Th andsc heLa cape ofSo ocialI Inves sting Women inW n AMap A pofOp tunitie pport es,Challeng gesandRe

eturns s

WomenEffectsInvestments
WomenEffectsInvestmentsisshapingthesocialcapitalmarketstogeneratepowerfulreturnsfor womenandgirlsby Creatingandempoweringacommunityofwomeninvestorstoplacetheirassetsinadiversegroup ofvehiclesandexpandtheseatatthetableforwomenininvesting Supportingtheeffortsoffinancialintermediariestostrengthenandcreatenewinvestment opportunitieswithagenderlensthatgeneratebothsocialandfinancialreturns Developingthevisibility,linkagesandinfrastructurenecessarytobuildthefieldofsocialinvestingwitha genderlensbybringingtogethertheworldsofinvesting,womenscapitalandgenderknowledge

IfyouareinterestedinprovidingphilanthropicsupporttoWEIorcollaboratinginoureffortstobuildthe field,contactJackieVanderBrugatvanderbrug@criterionventures.com.LearnmoreaboutWomen EffectInvestmentsatwww.criterionventures.com/women

TheLandscapeofSocialInvestinginWomen October1,2010 www.criterionventures.com/women

ExecutiveSummary TheEvolutionandLandscapeofSocialInvesting
KeySectionFindings AnIntroductiontoSocialInvesting SocialInvestmentStrategies TheGrowthofSocialCapitalMarkets MappingSocialInvestmentProducts

3 6
6 6 7 8 9

InvestinginWomen
KeySectionFindings MakingtheCase ImpactInvestments Microfinance CommunityDevelopment TraditionalSRI GrowthFinancing MappingInvestmentwithGenderLens

11
11 12 13 13 15 16 17 17

MeasuringPerformance
KeySectionFindings MeasuringtheDoubleBottomLine FinancialReturns SocialReturns

22
22 22 22 23

LookingAhead References

26 27

TheLandscapeofSocialInvestinginWomen October1,2010 www.criterionventures.com/women

ExecutiveSummary
Weareatamomentofgreatgrowthandinnovationinthesocialcapitalmarkets,aswebegintoapply investmentcapitaltowardsolvingsomeoftheworldsmostpressingsocialandenvironmentalproblems whilealsogeneratingfinancialreturnsforinvestors.AcriticalcomponentofthefirstphaseofWomen EffectsInvestments(WEI)hasbeentomapwherewecurrentlyleveragethecapitalmarketstomeetthe needsofwomenandgirls,withafocusonintermediariestargetingretailandinstitutionalinvestors.The opportunitiesandchallengesweuncoverwillguideindividualinvestorsaswellasshapeoureffortsto developthefullpotentialofcapitalmarketstopositivelyimpactwomen.

EvolutionandPotentialofImpactInvesting
Whilesociallyresponsibleinvesting(SRI)withinpublicequitieshasbeenavailablesincethe1970s,the fieldhasbeenenergizedwiththerecentdevelopmentofimpactinvesting,whichdirectlyplacescapital inenterprisesthatcreatesolutionstosocialandenvironmentalproblems.Muchoftheterminologyand momentumbehindimpactinvestingmaybenew,butthefieldgrowsoutofearlysuccessesin communityinvestingandmicrofinance,sectorsthathavebeentraditionallyassociatedwithastrong genderlens.Impactinvestingextendstheseinitialwinsintonewsocialsectors,incorporatesemerging businessstrategies,furtherexpandsopportunitiesindevelopingmarketsandoffersgreatpotentialto directlycreatesolutionstothechallengesfacedbywomenandgirls. Spurredbyconsumerdemand,legislationandmediaattention,aswellasbynewtechnologiesand financialstrategies,thesocialcapitalmarketshavegrowntonearly$7trillionglobally.Whiletraditional SRIstilldominatesmuchofthisactivity,theMonitorInstituteestimatestheimpactinvestingfieldcould reach$500billionwithinthenextfiveto10years.Toplacethepowerofsocialinvestinginperspective, annualU.S.philanthropicgivingiscurrentlyestimatedaround$300billion.Thisoverallgrowthhasbeen accompaniedbyanincreasingnumberofinnovativefinancialproductsacrossallassetclasses,altering thelandscapeofsocialinvestingforconsumers.

TheLandscapeofInvestingandGender
Despitetheexpansionanddiversificationofsocialinvesting,currentopportunitiestoinvestinwomen arerelativelyscarce.Mappingthelandscapeofgenderandsocialinvestinguncoveredalimitednumber ofproductstargetingwomen,manyofwhichcompriseasmallproportionoftheirsectors.Oftheover 250domesticSRImutualfundswithtotalassetsover$200billion,forexample,onlyonescreened mutualfundpossessesanexplicitgenderfocus,with$35million,or0.02%oftotalassetsinvested. Similarly,onlyoneangelinvestingfundexclusivelytargetswomenledbusinessesnationwide. Opportunitieswithinimpactinvestinghavetraditionallybeenlocatedwithincommunitydevelopmentin theUnitedStatesandespeciallywithinglobalmicrofinance.Whiletheseareamongstthemostmature, mostsuccessfulimpactinvestingsectorswithhundredsofofferings,thegenderfocusofmany investmentproductsinmicrofinanceandcommunitydevelopmentisnotasstrongasgenerally assumedandoftendifficultforinvestorstodetermine. Approximately60%oftheborrowersofinstitutionswithintheportfoliosofmicrofinanceinvestment productsarewomen,butthisnumberhasbeendecliningasthefieldcommercializes.Therehasalso beenanexpansionofinstitutionsthatdonotprovidecriticalsupplementaryservicesbutmaynot generateprofits.Areviewoftheliteratureofmanyinvestmentvehiclesfindsasurprisinglackofgender

TheLandscapeofSocialInvestinginWomen October1,2010 www.criterionventures.com/women

 reporting.Thiscouldbearesultofthelongstandingassumptionthatallofmicrofinanceisaninvestment inwomen,butitisnolongeronethatinvestorscanautomaticallymake. Opportunitiestotargetwomenwithincommunitydevelopmentareharderstilltofind.Thesectordid notoriginatewithanexplicitmissiontoservewomenaswithmicrofinance,andgenderdataisnot readilyavailablefrom(orevencollectedby)mostinvestmentvehicles.Consequently,projectsand organizationsservingwomenremainlargelyburiedwithindiversifiedinvestmentportfolios.Further researchanddevelopmentwillberequiredtouncoverthemostpromisinginvestmentfundswithin communitydevelopmentandmicrofinance,andtostrengthentheirgenderfocus. Outsidethesetwoimpactsectors,itisdifficulttofindinvestmentproductsthattargetwomen,even thoughmanymarketsbasedinitiativesdisproportionatelyimpactwomeninagriculture,education, health,forestry,etc.Whetherinvestmentproductsinthesesectorspossessagenderlensisuncertain, andcertainlynotreadilyvisibletoinvestors.Asthesearerelativelynewinvestmentsectors,thereisan opportunitytoinsertandstrengthenagenderlensbeforetheymature. Whileoutsidetraditionalsocialinvestingstrategies,manyorganizationsandnetworksareattemptingto bridgethecapitalgapforwomenowned/managedbusinesseslargerthanmicroenterprises,particularly intheUnitedStates.Providingwomenequalaccesstocapitalisbothaquestionofequityandan underinvestedopportunity,buttherearefewopenfundsthatallowinvestorstodirectlytakeadvantage ofthisopportunitywithingrowthfinancing. Lastly,ourmappingrevealedfewvehiclesexplicitlytargetwomeninvestorsandinvestorslack accessibleinformationoninvestmentopportunities,manyofwhichdemandahighleveloffinancial andsectorexpertise.

ProjectingFinancialPerformanceandStructuringCapital
Thepersistentbeliefthatsocialinvestingautomaticallytranslatestounderperformanceisoneofthe biggestobstaclestothefieldsacceptance.Indeed,thereishealthyskepticismofeventheviabilityof obtainingfinancialreturnswhilepositivelyimpactingwomenandgirls.Itisdifficulttogeneralize financialreturnsofsocialinvestmentsgiventheirdiversity;itisalsotoosoonformanyfundsandsectors tohaveestablishedatrackrecord.Spreadovermultipleassetclasses,thefinancialreturnsofvehicles associatedwithgenderrangefromreturnofprincipalonlytocompetitivemarketreturns.However, mostarefixedincomeproducts,reflectingthestructureofthemicrofinanceandcommunityinvesting fields.Thereturnscanbebelowmarketoratmarketrate,buttheyalsoofferlessriskandasafeharbor inthecurrentfinancialturmoil. Philanthropiccapitalcanalsobecombinedwithinvestmentdollarstosupportservicesforwomenthat maynotgenerateprofitsbutareessentialforclientsincombinationwithprofitgeneratingactivities.In manycasesafinancialsubsidyfromphilanthropistsandsociallymindedinvestorshasenabledthe creationofaviableproduct.

TheGenderLensandSupportingMetrics
Multiplestrategiesexistforsupportingwomenandgirlsthroughinvesting:promotinggenderequityin theworkplace;providingfinancingforwomenownedbusinesses,frommicroenterprisestogrowth companies;anddevelopingjobs,productsandservicesthatbenefitwomen.Thereislittlecoordination andcollaborationbetweeninvestmentvehiclesindefiningandstandardizingthediversegender lenses,thoughafewsectorspecificinitiativesareemerging,particularlyinmicrofinanceandgrowth
TheLandscapeofSocialInvestinginWomen October1,2010 www.criterionventures.com/women 4

 financing.Theclaimsofsocialinvestingtoimprovethelivesofwomenandgirlsshouldbesupported throughimprovedanalysisandmetrics(asreviewedinourreportoncurrentgenderimpactmetrics). Ourgoalistostrengthenandsupportthediversityofgenderlenseswhileavoidingthegender washingthatcouldundermineafledglingfieldbeforeitreachesitspotential.

