investing. We work to uncover – and capitalize on – ‘hidden’ issues and value across an organization’s team, product and services, business model, and supply and value chains, which allows us to consider opportunities that would normally be excluded from traditional impact investing. We want to build a world where all organizations have intentional positive social benefit – making all investments are impactful. We believe that greater intentionality, analytics and discipline throughout the investment cycle leads to better processes, systems, people and results. We use transparent

% of Female Venture Partners (Band)

33%

X X X

mindshiftcapital.com

60%

100%

mergelane.com/funderator

100%

manndeshifoundation.org & northernarc.com marigold-capital.com/what-we-do/

100%

karmijnkapitaal.nl

60%

janevc.com/

17%

investherventures.com

% of IC Female

X X X

invest2innovate.com

% of LPs Female Firm website

Advancing women in finance

X X

Definition of Gender Lens Investing (all that apply)

Advancing women in corporate leadership

X X X

CAN INVESTING IN PUBLIC EQUITIES IMPROVE THE LIVES OF WOMEN?

FOUR PROJECT FOR SAGE WOMEN 2.0

Firm Name

Firm Location - City (Country) Fund name

Woodside, CA (USA)

Fourth+ fund

Portfolia Fem Tech

Woodside, CA (USA)

Portfolia

Woodside, CA (USA)

Third fund

Portfolia Consumer Tech Fund

Portfolia

Woodside, CA (USA)

Fourth+ fund

Portfolia Enterprise

Portfolia

Pique Ventures

Woodside, CA (USA)

Second fund

Portfolia Active Aging Fund

Portfolia

Patamar Capital

Vancouver, BC (Canada)

First fund

Rising Tide Pilot

Portfolia and Next Wave Impact

San Francisco, CA (USA)

First fund

Pique Fund

Nordic Impact Funds

Second fund

Investing in Women Fund

Next Wave Impact

First fund

Copenhagen (Denmark)/Nairobi (Kenya) Nordic Impact Fund I

Private Equity

2017

Equity

Venture Capital

2014

Equity

Venture Capital

2015

Equity

Venture Capital

2015

Equity

Venture Capital

2016

Equity

Venture Capital

2017

Equity

Venture Capital

Equity

Venture Capital

Boulder, CO (USA)

Second fund

Next Wave Impact Fund I

Venture Capital

2018

PE Fund

First fund, second, etc. Asset class

2018

Debt and Equity

Multiple

Seed

$30,000

100%

Yes

$4,250,000

$1,000,000

Social impact BOP

Series A/B

$1,000,000

27%

$75,000,000

$300,000

$200,000

Agnostic

Seed

100%

Yes

$2,000,000

$100,000

$20,000

Technology

Seed

$4,000

56%

$800,000

$100,000

$25,000

General

Seed, Early

$10,000

Not provided

$1,020,000

$100,000

$25,000

Focused on 50+ market

Seed

$50,000

Not provided

$750,000

$100,000

$50,000

Technology

Early, Series A/B

$10,000

Not provided

$700,000

North America

$100,000

$50,000

Consumer Goods

Early

$10,000

Not provided

$672,000

North America

$250,000

$100,000

Women's Health

Early, Series A/B

$10,000

Not provided

$3,500,000

2018

Investment vehicle Inception (year)

$100,000 $7,000,000

North America

Target Fund Size (USD)

Min Company Investment (USD) $500,000

North America

Sector and Theme Focus

Investment Stage

Fund Investment Minimum (USD)

Percent Target Raised (%)

Fully raised?

Max Company Investment(USD)

North America

100%

98%

100%

80%

75-99%

Where Women Make Markets

North America

100%

Where Women Make Markets

Southeast Asia

100%

Where Women Make Markets

Africa

100%

Where Women Make Markets

North America

Target Geography # Portfolio Companies

1-24%

100%

Pique Fund, an inclusive angel Poshly in NYC, Parrable in fund focusing on leadership Michigan/SF diversity and BC-based women-led ventures.

Nordic Impact Funds is looking to invest in companies that solve challenges of the poor and create jobs and income in particular for women.

Summary of firm gender highlights, based on materials and conversations Inclusive Community – Building a strong interactive community of investors and entrepreneurs that shares goals for successful impact investing and embraces a full range of diverse background and experiences; Align with other impact and gender-lens initiatives to further drive inclusion.

50-74%

79%

Patamar Capital has set up a dedicated vehicle to invest in six to eight highly scalable women’s SMEs over the next two years, across the program’s target countries of Indonesia, the Philippines, and Vietnam.

