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The Global Landscape of Gender Lens Investing

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The Global Landscape of Gender Lens Investing International Development Research Centre Centre de recherches pour le développement international 2 The Global Landscape of Gender Lens Investing ACKNOWLEDGEMENTS This study was carried out with the grant support from the International Development Research Centre (IDRC), Ottawa, Canada. The report presents global landscape of Gender Lens Investing with the aim to promote it in developing countries. We are grateful to IDRC for supporting and guiding us in this endeavor. The team would also like to gratefully acknowledge and thank Flaubert Mbiekop, Usha Ganesh and Vikas Bali for their guidance and suggestions. Authors: Prachi Maheshwari, Amar Gokhale, Niharika Agarwal, Agnes Makena and Shreejit Borthakur Disclaimer The views/ analysis expressed in this report do not necessarily represent those of IDRC or its Board of Governors. IDRC also does not guarantee the accuracy of any data included in this publication nor does it accept any responsibility for the consequences of its use. 3 The Global Landscape of Gender Lens Investing ABOUT INTELLECAP Intellecap is a pioneer in providing innovative business solutions that help build and scale profitable and sustainable enterprises dedicated to social and environmental change. Founded in 2002, the Aavishkaar - Intellecap Group now manages assets of over USD 750 million and have directed over USD 1 billion of capital to entrepreneurs working on challenging problems sustainably through equity funds, venture debt vehicle, microfinance lending and investment banking intermediation. Intellecap provides a broad range of consulting, research and investment banking services, to multilateral agencies, development finance institutions, social enterprises, corporations, investors, policy makers and donors. In 2017, Intellecap won the ‘Impact Market Builder of the Year Award’ from Global Steering Group (GSG) Chicago, a G20 Think tank. For more details please visit, www.intellecap.com For more information, please contact: [email protected] 4 The Global Landscape of Gender Lens Investing ABBREVIATIONS AI Artificial Intelligence SDG Sustainable Development Goals Department of Foreign Affairs and Small and Growing Business DFAT Trade SGB ESG Environmental, Social and Governance SHG Self-Help Group GDP Gross Domestic Product SME Small and Medium Enterprise GIIN Global Impact Investing Network SRI Socially Responsible Investing GLI Gender Lens Investing UK United Kingdom IFC International Finance Corporation UN United Nations LGBT Lesbian, Gay, Bisexual and Transgender USA United States of America United States Agency for International Micro Finance Institution MFI USAID Development NGO Non-Government Organization WASH Water, Sanitation and Hygiene Overseas Private Investment Women Economic Empowerment OPIC Corporation WEE ROE Return on Equity 5 The Global Landscape of Gender Lens Investing CONTENTS 6 1: Executive summary 11 2: Setting the context 21 3: Businesses enabling women’s empowerment 33 4: Gender lens investors and their strategies 45 5: Looking ahead 51 Appendix 6 The Global Landscape of Gender Lens Investing FIGURES TABLES 13 1: Global Development Goals 13 1: Examples of gender focused interventions 15 2: Field of Gender Lens Investing 2: Examples of women-focused policies and schemes initiated by private sector and the 16 3: Drivers of Gender Lens Investing 14 government from across the world 20 4: Gender Lens Investing - Stakeholders Map 3: Examples of businesses enabling women's 25 social empowermen 21 5: Examples of gendered challenges 4: Examples of Government Interventions for Women Microenterprises, Cooperatives and 6: Representation of women in workforce 22 27 SHGs 22 7: Global gender wage gap 5: Examples of Interventions for Enhancing 28 Finance for Women-led SGBs 23 8: Disparity in access to finance 6: Engagement of women in business value 9: Categorization of businesses enabling 31 chain 24 women’s empowerment 7: Examples of Gender Lens Investment Funds 10: Women economic empowerment through 35 by DFIs 26 entrepreneurship 11: Examples of Women focused accelerators 8: Examples of gender investments made by 30 across the globe 37 impact investors 12: Gender Lens Funds by Timeline & Regional 34 Distribution 35 13: Share of Funds by GLI Strategy 36 14: Instruments of Investment by GLI Strategy 15: Number of Public and Private Funds with a 36 Gender Focus, Timeline of Commencement 38 16: Share of Funds by Instrument of Investment 17: Strategy 2a - Number of Funds, Timeline of 39 Commencement 18: Strategy 2b - Number of Funds, Timeline of 42 Commencement 19: Aspects of organizational gender due 43 diligence 20: Strategies to promote gender lens investing 45 in developing countries 21: Representation