Building connections and community and news from the field

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Subject: Building connections and community and news from the field

2X Global: Unlocking gender-smart capital at scale

Dear Friend,

The past month has been one of purpose-driven connection which has seen us

engaging with 2X Global members, partners and supporters around the world.

From Mallorca to San Francisco and Bogota, our team has participated in meaningful fora such as the ProMujer GLI Forum LatAm, SOCAP and the GSG Global Impact Summit, where we have been soaking up and sharing knowledge about what is working to advance the field of gender finance.

In London, Tokyo and Copenhagen, we brought our network closer together at Member Meet-ups. We also hosted curated events for investors in Tokyo and Copenhagen - spotlighting opportunities for gender lens investing in Asia Pacific in the former and an ARISE-focused session in the latter which explored standards in gender lens investing.

These engagements came on the heels of our flagship event, our Annual Member Meeting which was co-hosted by the European Development Bank in Luxembourg. It was our first Annual Member Meeting since we officially became 2X Global in January and was a fitting event for such an occasion - a two-day convening of insightful, thoughtful discussions and solutions-oriented ideating. Scroll further down for a recap of the event.

Running parallel to this spirit of optimism and energy has been the prevailing grim global reality – none of us can be immune or indifferent to the profoundly painful scenes in the Middle East and the sheer scale of human suffering caused and the brutality unleashed.

Now more than ever, we are clear eyed about the importance of our pillar of work dedicated to JEDI – justice, equity, diversity and inclusion, which are critical for building the true and long-standing peace we want for all, and to build a truly equitable and inclusive financial system for all.

Keep reading for a round up of the latest and most insightful GLI news and knowledge.

In Community,

2X Global team

News from the field

Mainstreaming gender lens investing. The Sasakawa Peace Foundation launches the impact measurement and management framework for its Asia Women Impact Fund (AWIF). Melinda French Gates outlines what leaders can do to support greater economic participation by women. Ideo.org shares a scenario report which inspects the future through eight different gender drivers. Sustainable investing assets declined in 2022 in part due to fears of greenwashing. This report looks at how responsible ESG stewardship can mitigate such. The role of male allyship for women in private equity. Women-led private equity fund Sanari Capital announces a $65 million second close for its growth fund. Germany’s state-backed LP KfW launches its Emerging Manager Facility to invest more in smaller VC funds that are women-led or gender diverse. There’s now more time to make input into Project Catalyst, the gender lens private market funds scan from Sagana and 2X Global, which is the successor to Suzanne Biegel’s Project Sage. You can contribute to the survey at this link up until 10^th November 2023.

Gender and Climate Investing. The not-so-secret weapon to advance the energy transition is the power of women, argues Gayle Tzemach Lemmon. Securing women’s land rights should be a cornerstone of climate action. How can private capital be mobilised to protect our environment? A look at how FinDev Canada’s Energy Entrepreneurs Growth Fund works. The Net Zero Asset Owner Alliance with an encouraging progress update on their efforts to reduce emissions from their investment portfolios. Investing in gender equality is climate action, posits President of Women’s World Banking Mary Ellen Iskenderian in The Banker. The Gates Foundation urges support for a climate finance framework which incorporates the needs of lower-income countries most vulnerable to climate change.

Leadership, Culture and Policy. Economic historian Dr Claudia Goldin is a Nobel Prize winner for her body of work on the gender wage gap. Tens of thousands of women in Iceland, including Prime Minister Katrin Jakobsdóttir, staged a strike to protest against wage inequality and gender based violence. A government task force has found that gender bias is costing the Australian economy $80 billion a year. Profiles of thirty-four women angel investors working across the African continent. Generation Equality’s blueprint document on promoting gender transformative economies includes useful tactics on reducing gender bias in financial institutions.