LinesofAction
Ourreviewofthecurrentlandscaperevealsboththetremendousgapsandtheopportunitiesto empowerwomenandgirlsthroughinvesting.Aswelookahead,weseeseveralpromisinglinesofaction thatcouldstrengthenthegenderlensinthesocialcapitalmarkets: Surfaceandstrengthenexistinginvestmentopportunitieswithagenderfocusandcollaboratewith intermediariestocreatenewonesacrossdiversesocialsectorsandassetclasses. Improvemetricsandevaluativetoolsforunderstandingtheimpactofinvestmentsonwomen. Increasethevisibilityofinvestmentswithagenderlensandreducethebarriersinvestorsfacein obtainingsocialinvestmentinformation. Bringinwomeninvestorsandalliestobuilddemandforproductswithagenderlens. Collaboratewithpartnersandsupporterstobuildabroadcoalitionforgenderfocusedinvestments.

TheLandscapeofSocialInvestinginWomen October1,2010 www.criterionventures.com/women

TheEvolutionandLandscapeofSocialInvesting KeySectionFindings
Socialinvestmentstrategiesareevolving.Whiletraditionalsociallyresponsibleinvestmentstrategies stilldominatesocialinvesting,impactinvestingoffersinvestorsnewapproachestomaximizethesocial impactoftheirinvestments,particularlytousemarketstodirectlytackletheglobalchallengesinnew andinnovativeways. Thesocialcapitalmarketsaregrowing.Notonlyisthedomesticsocialcapitalmarketgrowingatan estimated22%compoundrateannually,themoreestablishedimpactinvestingsectorsofcommunity development,microfinanceandcleantecharegrowingatanevenfasterpace.Ifestimatesholdtrue, globalimpactinvestingispoisedtogrowlargerthanallofU.S.philanthropywithinfive10years. Socialinvestmentopportunitiesarediversifying.Thereisadiversityofinvestmentproductsacross assetclasseswithreturnsrangingfromreturnofprincipalonlytomarketrate,orevenabovethat.SRI isconcentratedinpublicequity,whereasimpactinvestingisthusfarfoundmostlyoutsidepublicequity. However,thesupplyofimpactinvestingproductstomeetdemandremainsapotentialbottleneck. Socialinvestmentsectorsareexpanding.Socialinvestmentsareseekingtocreatesolutionacrossa varietyofsectors:fromalternativeenergytowater,fromcommunitydevelopmenttomicrofinance, fromhealthcaretoeducationandmore.

AnIntroductiontoSocialInvesting
Socialinvestmentsseektogeneratebothfinancialreturnsforindividualinvestorsandsocialreturnsthat benefitthebroadersociety.Socialinvestingrepresentsabridgeacrossthetraditionaldivisionof financialandsocialvaluecreationintotwoseparate,andusuallyopposing,spheres(Figure1). Figure1:TheSocialFinancialReturnsContinuum1
Philanthropists: MaximizingSocialReturns High

Social Returns

SocialInvestors: Blended Financial/SocialReturns

Investors:Maximizing Profits

Low

FinancialReturns

High

TheLandscapeofSocialInvestinginWomen October1,2010 www.criterionventures.com/women

 Atoneendarephilanthropistsseekingsocialreturnsthroughgrantsanddonationwithnoexpectations ofprofits.Yet,itisnowapparentthatphilanthropicapproachesandresourcesareinsufficientinfaceof thescaleandimmediacyoftodaysglobalchallenges.Attheotherendareinvestorsthatseekto maximizefinancialreturnsbutwithnothoughttothesocialandenvironmentalconsequencesoftheir investments.Betweenthesetwoliesocialinvestorswhosecapitalismobilizedtowardsolvingglobal problemsandthecreationofamoresustainableandequitableglobaleconomywhilealsogenerating someprofit.Asreviewedlaterinthereport,thisisagreatlysimplifiedviewthatassumestheremustbe atradeoffbetweensocialimpactandfinancialreturnandminimizestheroleofphilanthropic investmentcapital.Nonetheless,itservesasausefulintroductiontotheconceptofsocialinvesting. Thegrowthofsocialcapitalmarketsthatmergesocialandfinancialreturnsrepresentsapotentially transformativeshiftintheroleofmarkets,onethatredistributescapitaltowardsrealvaluecreationfor investorsandsocietyalike.Eachoneofusparticipatesinthecapitalmarkets:throughasimplebank accounttostocksandmutualfundsinretirementaccountstohighriskinvestmentsinstartups. Alongsideouractionsasethicalconsumersandresponsiblevoters,investingforsocialvaluecreationis anopportunityforustouseourindividualresourcesintentionallytoshapecapitalmarketstoward creatinggoodbothforourselvesandforsociety. Thereisanideathatvalueisdividedbetweenthefinancialandthesocietal,butthisisafundamentally wrongwaytoviewhowwecreatevalue,writesJedEmersonofthisnewblendofsocialandfinancial valuecreation.Valueiswhole.Theworldisnotdividedintocorporatebadguysandsocialheroes.2

SocialInvestmentStrategies
Overthepast40yearsavarietyofsocialinvestmentstrategieshaveevolvedthatcanbebroadly classifiedintotwomaincategories:sociallyresponsibleinvesting(SRI)andimpactinvesting. SociallyResponsibleInvesting:BeginningwiththefirstSRImutualfundin1971,thisremainsthemost widelyadoptedstrategyforinvestorstoaligntheirvalueswiththeirinvestmentsinpubliclyheld companieswhileseekingtoimprovecorporatebehavioronavarietyenvironmental,socialand governance(ESG)issuesby1)engagingwiththemanagementofcorporationsmostcommonlythrough shareholderadvocacyand2)bybuyingandsellingsecuritiestosupportpositiveactionsandpenalize harmfulonesthroughtheprocessofscreening. ThemajorityofSRIinvestmentsarestocksandbondmutualfundsthatengageinshareholderadvocacy and/orscreening.3Thus,asashareholderanSRIfundcannegotiatewithmanagementorfile shareholderresolutionstoimprovecompanypoliciesandpractices.Itcanalsousenegativescreensto excludecompanieswithobjectionableproducts,servicesandpracticesfromitsinvestmentportfolio. Amongthemostcommonexclusionsarethesocalledsinstocksofgambling,alcoholandtobacco. WhilenegativescreensremainthemostcommonmethodofconstructingSRIportfoliosintheUnited States,positivescreensthatincludecompanieswithstrongperformanceonspecifiedESGcriteriaand arebecomingalargershareofthemarket.4Examplesincludecompaniesselectedforsettinghigh standardsonworkforcediversity,forupholdinglaborstandards,foroperatingwithsound environmentalpracticesorproducingproductsthataresafe,etc. ImpactInvesting:Thedevelopmentofimpactinvestingtakessocialinvestingbeyondthefocuson corporatepracticestoactivelyplacingcapitalinbusinessesandfundsthatcreatesolutionstoglobal environmentalandsocialproblems.AsdefinedbytheGlobalImpactInvestingNetwork(GIIN),itisa moreproactiveapproachthatcomplementsphilanthropicandgovernmenteffortswithmarketsbased

TheLandscapeofSocialInvestinginWomen October1,2010 www.criterionventures.com/women

 initiativestosolvesocietalproblemssuchaseradicationofdiseases,stabilizingclimatechange, provisionoffinancialservices,housingandsanitationinlowincomecommunities,developing sustainableagriculturalpractices,etc.5 Whilemuchofthelanguageandmomentumbehindimpactinvestingisnew,itsrootslieinspecific approacheswithinpositivescreeningsuchascleantechnologyaswellaspioneersectorssuchas communitydevelopmentintheUnitedStatesandglobalmicrofinance.Impactinvestingextendsthese earlysuccessesintonewsocialsectorssuchashealth,education,water,fairtrade,etc.Manyofthese opportunitiesarefoundinemergingmarkets,whereresourceconstraintsandfailuresofgovernments toprovidebasicserviceshavecreateddemandformarketsolutions.Impactinvestingisalso characterizedbytheuseofemergingbusinessstrategiessuchassocialentrepreneurship,baseofthe pyramidorSMEfinancingwhentheirfinancialmissionintersectswithcreatingsocialimpact.