100%

60%

98%

% of Female Venture Partners (Band)

100%

portfolia.com

66%

portfolia.com

10%

portfolia.com

100%

X X X

portfolia.com

100%

X X X

portfolia.com

% of IC Female

X X X

nextwaveimpact.com/about-us patamar.com/patamar-capital-launches-impact-investment-fund-drive-growth-womens-smes-southeast-asia/ nordicimpactfunds.com piqueventures.com/fund/

% of LPs Female Firm website

Advancing women in finance

X X X

Definition of Gender Lens Investing (all that apply)

Advancing women in corporate leadership

More women investors/LPs, also thinking about how to identify/develop/work with male allies.

PROJECT SAGE 2.0

Firm Name

Firm Location - City (Country) Fund name First fund, second, etc. Asset class Investment vehicle Inception (year)

Reinventure Capital GP, LLC

Rethink Impact

Root Capital

SEAF

She Capital LLP

Shinsei Corporate Investment Limited

Sofia Fund

St Paul (Minnesota)

Reign Ventures

Tokyo (Japan)

Red Capital Partners

New Delhi (India)

100%

Yes

$5,000,000

100%

Yes

$5,500,000

Washington DC (USA)

Second fund

Sofia Angel Fund II, LLC

$50,000,000

$1,000,000

Cambridge, MA (USA)

First fund

Japan Impact Investment I LPS

Not provided

Boston, Washington MA (USA) DC, New York City, San Francisco (USA)

First fund

She Capital

$100,000,000

Not provided

New York City (USA)

Second fund

Not provided

Madrid (Spain)

First fund

Root Capital SEAF Women's Opportunity Fund II

Equity

Venture Capital

$85,000,000

$1,000,000

Not provided

First fund

Venture Capital

Yes

Rethink Impact

Venture Capital

2017

Equity

100%

First fund

Private Equity

2018

Equity

$112,000,000

$25,000

Reinventure Capital LP

Debt

2018

PE Fund

Yes

First fund Venture Capital

1999

Debt

$50,000,000

100%

Reign Ventures

Venture Capital

2016

Equity

Not provided

First fund Venture Capital

2018

Debt and Equity

$25,000,000

$250,000

Not provided

Red Ventures Fund I

Venture Capital

718

Equity

Not provided

2015

2018

Equity

$58,000,000

$250,000

Not provided

Target Fund Size (USD)

$1,160,000

Not provided

$1,500,000

$200,000

North America

$500,000

$100,000

Technology

Seed, Early, Series A/B

Not provided

Early, Series A/B, Series B/C

Fully raised?

Seed, Early

$200,000

East Asia

Series A/B

$4,000,000

Early

$2,000,000

South Asia

Early, Series A/B, Series B/C

$15,000,000

Series A/B

$50,000

Southeast Asia

Seed, Early, Series A/B

$2,500,000

Series A/B

Percent Target Raised (%) Fund Investment Minimum (USD) Investment Stage

$2,000,000

Latin America, Southeast Asia, Africa 171

Companies propelling women's economic empowerment in the workplace and the marketplace

$7,000,000

Agriculture

$500,000

North America

Health, Education, Environmental Sustainability, Economic Empowerment

$5,000,000

Agnostic

$200,000

North America

Technology

$2,000,000

Technology

$3,000,000

North America

Sector and Theme Focus

$6,000,000

Healthcare Companies engaging in business such as childcare, after-school care, education, household support, supporting families caring both children and elders in parallel, and supporting the work-life balance

Min Company Investment (USD)

Europe, Middle East

Because women are often undervalued in the marketplace and in the workplace due to gender biases, SEAF can source attractively priced opportunities, with significant potential in which to build value, from the following areas: 1. Women-led businesses 2. In sectors with high prevalence of women employees 3. Businesses providing vital products and services that meet the unique needs of women and girls 4. Entrepreneurs already demonstrating a commitment to women through ownership & pay equity, leadership, workplace, benefits, workforce participation & value chains.

33%

50-74%

Our goal is to invest in stellar high growth businesses that deliver superior returns while enabling gender equality through investing in - Companies with female founders - Companies that positively impact lives of women and girls through their products and services - Companies whose employee base comprises of majority women

50%

100%

The Fund (also known as Childcare Support Fund) is an impact investment fund and provides investments to early-to-later stage companies engaging in businesses such as childcare, after-school care, education, household support, supporting families caring both children and elders in parallel, and supporting the work-life balance of working women.