Resilience (GBV, Financial Inclusion, Security). Greenlandic women plan to sue Denmark over historical contraceptive violation. IADB approves $500 million loan to Colombia to track gender-based violence and improve health and justice outcomes. HIV infection rates are higher among adolescent girls than boys due to gender-based violence, says senior official at Uganda AIDS Commission. Pakistan’s National Commission on the Status of Women writes to Chief Justice seeking urgent attention to cases of violence against women.

Data and Tools. A discussion paper from the IFC looks at the role of robust KPIS and indicators for sustainability linked finance. The UN Global Compact does a stock take on the SDGs with a focus on how the private sector can strengthen its contributions to achievement of the goals. A framework from CalPERS and Schroders links human capital management and value. The IFC has published a toolkit providing guidance on how companies can address gender gaps at all levels.

Care Economy. New research on the digitally enabled care economy and new pathways to decent work. The first ever human rights council resolution on care is welcomed by activism groups like Make Mothers Matter. A new report makes the case for how prioritising care work can unlock a just energy transition. Developing the care economy is a top budget priority for Malaysia’s Minister for Women, Family and Community Development Datuk Seri Nancy Shukri. How technology can help solve the childcare crisis – and why that’s good news for everyone, not only women. Opportunities and pathways in investing in the care economy are spotlighted in a new knowledge paper from the Asia Venture Philanthropy Network. A case study examines the IDRC’s Transforming the Care Economy through Impact Investing programme.

JEDI, Power, and New Economic Systems. The ARISE project introduces its Standards of Practice for gender lens investing. Seminal California bill could require VC firms to disclose the race and gender of founders of companies they fund. Ways in which the private sector can alleviate inequalities through financial decision-making. A learning vehicle for foundations to show how they can move endowed assets to BIPOC and working class controlled funds. A new UNICEF report outlines their child lens investing framework. Three areas companies can invest in to maintain momentum on their DEI commitments. A new report launched at the Toronto Stock Exchange’s inaugural Indigenous Investors Day, calls for concrete actions to increase access to capital for indigenous entrepreneurs.

Recap of our 2023 Annual Member Meeting

Day one, held in the beautiful and historic Neumünster Abbey, was dedicated to creative and interactive presentations and panel discussions. Amidst live musical interludes and thought-provoking art, participants were challenged to interrogate their perspectives and conversations opened up, analysing how to spark systemic change in the world of finance and ways to scale up responses to climate change and its gendered impacts.

We also announced that Kuramo Capital Management has been selected as the manager for the 2X Ignite Africa Investment Facility for Warehousing Capital. The Facility will provide portfolio building capital to eligible female-led and gender-balanced fund managers in Africa, so they can advance warehousing deals and track record deals.

The second day was for drilling down in intensive working sessions on a range of critical topics, from gender data to certification standards, gender bonds and more.

The memory and spirit of Gender Smart founder & Honorary Board Member of 2X Global Suzanne Biegel, who passed just a few days before our Meeting, loomed large, motivating us all to carry on and carry forward her work with redoubled vigour.

Community Calendar

15 November

2X Global is hosting a cocktail and panel discussion on "Gender and Climate Finance in Asia: From Theory to Practice," together with the Asian Development Bank and Sarona in Singapore. This is also your chance to meet the Asia-Pacific GP Sprint cohort of emerging fund managers. Please contact Nathasha Dharmasena to register your interest for this event.

15-17 November

2X Ignite will be hosting our in-person Meet-Up for the GP Sprint Asia-Pacific cohort of our programme. The three days will offer the opportunity for both GPs and LPs to experience a meeting of the minds on the challenges faced by women in the finance sector in the region and to walk in different shoes during our fund manager simulation.

December 3

2X Global together with PE Win, MEDA/Mastercard Foundation Africa Growth Fund, Collaborative for Frontier Finance and Women in African Investments are organising a senior women in investments afternoon workshop and dinner in Cape Town on December 3rd. Please contact Nathasha Dharmasena to register your interest for this event.

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Subject: Building connections and community and news from the field