TheGrowthofSocialCapitalMarkets
Recentestimatesofthesizeoftheglobalsocialcapitalmarketsare$2.7trillion(Figure2),with tremendousgrowthinallsectorsandinvestmentclasses.6Thedomesticmarketforsociallyresponsible mutualfunds,forexample,hasgrownnearlysixfoldtonearly$25billioninlessthanadecade.7Factors drivingthisexpansionincludeincreasedsocialawarenessamongconsumers,greatermediaattentionon businessandinvestments,increasingpricesofenergyandrawmaterials,changingnationallegislations andinternationalprotocolsandtechnologicalinnovationsthathavecreatednewchallengesand solutions.8Morerecently,thecreditcrisisandshrinkinggovernmentandphilanthropicfundinghasalso increaseddemandfromsocialbusinessesfornonbankingsourcesofcapital.Yet,thesocialcapital marketscomprisejust4%ofallinvesting,indicatingatremendousopportunityforcontinuedgrowth. Whiletheboundariesofimpactinvestmentsaretoonew,tooimprecise,oneestimateputsthepotential sizeofsuchinvestmentsatnearly$500billionwithinthenext510years.Suchestimatesarebasedon therapidgrowthofsectorssuchascommunityinvesting($26billionin2007),globalmicrofinance($6.6 billionin2009)andcleantechnology,whichranksonlybehindsoftwareandbiotechnologyinattracting venturecapital.Puttingthepotentialpowerofimpactinvestingintoperspective,U.S.philanthropic givingiscurrentlyestimatedaround$300billion. Figure2:GlobalSocialCapitalMarkets
U.S.Philanthropy $0.31Trillion ImpactInvestingin510years? $0.5Trillion

Screened Funds+ImpactInvesting $6.99Trillion

AllInvesting $61.90Trillion Source:TheMonitorInstitute(2009)

TheLandscapeofSocialInvestinginWomen October1,2010 www.criterionventures.com/women

MappingSocialInvestmentProducts
Therearemultiplewaysofmappingtheburgeoningfieldofsocialinvestmentproducts.Froman investorperspective,oneusefulassetallocationframeworkisbaseduponriskadjustedassetclasses. Whilebynomeansacomprehensivemapoftheuniverseofsocialinvestmentproducts,thelandscape fromRockefellerPhilanthropyAdvisorsbeginstoillustratethediversityavailabletoinvestorsacross socialthemesandassetclasses(Figure3).9Theexamplesrangefromsavingsproductsincommunity bankstoschoolbonds,frommicrocaplistedsocialcompaniestoprivateequityinsocialenterprisesand sustainableforestryfunds.Indeed,socialinvestmentsmirrorthespectrumofrisksandreturnsfoundin traditionalcapitalmarketsandtheoreticallyallowsinvestorstopursuedifferentallocationstrategies entirelywithintheuniverseofsocialinvestments.Whilethediversityofsocialinvestmentproductsis clear,thesupplyofproductsoutsideoftraditionalSRImutualfundsandestablishedfieldssuchas communitydevelopmentandcleantechnologyisstillaconcernforsocialinvestorslookingtodiversify theirportfolio.10
LEARNMORE: ThebiannualreportfromtheSocialInvestmentForumreviewsthe stateofthedomesticSRIandcommunity developmentsectors.Robeco&Booze&Co.reportResponsibleInvesting:AParadigmShiftfromNicheto MainstreamsummarizesrecenttrendsintheglobalSRIindustry. TheMonitorInstitutesInvestingforSocialandEnvironmentalImpactreportsetstheagendaforthe developmentofimpactinvestingfield.FurtherinformationonimpactinvestingcanbefoundatGlobalImpact InvestingNetwork(GIIN)website. NichollsandParoahreviewthemanyeffortstomapthesocialcapitalmarketsintheirarticleTheLandscape ofSocialInvestment:AHolisticTopologyofOpportunitiesandChallenges. TheRockefellerPhilanthropyAdvisorsreportSolutionsforImpactInvestors:FromStrategytoImplementation mapssocialinvestmentproductsandstrategiesforinvestors.

TheLandscapeofSocialInvestinginWomen October1,2010 www.criterionventures.com/women

 Figure3:AnIllustrativeLandscapeofSocialInvestmentProducts

RiskAdjustedAssetClasses
Liquidity Income&WealthPreservation CapitalAppreciation&WealthGrowth InflationProtection

Cash/Cash Alternatives

Notes

Bonds

Absolute Return/Low Equity

PublicEquity

Equity Long/Short

Private Equity

RealEstate

Commodities

Climate GreenBank Change/ Deposit Energy

Taxexempt greenbonds

CO2Trading

Positive& Negative Screening

Renewable Energy

CleanTech Venture Capital

GreenREITs

Sustainable Feedstock

Water

Corporate Infrastruc ture Bonds

Water Treatment Project Finance

Unit Investment Trust,Closed EndFunds

WaterFunds

Water Technology Venture Capital

WaterRights

Community Develop ment

Community BankCDs

Foreclosure Repair

Microfinance Institutions Debt

Shareholder ProxyVoting

Community Development VC

Transport ation Smart Funds

SocialSector

Social Enterprises

Social Enterprise Credit

MicroCap ListedSocial Companies

Small& Medium Enterprise

Conservation / Ecotourism

Healthand Wellness

Structured PublicNote

Consumer Product VC

Organic Farming

Sustainable Develop ment

Trade Finance Guarantee/ Deposit

Smart Growth Municipal Bonds

BlendedDebt EquityHybrid Structures

Thematic Screening

RanchLand, Agriculture

Sustainable Timber

Education

Linked Deposit /Guarantee

Charter School Bonds

Education Private Equity

University Green Building

Source:RockefellerPhilanthropyAdvisors,2009

TheLandscapeofSocialInvestinginWomen October1,2010 www.criterionventures.com/women

10

InvestinginWomen KeySectionFindings
Therearemultiplegenderlensesincurrentsocialinvestmentproducts.Themostcommonstrategies tosupportwomenandgirlsthroughinvestinginclude: Promotinggenderequityintheworkplace Providingfinancingandtechnicalsupportforwomenowned/managedbusinessesfrom microenterprisestogrowthcompanies Developingjobs,productsandservicesthatbenefitwomen

Thegenderfocusofmanycurrentinvestmentfundswithinthemicrofinanceandcommunity developmentsectorsisdifficulttodetermineandoftenweakerthanisgenerallyassumed.Whileon averagewomenstillcomprisethemajorityofborrowersofMFIsheldininvestmentfundportfolios,the trendinglobalmicrofinancehasbeenawayfromitsrootsingenderandempowermentasthefield commercializes.ThereremainMFIsfocusedonwomenandofferingcriticalsupplementaryservices andfundsthatsupportthemtovaryingdegrees.However,thereisnoflagshipmicrofinanceinvestment productforinvestorsseekingtotargetwomen,especiallywithaholisticapproachthatgoesbeyondthe numberoffemaleborrowers. ManycommunityinvestmentfundsintheUnitedStatesalsoholdprojectsandorganizationswithintheir portfoliosthatbenefitwomen,butthesearecombinedwithotherinvestmentsinamannerthatmakes ithardforinvestorstoidentifywhichproducts,ifany,servewomen.Whileanindepthreviewofthe hundredsofmicrofinanceandcommunitydevelopmentfundsisbeyondthescopeofPhaseIofWEI, surfacingandstrengtheningfundswithagenderlensisapromisinglineoffutureaction. Therearenovisibleinvestmentproductswithagenderlensinsomeofthefastestgrowing environmentalandsocialimpactsectors.Beyondmicrofinance,communitydevelopmentandgrowth financing,investmentssupportwomeninavarietyofprojectsandorganizationsacrosssectors:fair tradeorganizations,farmingcooperatives,privatesectoreducationinitiativesorhealthservices,etc. However,itisdifficultforinvestorstosurfaceproductsthataccessthisfertilegroundwherewomenare oftendisproportionatelyaffected. Overall,therearealimitednumberoffinancialproductsexplicitlyfocusedonwomenasbeneficiaries. AsofOctober1,2010,ourpreliminaryanalysisrevealedtheseincludedonecreditunion,onescreened mutualfund,onenationalangelinvestingfundandanumberofmicrofinanceproducts.Assuch,they compriseaverysmallproportionoftheirsectors: Oftheover260sociallyscreenedfundsintheUSwithtotalassetsover$200billion,onlyonehasan explicitgenderfocus,with$35millioninassets,or0.02%oftotalassetsinvested. Ofthe11,000creditunionsintheUS,oneiswomanfocused,withunder1Minassets.

Similarly,therearealimitednumberoffundsandinitiativesfocusedonwomenasinvestorsinvesting inwomen.ApartfromGoldenSeedsandinitiativessuchasAstiaandSpringboardthattargetwomen investorsforgrowthcompanies,womenscapitalhaslargelybeenuntappedevenbyproductsthat benefitwomen.

TheLandscapeofSocialInvestinginWomen October1,2010 www.criterionventures.com/women

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 Investorsfaceanumberofbarrierstoinvestinginwomenastheydoforsocialinvestingoverall: Asidefromtoolsforscreeningmutualfunds,therearemanyhurdlesinobtaininginformationabout socialinvestmentproducts,includingthosefocusedonwomen.Thereisalsoverylittlereportingon genderimpactbyfundsthattargetwomenandgirls.Thisfragmentationandlackofinvestmentand impactinformationcombinedwithconsiderablefinancialandsectorexpertisemanyproductsrequire, posesasignificantbarriertopromotingsocialinvestinginwomen.