80%

100%

The website is not finished yet

Max Company Investment(USD) Target Geography # Portfolio Companies

75-99%

Summary of firm gender highlights, based on materials and conversations

We invest in the growth of agricultural enterprises so they can transform rural communities. They connect smallholder farmers to markets and help improve their farming practices. With growth, these businesses become engines of impact that can raise incomes and create jobs, empower women and young people, sustain peace, and preserve vulnerable ecosystems. Specific Criteria: Years in Operation: at least 3 Minimum Annual Revenue: $250,000 Location: Must be legally established in one of Root Capitalâ&#x20AC;&#x2122;s lending countries within Africa, Latin America, or Southeast Asia (see sidebar). Documentation: Must present audited or management-prepared financial statements from the 1-24%

Rethink Impact focuses on investing in companies with gender diverse leadership teams (with at least one female on the leadership team)

50-74%

Reign Ventures has a commitment We see emerging, vibrant to build a portfolio with at least networks of innovative 50% female and minority entrepreneurs, many of whom are founders. of color and women, overlooked by mainstream investors.

50-74%

The average woman-owned business makes 20% more revenue with 50% less investment than other companies. Imagine what the above-average can do. Weâ&#x20AC;&#x2122;re Sofia Fund. And we find, invest in and grow those exceptional women-led companies.

1-24%

17%

X X X

shecapital.vc shinseibank.com/corporate/en/news/pdf/pdf2016/170130_impactinvestment_e.pdf sofiafund.com

33%

1-24%

25%

% of Female Venture Partners (Band)

n/a

50%

X X X

seaf.com/

50%

X X X X

rootcapital.org/impact_areas/women/

50%

100%

rethinkimpact.com

66%

X X

reinventurecapital.com

111%

reignvc.com

% of IC Female

redcapital.partners

% of LPs Female Firm website Definition of Gender Lens Investing (all that apply)

Advancing women in corporate leadership

Advancing women in finance

CAN INVESTING IN PUBLIC EQUITIES IMPROVE THE LIVES OF WOMEN?

FOUR PROJECT FOR SAGE WOMEN 2.0

Firm Name

Firm Location - City (Country) Fund name First fund, second, etc. Asset class Investment vehicle Inception (year)

True Wealth Ventures

Austin, TX (USA)

The 22 Fund

Los Angeles, CA (USA)

TheNextWomen

Amsterdam

The JumpFund

Chattanooga, TN (USA)

The Helm

Los Angeles, New York (USA)

First fund

True Wealth Ventures Fund I

The AECF

Kenya

First fund

The 22 Fund

thenextwomen and startgreen

Amsterdam

First fund

TheNextWomen Fund

StandUp Ventures

Toronto, ON (Canada)

Second fund

JumpFund II, L.P.

SoGal Ventures

New York (USA)

First fund

Equity

Venture Capital

The Helm Fund I

Equity

Venture Capital

AECF

Venture Capital

First fund

2014

Debt and Equity

Borski Fund

Venture Capital

Second fund

2017

Debt and Equity

First fund

2017

Equity

Venture Capital

StandUp Ventures

Venture Capital

First fund

2008

Challenge Fund

SoGal Ventures I

Venture Capital

$11,500,000

Not provided

$40,000,000

62%

$500,000,000

Not provided

$50,000

100%

Yes

$5,265,000

$12,000

86%

$1,160,000

Not provided

$100,000,000

Yes

$19,100,000

2016

2018

Convertible and Equity

$15,000,000

33%

$100,000

2017

Equity

Venture Capital

Not provided

$300,000

2017

Equity

Venture Capital

Not provided $200,000

$250,000

$500,000

Seed, Early, Series A/B

$2,000,000

North America

Sustainable Consumer & Consumer Health

$10,000,000

Manufacturing

$12,000

North America

Series B/C, Growth Technology, Healthcare, Education, Financial Services, Other

$60,000

Seed

$100,000

Europe

Female Founders

Technology

$500,000

Seed, Early, Series A/B

$75,000

North America

Seed

Agribusiness and Renewable Energy

$200,000

Seed, Early

Technology Female Founder (sector agnostic)

$100,000

North America

Seed, Early

$500,000

266

Africa

$1,500,000

Seed, Early

$200,000

Europe

$3,000,000

Seed

100%

Fully raised?