of women’s entrepreneurship 47 ecosystem 22: Key focus areas for gender integration and 48 analysis for investment 49 23: An indicative framework for gender analysis 7 The Global Landscape of Gender Lens Investing 01 Executive Summary Globally, there are wide gaps in gender equality and access to economic opportunities for women. Women face disproportionate challenges in access to opportunities across all spheres of life such as education, health care services and finance. They also have to face social challenges such as gender stereotypes and mobility and safety issues, which in turn impacts their social and economic empowerment. Almost a billion women of employable age are not part of the formal workforce, and women routinely contend with issues such as insufficient support for entrepreneurship, gender pay gap, sexual harassment at the workplace and under- representation in top management – in both private and the public sectors. Global Gender Statistics Gender gap in Educational Primary Secondary Tertiary Workforce Attainment 2% 3% 7% participation 54% of women, Unemployment Out of Graduation in contrast to rate for school and 23% 15% from STEM 16% 30% men education subjects 81% 33% 7% are part of the formal economy Women currently On average, men Women working Only 56% hold of in full-time jobs 4.8% do only 34% of women globally CEO positions the unpaid work earn 4 out of 5 hold a bank 77% at Fortune 500 that women do of their male victims of human account, companies, as (such caregiving counterparts' trafficking are compared to opposed to girls and household earnings 95% 63% of men men chores) Sources: ‘21 Facts about Gender Inequality you need to know now’ by Makers, and WEF Global Gender Gap Report 2016 8 The Global Landscape of Gender Lens Investing The mutual causality between economic empowerment and social empowerment is largely well- accepted, and so is the importance of simultaneous interventions on both aspects to effectively achieve the goal of gender equality. The potential economic empowerment through improved access and control over economic resources, human and social resources, opportunities and markets; combined with effectively exercised agency to achieve social outcomes has garnered special interest in women’s entrepreneurship and workforce participation as the twin paths to achieve this goal. Several philanthropic and government led initiatives promoting gender equality through women’s socio-economic interventions have been active globally – often feeding into policy advocacy, which has resulted into many policy and legal provisions around the world1, although the agenda of gender equality is still evolving. Promotion of gender equality has been made an important aspect of the global development agenda, with the Sustainable Development Goal 5 and the earlier Millennium Development Goal 3 specifically targeted towards it. In this context, the role of investing, especially risk capital, with the view to promote gender equality is comparatively nascent. As an investment strategy, ‘gender lens investing’, which is an intentional incorporation of gender analysis into financial due-diligence during the investment process to promote social and/or economic empowerment of women in addition to financial returns, has emerged only in the last couple of decades – initially in the global North and now increasingly in developing countries. This is driven by multiple factors, not the least of which is the rising evidence of a strong business case for investing to leverage the potential of women as consumers, employees and entrepreneurs. There has been growth of businesses enabling women’s empowerment that are for-profit models promoting and enabling social and/or economic empowerment of women. Over the last decade, more than USD 4.6 bn in debt and equity capital has been deployed in such businesses enabling women’s empowerment across the world.2 Gender lens investing can play a significant role in addressing the challenges that women as consumers, employees and entrepreneurs contend with, such as lack of access to finance, social biases, inequality in opportunities among others. Gender Lens Investing – An investing approach to promote social and/or economic empowerment of women, in addition to financial returns 1. Social Empowerment: Investors use the gender lens to invest in businesses that improve access to critical goods and services for women which impact their quality of life, security and well-being, leading to their social empowerment. 2. Economic Empowerment: Investors use gender lens to create a level playing field for women in the area of entrepreneurship and employment to enable their economic empowerment through a. Improved access to finance for women-led businesses: Investors provide targeted capital to improve access to finance for women led businesses across
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