MakingtheCase
Recentyearshavealsoseenarenewedfocusonreducingthecontinuinginequitiesfacedbywomenand girls.Whileremovingthesegenderbasedbarriersisafundamentalquestionofhumanrightsandsocial justice,viewingwomenaspowerfulassetstoinvestinisapowerfulstrategyforaddressingmanyglobal challenges.Womenarecrucialeconomicagentsthroughtheirparticipationinagriculture,trade, microenterpriseandmanufacturing.Andasheadsofhouseholds,theirworksupportsagrowingnumber ofpoorfamilies.Investinginwomenallowsthemtofullyparticipateintheeconomyandincreasethe welfareoftheirfamilies,communitiesandsocieties.Investingintheeducationandhealthcareofgirls andwomenallowsthemtoreachtheirfullpotentialandgeneratesreturnsforsociety.Andinvestingin womenempowersthemtoshatterthenormsandbarriersthatperpetuategenderinequitieswithinall societalsystems,frommarketstogovernments,fromthedomesticspheretopublicspaces. Tremendousphilanthropicresourceshavebeencommittedtoimprovingthelivesofwomenandgirls andasaresultmultiplecharitableopportunitiesexistfordonors:publicprivatepartnershipsuchasThe GirlEffect,thenetworksofdomesticwomensfoundations,internationalnonprofitssuchastheGlobal FundforWomen,amonghundredsofothers.Giventhegrowthandcontinuedpotentialofinvestments tosupportsocialchange,itseemscriticaltoalsoleveragecapitalmarketstoalsocreatepositivesocial impactforwomen.Analyzingthecurrentlandscapeoffinancialvehiclesisacriticalfirststepin identifyingwhereinvestorscanapplyagenderlenstotheirinvestments.Creatingamapofinvesting withagenderlensfirstrequiresanexaminationofopportunitieswithinthevarioussectorsand approachesthroughananalysisoffundlistings,reviewofresearchonindustrytrendsandinterviews withspecialistswithinthesefields.
LOCATINGINVESTMENTFUNDS Informationresourcesandmarketplacesforallsocialinvestorsarefragmented.Someofthepopularsourcesfor findingproductswithagenderfocusinclude:

SRIFundScreens:ThemutualfundtoolsattheSocialInvestmentForumandSocialFunds.comallowinvestorsto filterforcommonESGcriteriaandstrategiessuchasshareholderadvocacy,environment,humanrights, employment,productsafety,weapons,animalrights,nuclearpower,alcohol,tobacco,gambling,etc.However, theydonotincorporateanygenderspecificcriteria,makingitdifficulttolocatethePaxGWEFfund. CommunityInvestingCenter:Thissearchabledatabaseallowsclientstotargetorganizationsworkingonwomens issuesasaspecialinterestarea.Thisidentifiesabout65organizationsfrom2005datarangingfromtheglobal effortsofWomensWorldBankingtotheTidesFoundationinSanFrancisco.Theorganizationsareselfidentified butitisntalwaysclearwhatthecriteriasignifiesandthegenderfocusofanumberoftheseinvestmentsis unclear.CICisaninitiativeofSocialInvestmentForumalongwithotherpartners. MicroPlace:Oneofthefewretailmarketplacesforimpactinvestmentsinmicrofinance,communitydevelopment, fairtradeandotherareas.Investorscanmakepurchasesdirectlythroughitswebsitefromaselectionof investmentnotesfromproviderssuchasCalvertFoundationorOikoCreditforaslittleas$20.Italsoallows investorstotargetwomen,largelythroughMFIsthathaveatleast70%womenborrowers. MorecompleteMIVlistingscanbefoundattheMicrofinanceInformationExchangeortheInvestorMicrofinance

TheLandscapeofSocialInvestinginWomen October1,2010 www.criterionventures.com/women

12

InvestorAssociationsites,butwithfewtoolstohelpinvestorsanalyzetheopportunities.

ImpactInvestmentswithaGenderLens
Currentopportunitieswithinimpactinvestingareconcentratedwithintwosectorstraditionally associatedwithwomen:globalmicrocreditanddomesticcommunitydevelopment.

Microfinance
Fromitsinceptioninthe1970s,microfinancehasbeenthestoryofprovidinglowincomeindividuals accesstocapitaldeniedbytraditionalfinancialinstitutions.11Theearlyprovidersofmicrocapitalwere primarilynonprofitssupportedbyphilanthropicdollarsandmotivatedmorebypovertyreductionthan byfinancialprofit.Bythe1990s,astheviabilityofmicrofinanceinstitutions(MFIs)wasestablished,the focusshiftedtothefinancialprofitabilityofbankingforthepoor.Thedevelopmentofthemore commerciallyorientedMFIsfacilitatedtheentryofmainstreamfinancialproviderstomeetcapital needsofthoseinthefield.Asaresult,theindustryemergedasaninvestmentclassforinvestorsbased mostlyinthedevelopedworldthroughthegrowthofinvestmentfunds. Therearenowestimatedtobeover100microfinanceinvestmentvehicles(MIVs)managing$6.6billion inassets.12AboutthreequartersofMIVsarefixedincomeinstrumentsbutequityinvestmentsare growingrapidlyat47%annually.Inspiteofrecentturbulence,particularlyincertainmarkets,thefieldis experiencingcontinuedgrowthnotonlyinitstraditionalproducts,butalsoinnewhorizontal opportunitiessuchasSMEfinancingandexpansiontoservicessuchashousingloans,education, insurance,etc. Sinceitsinception,microfinancehasalsobeenassociatedwitheffortstoreducewomenspovertyand buildempowerment.Whilestillacommonperception,ithasbeenonethatisweakeningastheindustry commercializes.13Onechangehasbeentheshiftfromthemoreambitiousholisticapproachtogender andthesupplementary,andsometimes,expensiveservicesthisrequirestooneofoutreach,simply targetingwomenasborrowers.However,eventhefocusonwomensimplyasborrowersisbecoming weaker.Inonestudyof25MFIs,thepercentageofwomenborrowersdroppedfrom88%to60%asthey transformedfromNGOstomorecommercialentities.14Similarly,theaveragepercentageofwomen borrowersofthe1,227MFIssurveyedbyMIXExchangein2008was61%,withamuchlowerpercentage foundinmorecommercialMFIs.15CGAPs2009MIVsurveyfoundtheaveragenumberofwomenclients ofMFIsinfundportfolioswasalsoaround60%.16 Aswecelebratetheastonishinggrowthandfuturepotentialformicrofinanceaffordedby

commercialization,wemustbemindfuloftheindustrysinitialtargetclientspoorandlow incomewomenentrepreneursandtheircentralroleinthemissiontoreducepoverty.
TheLandscapeofSocialInvestinginWomen October1,2010 www.criterionventures.com/women 13

WomensWorldBanking17
Anotherreflectionofthistrendisthatmanyoftheover100internationalMIVsdonotprovidethe numberofwomenborrowersamongsttheirportfoliosorexplicitlystatethattheyfocusonwomenin theironlineliterature.WhilethereremainMFIsandsociallyorientedinvestmentproductswithahigh percentageoffemaleborrowersforexample,85%ofborrowersinOikoCreditsportfolioarewomen itischallengingtofindimpactreportingthatgoesbeyondtargetingwomenborrowerstothekindsof approachesandservicesrequiredforamorestrategicapproachtoaddressinggenderinequities.Thus, givencurrenttrends,investorsmustbecautiousinmakingtheassumptionthatinvestinginmicrofinance isalwaysandwillremainaninvestmentinwomen.

SelectMicrofinanceProducts:
Anindepthmapoftheoverhundredmicrofinanceproductsandfundfamiliesisanexercisebeyondthe scopeofPhaseIofWEI.HerewehaveintroducedaselectgroupofnotableMIVsbasedonreputation, accessandavailabilityofinformationtorepresentthevarietyofproductsineachmajorassetclassand thevaryinglevelsofgenderfocuswithinmicrofinance.Completefundlistscanbefoundonsitessuchas theMicrofinanceInformationExchangeortheInvestorMicrofinanceInvestorAssociation. 1. InvestmentNote:OikoCredit Foundedinthe1970sbytheWorldCouncilofChurchesasawaytoethicallyinvestreligiousfunds,the investmentcooperativeOikoCreditisoneoftheleadingprovidersofinvestmentnotesfocusedprimarily oninternationalmicrofinance.TwentypercentofitsholdingsarealsoinSMEsandcooperativesin agriculture,fairtrade,health,etc.InvestorscanpurchasenotesdirectlyfromOikoCreditorfrom MicroPlace,selectingreturnsfrom02%overperiodsrangingfromonetofiveyearsandfromavariety ofregions.OikoCreditpartnersareselectedforbothfinancialandsocialcriteriathatreflectits antipoverty,communityorientedmissionandvalues,includingwomensempowerment,womenin managementandgenderequity.18Itreports85%ofborrowersinitsportfoliosarewomen;noother dataisprovidedbutitdoesincludemorequalitativereportingofclientsachievingthesesocialgoals. 2. LoanFund:ResponsAbilityGlobalMicrofinanceFund Foundedin2003,theResponsAbilityGlobalMicrofinanceFundinvestsprimarilyindebtsecuritiesof globalMFIs.Thevolatilityexperiencedbythesectorin2009wassharedbythe$450millionfund,which postedonly1.16%returns.However,itpostedreturnsof6.44%in2008andnearly4%onaveragesince inception.ThefundtracksbroadsocialindicatorsofitsportfolioMFIs,suchasloansize,ruraland womenborrowers.Thepercentageoffemaleborrowersinrecentyearshasbeenaround55%,butno othergenderdataispubliclyavailable.19 3. PrivateEquityFund:BlueOrchard TheprivateequityfundispartofafamilyofproductsacrossassetclassesofferedbytheSwissbased BlueOrchardmicrofinanceinvestmentcompany.Startedin2007,thefundhasraisednearly$200 millionincapitalusedtoacquireminoritystakesinMFIs.Itispartofagrowingtrendtouseequity investmentsaswellasdebttoinjectcapitalintoMFIs.Thefundhasntcompleteditsinvestmentcycle, butitpredictsreturnsaround1520%.Thereisnospecificgenderlenstotheequityfund,ortoallBlue Orchardproducts.However,thenumberoffemaleborrowersoftheBlueOrchardportfoliohasbeen around60%inrecentyears,closetoindustryaverages.20Moregenerally,BlueOrchardmonitorsthe overallsocialorientationoftheMFIitinvestsinbyexaminingindicatorssuchaspercentageofrural borrowers,loansize,adoptionofclientprotectionprinciples,localimpact,etc.