$100,000

Target Fund Size (USD)

Percent Target Raised (%) Fund Investment Minimum (USD) Investment Stage

$625,000

Technology

$50,000

North America

Sector and Theme Focus

Min Company Investment (USD) $350,000

North America, Europe, Australia, Southeast Asia, East Asia 15

100%

1-24%

Max Company Investment(USD) Target Geography # Portfolio Companies

75-99%

Summary of firm gender highlights, based on materials and conversations

100%

75%

To qualify as a potential investment for The Helm, you must be an early-stage, technology-enabled company helmed by a female CEO

100%

SoGal Ventures invests in diverse The founding team must have at founding teams that are least one female member in a "C" revolutionizing how the next role generation lives, works, and stays healthy.

100%

The strategy of this fund is to invest in more women leaders who have proven to financially outperform in markets where women are making the vast majority of purchase decisions with a focus on high-growth greener and healthier products and businesses.

1-24%

100%

TheNextWomen Crowd Fund aims The 22 Fund targets women and to offer a platform for female minority owned businesses. investors to jointly invest in a simple manner, thereby encouraging entrepreneurship. We invest in different areas, where we feel that women-led companies really make a difference, marketplace, femtech, platforms and education

50-74%

90%

100%

Female-led, at least one woman in a C-level role with significant equity in the company. Located in the southeastern United States. Led by strong, diverse teams ideally with experience in their industry sector. Established LLC or C-Corporations with a strong business model and exit strategy. Ability to scale rapidly in excess of $20 million and achieve strong returns for investors.

50-74%

70%

100%

We target to invest in companies AECF recognises that in order to with at least one female (co-) achieve the sustainable founder. In exceptional development goals number 2, 5, 7 circumstances the Fund would and 13 on ending hunger, also back ventures run by men achieving gender equality and but only if those companies ensuring access to sustainable stimulate innovations that clean energy is not only could drive female gender pertinent, but urgent to address equality or are geared toward the social norms and cultural women, but it will seek female co- practices that hinder womenâ&#x20AC;&#x2122;s founders to add to the team. meaningful economic participation in the economy. As Africa looks to meet the Sustainable Development Goals by 2030, the full participation of women as producers, consumers, business owners and key decisionmakers can be a potent force for change. As part of our commitment to addressing gender inequalities through market-based approaches, AECF has designed a specific initiative 100%

50%

X X

X X X

80%

% of Female Venture Partners (Band)

66%

X X

truewealthvc.com/about/

30%

the22fund.com/strategy/

66%

Advancing women's wealth Female founders and women with through ensuring significant equity-led companies women's equity in investment companies and investing women's capital in angel/ VC fund

X X X

thenextwomen.com/funding/

100%

startgreen.nl/nl/ aecfafrica.org/portfolio/aecf_gender_lens_investment thehelm.co/investing-in-female-led-innovation thejumpfund.com/pitch-criteria

68%

100%

standupvc.com

% of IC Female

Advancing women in finance

X X X

sogalventures.com

% of LPs Female Firm website

Advancing women in corporate leadership

Definition of Gender Lens Investing (all that apply)

Female founder and women equity led companies

PROJECT SAGE 2.0

Firm Name

Firm Location - City (Country) Fund name First fund, second, etc. Asset class Investment vehicle Inception (year)

TWV Capital

Urban Innovation Fund

Victus Global Capital

United Kingdom

Voulez Capital

London (UK)

Women's World Banking

New York, NY (USA)

XFactor Ventures

USA

First fund

XFactor Ventures

San Francisco, CA (USA)

First fund

Dallas, TX (USA)

First fund

Impact Fund I

Voulez Capital Club Women's LLP World Banking Capital Partners

First fund

Urban Innovation Fund

Equity

Venture Capital

Fourth+ fund

Equity

Private Equity

Texas Women Ventures

Equity

Venture Capital

$100,000

Not provided

$25,000,000

Technology

Seed

100%

Yes

$22,500,000

$10,000,000

$250,000

Agriculture

Seed, Early, Series A/B

$1,000,000

$50,000,000

$1,500,000

$300,000

Wide sector focus including Tech, Healthcare, Education, IoT, Renewables, etc.

Seed, Early

$600,000

Not provided

$5,000,000

$7,500,000

$1,000,000

Financial Services

Series B/C, Growth

$100,000

100%

Yes

$50,600,000

$100,000

Technology

Seed, Early

$100,000

100%

Yes

$3,000,000

2017

Venture Capital

Series A/B

$100,000

North America

2012

2018

Debt and Equity

Technology

$500,000

Global/Geo-Agnostic

2018

2016

Equity

Venture Capital

Fully raised?