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 4. PeertoPeerMarketplace:Kiva Whilenotstrictlyaninvestmentproduct,theKivamodelhasattractedconsiderableattentionasa gatewayforindividualstoinvestinmicrofinance.Kivaisanonprofitthatenablesindividualinvestorsto lenddirectlytodomesticandinternationalmicroentrepreneursviaitsonlinemarketplace.Advantages oftheKivamodelincludelowminimuminvestmentsstartingat$25butthereturnsareequallylow: principalonlynointerest.Indeed,KivaswebsiteremindsdonorsthatlendingonKivaisacharitable activity,notaninvestment.Despitethisdrawback,in2008investorsgave$37milliontobelentto entrepreneursthroughKiva.Lenderscanalsotargetwomenborrowers.OnMarch26,2010,forexample, 765outof1210oftotalpotentialloanslistedontheKivawerewomen,about60%.However,aslenders areactuallygivingtoMFIsthelistedborrowerisactuallyforillustrativepurposestheexactimpacton womenishardtomeasureunlessthewebsitematchesthechangingMFIclientbaseinrealtime.There isnoothergenderlensappliedtomicrolending,butKivadoesapplyseveralsocialcriteriatoselecting itspartnerMFIs,includinginterestrates,trackrecord,financialsustainability,portfoliosize,etc. However,alongwithothermicrofinancefunds,Kivahasrecentlyfacedcriticismofthedepthofsocial commitmentofsomeitsportfolioMFIs,partofagrowingconcernfacingtheentireindustry.21

CommunityDevelopment
Theprovisionofmicrocreditandotherfinancialservicestounderservedcommunities,particularlyin lowincomeurbanandruralareas,remainsoneoflargestcomponentofthecommunitydevelopment fieldintheUnitedStates.Communityinvestingincludesnumerousotherservicesfromsupplyingcapital andservicestolocalbusinessesandnonprofitstosupportaffordablehousing,education,healthcareand otherfacilities.Muchofthesupportforcommunitydevelopmenthashistoricallycomefrompublicand philanthropicefforts,aswellaslegislativeactionthatrequiredinvestmentsfromthemainstream bankingindustry.However,inrecentyearsprivateinvestmentshavebegunplayingalargerroleone thatisexpectedtogrowgiventherecentcreditcrisis,shrinkingpublicbudgetsandreductionin foundationsupport.Totalassetsincommunityinvestingincreasedfrom$4billionin1997to$25.8 billionin2007,morethanasixfoldriseinoveradecade.22Thecapitalisdistributedamongstover500 communitydevelopmentbanks,creditunions,loanfundsandventurecapitalfunds. OnetrendwithinthecommunitydevelopmentfieldintheUnitedStates,includingdomesticmicro lending,isthemovementawayfromtheperceptionofwomenasafinanciallymarginalizedcommunity. However,communitydevelopmentintheU.S.stillimpactswomenthroughhousing,education,childcare facilities,loans,jobtraining,etc.AccordingtotheCommunityInvestingCenter,womenconstitutehalf ofclientsofcommunitydevelopmentinstitutions.23Whilereachingwomeninneedhasnotbeenthe foundationofcommunitydevelopmentaswithglobalmicrofinance,theyremainanimportant constituentbecauseofthedisproportionateimpactpovertyhasonwomenandfamiliesinmanyareas. Anumberofinvestmentfundsholdorganizationsandprojectsintheirportfoliosthatmeettheneedsof women.However,currentlytherearenoinvestmentfundsthattargettheircapitaltoexclusivelysupport women.Andgiventhatveryfewevendetailhowmanywomenbenefitfromtheiractivities,itisdifficult forinvestorstotargettheircapitaltowardthosethatdo. 1. CashInvestments:Women'sSouthwestFederalCreditUnion Communitybanksandcreditunionsheldover$15billioninassetsin2005thelargestsegmentofthe communityinvestmentfield,yetcomprisingamere0.2%oftotalbankingassets.Andtheopportunity forafocusedinvestmentinwomenthroughcommunitybankingissmallerstill:Thereisonlyone womanfocusedcommunitycreditunionintheUnitedStates,theWomen'sSouthwestFederalCredit Union(WSFCU).Foundedin1975,WSFCUwasoneofmanycreditunionsofferingwomenthe opportunitytoobtaincreditorbankserviceswithoutthepermissionofamalerelativeatatimewhen
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 thiswasdifficult.Whilelegalrestrictionshaveeasedandthenumberofwomencreditunionsinthe UnitedStatesnowstandsatone,WSFCUcontinuestoplayanimportantroleinattractingcapitalfrom womenwhilealsotargetingloansandotherfinancialservicestowardthem,includingrepairingcredit andimprovingfinancialliteracy.Yet,givenitssmallmembershipsize(under1,000),smallassetbase (under$1million),limitedfinancialproductsandservices(checking,savingsandCDs)andgeographic limitations,WSFCUisnotaviableoptionforinvestorsoutsideitsbaseofDallas,Texas. 2. CommunityDevelopmentLoanFund:ContactFund TheContactFundoffersinvestorstheopportunitytomakefixedincomeinvestmentsincommunity developmentorganizationsworkingforunderservedcommunitiesinNewYorkCity.Itmadeover1.4 milliononshorttermloanssinceitsfoundationin2005toagroupthatincludesmicrolenders, affordablehousingdevelopersandsocialenterprises.Thefunddoesnothavegenderlensorgender specificdata,butamongthemixaremicrolendersthatservelowincomewomensuchasProject EnterpriseandcommunitybasedorganizationssuchasWomensHousingandEconomicDevelopment Organizationthatusedalineofcredittoprovideservicestowomentransitioningfromwelfare.24The fundisopentofamilyfoundationsandaccreditedhighnetworthinvestorswithaminimuminvestment of$10,000.Itoffersshorttermnotesatbelowmarketrates;theaverageinterestrateasofMarch31, 2010was4.13%,withitsmostrecentofferingof6and12monthnotespaying2.5%. TheContactFundisoneexamplefromthehundredsofcommunitydevelopmentbanksandfundswith diversifiedportfoliosthatincludeprojectsandorganizationsthatimpactwomen.Withinthedomestic portfoliooftheCalvertFoundationsCommunityInvestmentNotes,forexample,areGrameenAmerica, whichpredominantlylendstowomenmicroentrepreneurs,orCentralCityConcern,whichusesa genderlenswithinsupportivehousingandhealthservicestoholisticallyservewomenclients.25The CommunityCapitalBankhasprovidedworkingcapitalfundstoWomenInNeed,anonprofit organizationservinghomelessandunderprivilegedwomenandtheirchildren,1997.26Surfacingand aggregatingsuchopportunitieswithagenderlensisapromisingavenuetosupportTheWomenEffect throughinvestingincommunitydevelopment.Investorslookingforadditionalopportunitiescanuse toolsfoundattheCommunityInvestingCenterwebsiteorthroughtradegroupsandassociationssuch astheOpportunityFinanceNetworkortheCoalitionforCommunityDevelopmentFinanceInstitutions.

TraditionalSRIFundswithaGenderLens
Thereareover260sociallyscreenedfundsintheUSwithtotalassetsover$200billion,butonlyonehas anexplicitgenderfocus:PaxGlobalWomensEqualityFund.Thereareanumberofotherfundsthat screenforcorporatediversity,laborstandardsandothercriteriathatalsoimpactwomenbutitis difficulttoparsetheirscreeningmethodologytodeterminetheextentoftheirgenderfocus. 1. ScreenedMutualFund:PaxWorldGlobalWomensEqualityFund ThePaxWorldGlobalWomensEqualityFund(GWEF)investsincompaniesthatpromotegender equalityintheworkplace.Amongitsgendercriteriaarerepresentationinboardsandmanagement, strongpoliciesandprogramstopromoteequalityandworklifebalanceandpositiveimagesofwomen inmarketing.Inadditiontoinvesting,thefundengagesinshareholderandpublicpolicyadvocacyin accordancewithitsgendercriteria.Foundedin1993byLindaPei,thefundwasacquiredin2007byPax WorldManagement.Alargecapfund,GWEFinvestsatleast80%ofitsnetassetsinequitysecurities, includingatleast40%outsidetheU.S.Investorscanjoinwithaminimuminvestmentsaslowas$250for retailclassshares.Withnetassetsof$33.5million,GWEFhaspostedayeartodatereturnof5.25%and

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 anannualgainof0.22%overthepastfiveyears.ThefundratingagencyLipperplacedthefund performanceinthe95thpercentileofitspeersforthesameperiods.

GrowthFinancingFundswithaGenderLens
Whilemicrocreditprovidesverysmallloanstowomenentrepreneurswhovetraditionallylackedaccess tocapital,womenseekinghigherlevelsofcapitalizationforlaunchingandgrowingbusinessesalsoface similarbarriers.Eventhoughtheyarenottraditionallyconsideredsocialinvestments,effortstoclose thecapitalgapforwomenowned/managedbusinessesareanimportantcomponentofagenderlensin capitalmarkets,particularlyinmoredevelopedmarkets.Providingwomenequalaccesstocapitalis bothaquestionofequityandanunderinvestedopportunity,buttherearefewopenfundsthatallow investorstodirectlytakeadvantageofthis. Insomecases,incubatorsandfundssuchasSpringworksandPhenomenelleincludewomenaspartofa broaderefforttoincreasecapitalflowstowardunderrepresentedgroupsinbusiness.Otherventure fundssuchasIlluminateVenturespredominantlysupportwomenowned/managedbusinesses,butdo nothaveagenderexclusivelens.Thefundsemphasizethedemonstratedvalueofaddingdiversityto dealflowsbutforcomplexreasonsdonotpositionthemselvesasgenderfocused.27Currently,nonprofit networksandorganizationslinkinginvestorsandcapitalsuchasAstia,CountMeIn,Springboard Enterprises,Women2.0andothersplayamoreprominentroleinhelpingwomenaccessgrowth capital. 1. GoldenSeeds,AngelInvestingFund GoldenSeedsiswomanfriendlynetworkofaccreditedangelinvestorsthatprovidesearlystageand growthcapitaltocompaniesfoundedand/orledbywomen.Itwasfoundedin2004onthepremisethat companieswithwomeninmanagementandtheboardroomhavesuperiorperformance.Memberscan directlyinvestcapitalintoscreenedcompanies,withthetypicalinvestmentminimumperdealbeing $25,000,orviathemanagedGoldenSeedsFunds,whichcoinvestalongsidemembers,atbetween$1 and$3millionperround,inconsumerproducts,software,internet,financialservicesandlifesciences companies.Membersalsoparticipateinscreeningandsupportingthesenewbusinesseswiththeir expertiseandexperience.Foundedin2004,thegroupnowhasover170angelsandlocationsinNew York,Boston,Philadelphia,andSanFrancisco.

SUPPORTGROUPSANDNETWORKS Thereareahandfulofscatteredinitiativestopromoteanddevelopagenderlenswithinsocialinvestmentsectors: Paxhasdevelopedanadvisorycouncilofnationalleadersandexpertstosupporttheeffortsofitsfundtopromote workplacegenderequity.AstiaandSpringboardaretwoexamplesofnonprofitorganizationscommitted developingandraisinginvestmentcapitalforhighgrowthwomenownedstartupsandbusinesses.TheAssociation ofWomenBusinessCenterssupportsitsmemberorganizationseffortstoalsoprovidetraining,technical assistanceandfundingforwomenentrepreneurs,manyofwhomcomefromunderservedcommunities.Within globalmicrofinancethereareanumberofformalandinformalgroupssuchasWomenAdvancingMicrofinance, OxfamsWEMANinitiativeandtheGenderWorkingGroupoftheSocialPerformanceTaskforceaddressthe industrysgenderaspect.Domestically,theAssociationforEnterpriseOpportunityswomensinitiativesupports femalemicroentrepreneursthatcomprise65%ofclientsservedbyitsmemberorganizations. Thereexistsnocomprehensiveefforttolinktheseandothereffortsintheprivate,publicandphilanthropicareas.

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Gatheringknowledgefromthesegroupsandothercentersofgenderknowledgewillbeanessentialcomponentof anyinitiativethatbridgesthesedisparatesectors. CROSSSECTORPARTNERSHIPS Socialinvestinghasbeenbuiltuponphilanthropic,privateandpublicsupport.Suchsupporthasbeennecessaryto createtheframeworkaroundtheemergingindustryaswellasprovidecatalyticfundingforhighimpact,lowreturn investments.Legislativeaction,forexample,isthefoundationofthecleantechindustryandsupported communitydevelopmentefforts.TheGlobalImpactInvestingNetworkfundedbytheRockefellerFoundationis buildingaframeworkthatspanstheimpactinvestingsector.CorporatesupportfromNikeandGoldmanSachsis alsobuildingimportantinitiativesthatinvestinwomenandgirls.

Throughmissioninvestingandprogramrelatedinvestments,foundationsarebecomingoneofthemostimportant sourcesofcapitalforsocialinvestmentseventhoughonlyafractionoftheirresourceshavebeencommitted. Manysocialinvestmentsarealsosubsidizedbyphilanthropicfundingthatiswillingtotradelowreturnsforhigh impactandbuildingthefield.TheCalvertInvestmentNotereservecapital,forexample,isfundedthroughgrants anddonations,enablingtheCalvertFoundationtooffercompetitivereturnsonitsproductstoinvestors.

Giventhemultiplefrontsbywhichsocialinvestingisbeingdeveloped,anysystemwideinitiativetoinvestin womenwillrequireallianceswithphilanthropists,governmentagenciesandprivatemarketactors.

MappingInvestmentswithaGenderLens
TheassetallocationframeworkfromRockefellerPhilanthropyAdvisorsprovidesausefultooltomapthe currentfieldofsocialinvestmentproductswithagenderfocusacrosssocialsectorsandassetclasses (Figure4).Itbecomesclearthatchoicesforinvestorsseekingtoapplyagenderlensarefarmore limited.Investmentsareconcentratedwithinafewimpactsectorsandahandfulofothernotable productsscatteredacrossapproachesandgenderlenses.Currentvehiclessharesomecommon strategiesforsupportingwomenandgirlsthroughinvesting:promotinggenderequityintheworkplace; providingfinancingforwomenownedbusinesses,frommicroenterprisestogrowthcompanies;and developingjobs,facilities,productsandservicesthatbenefitwomen.Italsorevealedvaryingandlimited focusonattractingcapitalfromwomeninvestors. However,giventhestateofthecurrentlandscapesuchamapalsopossesseslimitations.InSRIand growthfinancingwecanidentifyindividualopportunitiesthatserveasabeaconforinvestinginwomen. Inotherareassuchasmicrofinanceandcommunitydevelopment,wehaveonlyselectedexamplesof investmentsthatillustratethetrendsfoundwithinthehundredsofinvestmentproductsinthesefields. Furtherresearchisneededtoanalyzeandsurfaceinvestmentopportunitiesintheseandothersectors baseduponadeeperunderstandingofinvestingwithagenderlens.Themapservestoillustratesome currentareasofopportunitiesandsetthestageforafuturelineofinquirythatwillcomprehensivelymap thespaceofinvestingwithagenderlens. NOTE:Pleasevisitwww.criterionventures.com/womenaswecontinuetomapandspotlightadditional investmentopportunitieswithagenderlens.
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Figure4:AnIllustrativeLandscapeofInvestinginWomen(asofOctober01,2010)
Pleasevisitwww.criterionventures.com/womenforthemostcurrentmapofinvestmentswithagenderlens

RiskAdjustedAssetClasses
DebtInstruments Cash/Cash Alternative EquityInstruments PrivateEquity P2PLoans Notes Funds Public Equity
Pax Women's World Equality

Women's Southwest Federal CreditUnion ResponsAbility OikoCredit* Microfinance Fund*

PrivateEquity/VentureCapital
BlueOrchard PrivateEquity Fund*

Angel Investing
Golden Seeds

Investment Vehicle

Kiva.org

ContactFund*

CDVCACenter Fund*

SocialSector

Community Development

Microfinance

Microfinance Microfinance

Community Development

SRI

Microfinance

Community Development

Growth Financing

GenderLens

Women borrowers/ depositors

Investorscan selectwomen borrowers(60% listed)

85%women borrowers

55%women borrowers

Someenterprises Gender w/women equity clients,nogender within data workplace

60%women borrowers

Somewomen business,no genderdata

Women led business

Investor Profile

Women focus

Women focus

Retail/ Institutional

Retail

Retail

Both

Both,mostly institutional

Institutional/HNW

Both, mostly retail

Both,mostly institutional

Institutional/HNW

HighNet Worth

Regional Focus

Domestic

International/ SomeDomestic

International

International

Domestic

Domestic

International

Domestic

Domestic

Average Ann.Returns

01%

PrincipalOnly

03%

17%

24%

0.54

1520%(est)

18%

25% (est)

Returns

Market

Below

Below

Market

Below

Market

Market

Market

Market

AssetSize

>1M

37M

450M

>1M

32M

148M

6M

3M (6yravg.)

*Note:Theseareselectexamplesinthemicrofinanceandcommunityinvestingfieldstoillustrateopportunitiesinthesector.

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LEARNMORE: Amongthemanyplacestolearnthecaseforinvestinginwomeninclude TheInternationalCenterfor ResearchonWomen,NationalCouncilforResearchonWomenandUNIFEM. TheUnitedNationsWomensEmpowermentPrinciplesofferguidelinestocorporationsoncreatinggender equality(business.un.org).WomenMatterisacomprehensivereportonbenefitsofgenderinclusivepolicies forcorporationsissuedbyMcKinsey&Company. WomensWorldBanking,WomenAdvancingMicrofinance,WEMANaresomeofthegroupscritically examiningtheroleofwomenwithinmicrofinance.Moregenerally,CGAPandMIXreportonthestateofthe microfinanceinvestmentfield. DomesticorganizationsfocusingonfinancingsmallwomenownedbusinessesincludeAssociationfor EnterpriseOpportunityandAssociationforWomensBusinessCenters,whileorganizationssuchasAstia, CountMeInandSpringboardpromotegrowthfinancing.