$250,000

Europe

2003

PE Fund

Private Equity

Percent Target Raised (%)

$7,000,000

Africa

Target Fund Size (USD)

Min Company Investment (USD)

North America

Sector and Theme Focus

Investment Stage

Fund Investment Minimum (USD)

Max Company Investment(USD)

North America

Target Geography # Portfolio Companies Summary of firm gender highlights, based on materials and conversations

75%

75-99%

11%

100%

50%

100%

30%

80%

1-24%

60%

100%

XFactor Ventures is focused on making pre-seed and seed stage investments in companies with billion dollar market opportunities that have at least one female founder.

90%

TWV Capital has more than $25 The Urban Innovation Fund Women-led and/or WomenWe invest in outstanding female Womenâ&#x20AC;&#x2122;s World Banking Capital million under management invests in startups shaping the focused Agri-businesses. Victus founders building scalable Partners is a private equity businesses and creating real dedicated to investing in women- future of cities. We provide seed Global is focused on limited partnership that makes value and in products and owned and women-led companies capital and regulatory support transforming agriculture and direct equity investments in located in Texas and the greater to startups tackling our empowering women in Africa services that improve the lives of women-focused financial toughest urban problems -Southwest. through investment, capacity women, of working parents, of institutions. This investment helping them grow into children and of families. building and increased intrastrategy builds on our belief tomorrow's most valued Africa and international trade. that investors can influence companies. The Urban Creating social change through institutions to ensure that Innovation Fund is committed to developing investment vehicles, women are part of their growth gender and racial diversity in which aim to achieve significant strategy and future profitability. our portfolio companies, and and systemic gender-based social This venture, with more than currently 71% of our startups change, and shift gender power US$50 million under management have a woman or person of color relations. seeks to demonstrate what on the founding team.* * Note: Womenâ&#x20AC;&#x2122;s World Banking has long This paragraph is not on our maintained: providing women website, but is publicly with access to financial services communicated to our investors, is profitable business for banks, to press, and through events while contributing to the economic growth and welfare of families and communities.

% of IC Female

% of Female Venture Partners (Band)

% of LPs Female

victusglobal.co.uk

X X

urbaninnovationfund.com

voulez-capital.com womensworldbanking.org/about-us/capital-partners-gender-lens-investing/ xfactor.ventures/about/

X ` X

twvcapital.com

X X

Firm website

Advancing women in finance

X X X

Definition of Gender Lens Investing (all that apply)

Advancing women in corporate leadership

X X X Invest in women-led, privatelyheld companies

FOUR PROJECT FOR SAGE WOMEN 2.0

CAN INVESTING IN PUBLIC EQUITIES IMPROVE THE LIVES OF WOMEN?

Looking Ahead

s was the case with Project Sage 1.0, what we learned in Project Sage 2.0 has led to interest in additional dimensions and trends. The following questions present opportunities for further research:

• What does the intersection of gender lens investing and impact investing look like? Says Suzanne Biegel of this often asked question: “People have been asking me ‘how many of these funds are impact funds?’ First, it is not our role to say what is impactful or not. But I think about 30% of the funds would be either self-defined impact funds (funds that invest with the intention to address a social or environmental issue and commitment to measure social impact) or would be considered impact funds.” • What are the goals for financial and gender performance in each of these funds? How are they verifying and/or reporting their results? What level of transparency is publicly provided? • Has gender criteria evolved for these funds? If so, how? • What investor trends are funds seeing? As more millennials and women report the importance of aligning investments with values, is their capital being moved? As was the case last year, we’d love to hear how people are using this information. As a leading research-led business school, Wharton is building the evidence base for impact investing. We look forward to continuing to share our work with you. If you’d like to participate in future fund research with the Wharton Social Impact Initiative, please email us at impactinvesting@wharton.upenn.edu. For all other inquiries, please email socialimpact@wharton.upenn.edu.

PROJECT SAGE 2.0

Acknowledgements We are appreciative of the funds participating in this research; thank you for taking the time to advance research in this field. We thank Alyssa Matteucci for her research assistance and input in the creation of this report. With thanks, Suzanne Biegel, Sherryl Kuhlman and Sandi M. Hunt

FOUR PROJECT FOR SAGE WOMEN 2.0

CAN INVESTING IN PUBLIC EQUITIES IMPROVE THE LIVES OF WOMEN?

Notes

socialimpact.wharton.upenn.edu