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MeasuringPerformance KeySectionFindings
Contrarytocommonperceptions,thereturnsofsociallyresponsiblemutualfundsaregenerally competitiveoverthelongterm.However,itsalsoimportanttonotethetremendousdivergencewithin sectors,withinassetclasses,andofcoursebetweenbestandworstperformingfundswithinthesame category. Thediversityandfluxoftheevolvingimpactinvestinguniversemakesitdifficulttogeneralizereturns thatrangefromreturnofprincipleonlytomarketbeatingreturnsinprivateequity.Investmentwitha genderfocusmirrorthespectrumfoundintheoverallimpactinvestmentsector,withmanyofthe currentopportunitiesassociatedwithlowriskandlowreturns. Socialreturnsofinvestmentsvaryasdofinancialreturnsandmoremetricsandevaluativetoolsare neededtoassessimpact,includingimpacttowomenandgirls.Impactinvestingholdsgreatpromiseof creatingsolutionstowomensconcernsandobtainingthereturnspromisedbythewomeneffect.Yet, thefieldneedsstrongerimpactevaluationstosupportitsclaims,particularlyifitisaskingforfinancial subsidies.

MeasuringtheDoubleBottomLine
Naturally,performancespeaksloudestformostinvestors.28However,theperformanceofsocial investmentsrequiresaconsiderationoffinancialandsocialperformance,orwhatissometimescalled theirblendedvalue,doubleortriplebottomlineconcerns.Accordingly,measuringtheperformanceof socialinvestmentsbecomesacomplextask,anevolvingfieldthatisdoggedwithcontroversy, segmentedanddivergentapproaches.Whilesomemodelshaveattemptedtoincorporaterisk,financial returnsandsocialimpact,sucheffortshaveproventobeproblematicorcomplex,andtodatemost analysiscalculatesthedoublebottomlinesseparately.29
TYPOLOGYOFINVESTORS Individualinvestorsalsoprioritizefinancialandsocialreturnsdifferently.TheclassificationbytheMonitor Instituteisusefulinunderstandingwhichreturnsinvestorsprioritizeandtargetingdifferentinvestorswitha diversesetofinvestmentopportunitieswithagenderlens. Impactfirstinvestorsseektooptimizesocialorenvironmentalreturnswithafinancialfloor.Thisgroupuses social/environmentalgoodasaprimaryobjectiveandmayacceptalowerthanmarketrateofreturnin investmentsthatmaybeperceivedashigherriskinordertohelpreachsocial/environmentalgoalsthatcannot beachievedincombinationwithmarketratesoffinancialreturn.Financialfirstinvestorsseekinvestment vehiclesthatoffermarketratereturnswhileyieldingaminimallevelofgood.Theycanprovidemuchneeded capitaltoindustriesbutsuchcapitalmayalsobelesspatientandcreatemarketvolatilityasseeninrecent microfinanceactivity.Anidealscenariowouldenableinvestorstomaximizebothtypesofreturns.

FinancialReturns:SRIFunds
Giventheirmuchlongertrackrecordandsize,sociallyresponsiblemutualfundshavebornethegreatest scrutinyoftheirfinancialperformance.Indeed,thepersistentbeliefthatsocialinvestingautomatically translatestounderperformanceisoneofthebiggestbarrierstothefieldsacceptance.However,the

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 researchonthelinkbetweenfinancialperformanceandESGfactorshasshownfundsandbusinesses alikearefinanciallycompetitiveoverthelongterm.Anoverviewof36academicandbrokerstudies foundthat20showedapositiverelationshipbetweenESGfactorsandportfoliofinancialperformance, 11showedaneutralrelationshipandfiveshowedanegativerelationship.30SRIindiceshavealso performedcompetitivelyagainsttheirnonSRIbenchmarksoverthelongterm.31However,takingESG factorsintoaccountdoesntresultinuniformimpactacrosstheSRIfundindustryatanygiventime period.TheperformancedataforPaxGWEFdemonstratessomeofthepatternsinSRIfund performanceagainstbenchmarkedindices(Figure5). Figure5:BenchmarkingPaxGlobalWomen'sEqualityFundPerformance

PaxWorldWomen'sEqualityFundIndividualInvestor Russell3000Index(Benchmark)
Source:SocialInvestmentForum(March31st,2010)

1yrAnnual Aver%

3yrAnnual Aver%

5yrAnnual Aver%

39.46 52.44

4.89 3.99

10yr AnnualAver % 0.7 0.55

2.39

0.07

FinancialReturns:ImpactInvestments
Thediversityandfluxoftheevolvingimpactinvestinguniversemakesitdifficulttogeneralizereturns acrosssocialsectorsandinvestmentclasses.Itisdifficulttocomparethefinancialreturnsoffairtrade guaranteeswithloanstobuildlowincomehousingbynonprofitstoprivateequityinvestmentsinclean energycompanies,forexample.32Asmarketplacebuildinginitiativesstandardizepolicyandpractice,it maybecomeeasiertoanswerthesequestions.Intheinterim,examiningthereturnsfrommore establishedsectorsinthefieldisinstructive. In2008,aperiodofintensemarketturmoil,CGAPreportsthatcommercialmicrofinancefixedincome fundsgenerated5.8%inreturns.33Communityloanfundshaveaveragedratesbetween0to4%in recentyears.34Withmuchoftheequityinvestmentsinthesesectorsinprivateequity,thereturnsare hardertomeasureasmanyofthevehicleshavenotcompletedfullinvestmentcycles.Butmanyofthe preliminaryresultsdemonstrateperformancecomparabletomarketreturnsorevenhigher.TheBlue OrchardPrivateEquityFund,forexample,seekstomeettypicalindustryreturnsaround15to20%.The morematurecommunitydevelopmentventurecapitalfundsindicatethattheyexpectreturnsinthe8 17%range.35AsseeninFigure4,theperformanceofselectimpactinvestmentproductswithagender lensmirrorsthewiderangefoundwithintheindustry.However,reflectingthestateofthecommunity investingandmicrofinancesectors,manyofthecurrentopportunitiesareassociatedwithlowriskand lowreturns,beloworatmarketrate.

SocialReturns:SRIFunds
WhilethereisconsiderabledebateoverthesocialimpactofSRIfunds,therehasbeenlessdiscussion overmeasurestobolstereitherside.SRIfundshavefacedcriticismforholdingthesameuniverseof investmentsastraditionalmutualfunds.Inoneanalysis,forexample,90%ofallFortune500companies wereinSRIfunds.36Thestrengthofpositivescreeningisthatitrewardsspecificbeneficialcorporate practices,butitcanbeaslipperyslopeifamoreholisticviewofthesumofacompanysactionsisnt takenintoaccount.Inmostcases,thereisalsolittletransparencyinthemethodology,thescreening, therankingcriteriaoranyotherdatathatwouldenableinvestorstomakeaninformeddecisiononthe

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 portfoliosofSRIfunds.However,shareholderadvocacyhasthepotentialtobeapowerfulmotivatorfor moreresponsiblecorporatebehavior.Moreover,ifsocialinvestorscompletelydisengagewithimperfect companies,weloseapowerfulvoiceofinfluencewithintheranksofowners.37Andperhapsthesimple alignmentofvalueswithinvestmentscreatessufficientsocialvalueformanyinvestors. WorksuchastheCalvertWomen'sPrinciples(CWP)initiallydevelopedin2004andrevisedin2008has heightenedawarenessofworkplaceissuesaffectingwomenandcalledattentiontotheroleof companiesinensuringwomensrights.38TheCWPprovideacodeofcorporateconductfocused exclusivelyonempowering,advancing,andinvestinginwomenworldwideandhasinfluencedmany similarsubsequentprinciples.Giventhepowerofthecorporatesectorinimpactingthelivesofwomen, effortstosupportinternalpoliciespromotinggenderequityaswellaspracticesthatpositivelyimpact womenexternallyremaincritical.

SocialReturns:ImpactInvestments
Theclaimofimpactinvestingofcreatingsocialchangethroughfinancialmarketshasbeensubjectto closeexamination.Thisisderived,inpart,fromtheoriginsofpioneersectorsoutofeffortstosolve pressingsocialissuessuchasglobalpovertyandrevitalizingmarginalizedcommunities.Morerecent effortshaveequallyambitiousgoals,includingimmunizationeffortstoeradicatediseasesorbanksto revolutionizenonprofitborrowing.Clearly,thereisatleastasmuchdivergenceinsocialimpactasthere isinfinancialreturnswithinimpactinvestments,makingcrosssectorgeneralizationsdifficult. However,thisisnotjustacrosssocialsectors,butwithinthemaswell.Themicrofinanceindustryoffers aclearillustrationofthis.Itisundeniablethatthereislessprofitinservicingpoorerclientswithsmaller loansorthosethataredispersedacrossremoteareas.Similarly,loanprogramsthatofferextensive counselingandothersupportsservicessuchbusinesstrainingorhealthandeducationserviceswilloften generatelowerprofitsthanthosethatsimplyprovideloans.Thisisnttosaytheseinstitutionswith highercostscantbeprofitable,buttheymaywarrantafinancialsubsidyorphilanthropicsupportas well. Bypinpointingsocialinvestmentsinthemiddleofarangebetweenpurelyphilanthropicandfinancial returnsasinFigure1,weconveytoosimpleanotionofsocialinvesting.Whilethereislikelysome tradeoffbetweensocialandfinancialreturns,itisalsoquitelikelythatsocialinvestmentsinhabita largerspacethanthelinearrelationshipimplies.39Financialfirstinvestorscanfocusuponproductswith highfinancialreturnsandvaryingdegreesofsocialreturnswhileimpactfirstinvestorswillsearchfor productswithhighsocialreturnsandvaryingdegreesoffinancialreturns.Theoptimalpointforevery investorwouldbeproductsofferingbothhighfinancialandsocialreturns.Whileideal,thesupplyof productsinthisendofthespectrumwilllikelybesmaller.
MARKETRATERETURNSORPHILANTHROPICSUBSIDIES?

Categorizingsocialinvestmentsbywhethertheyprovidemarketratereturnsorperformbelowmarketisauseful distinctionforfinancialfirstinvestorsunwillingtoacceptlowerfinancialreturnsorbalancingfiduciaryconcerns.40 Itisalsoapracticalexerciseforimpactfirstinvestorsexaminingwhichinvestmentsperformingbelowmarketrate shouldreceiveaphilanthropicsubsidytosupporttheirsocialimpactrenderingevaluationofimpactand supportingmetricscritical.Many,butcertainlynotall,investmentswithagenderfocusprovidebelowmarket returns(Figure4).Manyalsoofferlowriskthusrequiringacarefulbalancebetweenassessingtheirfinancial performance,socialimpactandrisklevelswhendeterminingtheirplaceinabalancedportfolio.

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 Withthetradeoffsofthissocialfinancialreturnrelationshipunclear,itbecomescriticaltomeasure socialreturnstoaidinvestorsinlocatingwheretheirsocialinvestmentliesinthisframework.Our companionreportonthecurrentstateofgenderimpactmetricswithinfundsandinvestmentindustry standardsbeginsthenextcriticalphaseofanalysis.

LEARNMORE: VisittheSocialInvestmentForumsiteforanalysisofcurrentmutualfundperformancedata.Reviewsofmore longtermstudiesincludetheUnitedNations/MercerreportDemystifyingResponsibleInvestment Performance:AreviewofkeyacademicandbrokerresearchonESGfactorsandLloydKurtzschapteron sociallyresponsibleinvestmentsinTheOxfordHandbookofCorporateSocialResponsibility. TheParthenonGroup&BridgesVenturesreportInvestingforImpact:CaseStudiesAcrossAssetClasses presentsthereturnsofdiverseimpactinvestmentsinmultiplesectors. PailHawkensreviewofscreenedfundsbasedon2004data(www.naturalcapital.org)presentsacritical examinationoftheirsocialimpactwhileKurtzoffersadefense.

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LookingAhead
Ourreviewofthecurrentlandscaperevealsboththetremendousgapsandtheopportunitiesto empowerwomenandgirlsthroughinvesting.Aswelookahead,weseeseveralpromisinglinesofaction thatcouldstrengthenthegenderlensinthesocialcapitalmarkets.Whiletheroadaheadwillnotbe easy,itdemandsacreative,fieldbuildingapproachsowecanfullyleveragethepowerofthesocial capitalmarketstogeneratepowerfulresultsforwomen. Supportadiversityofsocialinvestmentproductswithagenderfocusacrosssocialsectors.Weneedto strengthen,supportandmakevisiblethegenderlensinmicrofinanceandcommunitydevelopment vehiclesanddevelopnewfundsinadditionalsocialsectorsthatdisproportionatelyimpactwomenbut currentlylackgenderfocusedproducts. Addressinvestmentperformancebothfinancialandsocial.Alandscapeofinvestmentsofferinga diversityofriskandreturnswouldbestmeettheneedsofinvestorsacrossthespectrum.Atthesame time,wealsoneedtoimproveourcurrentassessmentsandreportingontheimpactofinvestmentson womenandgirls. Bringinnewsocialinvestors,particularlywomen,tobuilddemandforproductswithagenderlens. Newsourcesofcapitalwillbeneededtosupportthenewproducts.Womeninvestors,inparticular,are avaluable,untappedresourceinsocialinvesting.However,allindividualandinstitutionalinvestors shouldbecultivatedtocreateabroadbaseofsupport. Removethebarriersinvestorsfaceinobtainingsocialinvestmentinformation.Gathering andpromotingnewandexistinginvestmentopportunitiesthroughmappingandotheronlineandoffline venueswouldincreasevisibilityandreducethehurdlesinvestorscurrentlyface. Collaboratewithpartnersandsupporterstobuildabroadcoalitionforgenderfocusedinvestments. Wemustbringtogetherinvestors,researchers,funds,philanthropistsandthefragmentedinitiativesat theintersectionofwomenandinvestingtoredesignsocialcapitalmarketstobenefitwomenandgirls.

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References

Notes/References

AdaptedfromTrelstad,B.(2009)TheNatureandTypeofSocialInvestors.Retrievedfrom http://www.acumenfund.org 2 http://www.blendedvalue.org 3 SocialInvestmentForum(2007).SociallyResponsibleInvestingTrendsintheUnitedStates.Retrievedfrom http://www.socialinvest.org/resources/pubs/ 4 Robeco&Booze&Company(2009).ResponsibleInvesting:aParadigmShiftfromNichetoMainstream.Retrieved fromhttp://www.robeco.com 5 http://www.globalimpactinvestingnetwork.org/ 6 TheMonitorInstitute(2009).InvestingforSocialandEnvironmentalImpact:ADesignforCatalyzingtheEmerging Industry.Retrievedfromhttp://www.monitorinstitute.com/impactinvesting/ 7 SocialInvestmentForum(2007) 8 Robeco&Booze&Company(2009) 9 RockefellerPhilanthropyAdvisors(2009).SolutionsforImpactInvestors:FromStrategyto Implementation.Retrievedfromhttp://www.globalimpactinvestingnetwork.org 10 TheMonitorInstitute(2009) 11 Dominic,R.(2010).TheFutureofMicrofinance.InMartin,M.&Ernst,A.(Eds)Viewpoint2010:Whatisahead forSocialInvestment?Retrievedfromhttp://www.globalimpactinvestingnetwork.org 12 CGAP(2009).MIVSurvey2009.Retrievedfromhttp://www.cgap.org 13 Bankowska,E.,Pait,S.&Sinha,F.(2009)IntegratinggenderintoSocialPerformanceManagementandReporting inMicrofinance.Workingdocument;WomensWorldBanking(2008)StemmingtheTideofMissionDrift: MicrofinanceTransformationsandtheDoubleBottomLine.Retrievedfromwww.swwb.org 14 WomensWorldBanking(2008) 15 http://www.mixmarket.org/mfi/benchmarks 16 CGAP(2009) 17 WomensWorldBanking(2008) 18 http://www.oikocredit.org/socialperformance/en/home 19 http://www.responsability.com/domains/responsability_ch/data/secure_pdf/SPR_2009_rAGMF_EN.pdf 20 ConversationwithSarahLeshner,BlueOrchard 21 http://www.nytimes.com/2010/04/14/world/14microfinance.html?scp=8&sq=kiva&st=cse 22 SocialInvestmentForum(2007) 23 http://www.communityinvest.org/impact/minorities.cfm 24 ConversationwithM.Reed,TheContactFund 25 ConversationwithJ.Pryce,TheCalvertFoundation 26 Seehttp://cdfi.org/uploads/other/WIN.pdf 27 ConversationswithJorgeCalderon,Springworks,andCindyPadnos,IlluminateVentures 28 UnitedNationsEnvironmentProgrammeFinanceInitiative&Mercer(2007)DemystifyingResponsibleInvestment Performance:AreviewofkeyacademicandbrokerresearchonESGfactors.Retrievedfromhttp://www.unepfi.org 29 AmongtheexamplesisDunn,B.(2006).ModernPortfolioTheorywithaTwist:TheNewEfficient Frontier.Retrievedfromhttp://americansforcommunitydevelopment.org/ 30 UNEPF&Mercer(2007) 31 SocialInvestmentForum(2007) 32 DetailedexamplescanbefoundatParthenonGroup&BridgesVentures(2010)InvestingforImpact:CaseStudies AcrossAssetClasses.Retrievedfromhttp://www.parthenon.com 33 CGAP(2009) 34 http://www.communityinvest.org/financial/perf.cfm
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ibid Hawken,P.(2004).CorporateSocialResponsibility:HowtheSRIindustryhasfailedtorespondtopeoplewith conscienceandhowtodosomethingaboutit.Retrievedfromhttp://www.naturalcapital.org 37 Kurtz,L.(2008).SociallyResponsibleInvestmentandShareholderActivisminTheOxfordHandbookofCorporate SocialResponsibility.Oxford:OxfordUniversityPress 38 Seehttp://www.calvert.com/womensprinciples.html 39 TheMonitorInstitute(2009) 40 F.B.Heron(2003)NewFrontiersInMissionRelatedInvestingRetrievedfromhttp://www.fbheron.org
36 35

SelectInterviews
Allison,Charles Almeida,AnnMarie Anderson,Joy Bingham,Benjamin Calderon,Jorge Evans,Connie KuhnFraioli,Lisa
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Leshner,Sarah McGee,Dawn Padnos,Cindy Pryce,Jennifer Rastello,Blaise Reed,Mark Wilson,Rob

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WomenEffectsInvestments
WomenEffectsInvestmentsisshapingthesocialcapitalmarketstogeneratepowerfulreturnsfor womenandgirlsby Creatingandempoweringacommunityofwomeninvestorstoplacetheirassetsinadiversegroup ofvehiclesandexpandtheseatatthetableforwomeninsocialinvesting Supportingtheeffortsoffinancialintermediariestostrengthenandcreatenewinvestment opportunitieswithagenderlensthatgeneratebothsocialandfinancialreturns Developingthevisibility,linkagesandinfrastructurenecessarytobuildthefieldofsocialinvestingwitha genderlensbybringingtogethertheworldsofsocialinvesting,womenscapitalandgenderknowledge

IfyouareinterestedinprovidingphilanthropicsupporttoWEIorcollaboratinginoureffortstobuildthe field,contactJackieVanderBrugatvanderbrug@criterionventures.com.LearnmoreaboutWomen EffectInvestmentsatwww.criterionventures.com/women

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