ui
ty

bt
te De
iva

b
Pu

lic
Eq
uity

Pr

Public D
ebt

Real Assets

Eq
e
at
Priv

EMPOWERING WOMEN,BUILDING SUSTAINABLE ASSETSStrengthening the depth of gender lens investing across asset classes

In collaboration with GENDER LAB- AXA Research Lab on Gender Equality

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETS:
Strengthening the depth of gender lens investing across asset classes
United Nations Entity for Gender Equality and the Empowerment of Women
220 East 42nd Street
New York, NY 10017
USA.
© Copyright UN Women 2024.
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any
form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission of
UN Women.
Disclaimer: This report was produced by UN Women in collaboration with Phenix Capital Group, Politecnico
di Milano – Tiresia, and Bocconi University – AXA Research Lab on Gender Equality. Its contents are the sole
responsibility of the authors and do not necessarily reflect the views of the United Nations and its Member States.
Suggested references: Bocconi University, Phenix Capital Group, Politecnico di Milano and UN Women. 2024.
Empowering Women, Building Sustainable Assets: Strengthening the depth of gender lens investing across asset classes.
Editors: Gretchen Luchsinger and Andy Quan
Production Coordinator: Tabia Kazembe
Design: Oliver Gantner
Cover photos: UN Women/ Gaganjit Singh, Ishak Saleh, IMF Focus | Gender, UNAMIDEMPOWERING WOMEN,BUILDING SUSTAINABLE ASSETSStrengthening the depth of gender lens investing across asset classes

ECONOMIC EMPOWERMENT SECTION
UN WOMENNew York, January 2024

In collaboration with GENDER LAB- AXA Research Lab on Gender Equality

ABOUT
About UN Women

About Politecnico di Milano | TIRESIA

UN Women is the UN organization dedicated to genderequality and the empowerment of women. A global
champion for women and girls, UN Women wasestablished to accelerate progress on meeting theirneeds worldwide.

Technology Innovation & Research for Social Impact(TIRESIA, also written ‘Tiresia’) is a research centre basedin the School of Management (SoM) of the Politecnico
di Milano. Their main research interests and activities
include new forms of impact entrepreneurship, social
impact measurement, impact finance and inclusive
innovation. Tiresia produces scholarly and practiceoriented research addressing academic, policy and civilsociety needs. They are also engaged in advisory activities
for corporations, financial institutions and policymakers.

UN Women supports UN Member States as they set
global standards for achieving gender equality, and works
with governments and civil society to design laws, policies,
programmes and services needed to ensure that thestandards are effectively implemented and truly benefit
women and girls worldwide. It works globally to makethe vision of the Sustainable Development Goals a reality
for women and girls and stands behind women’s equal
participation in all aspects of life, focusing on four
strategic priorities: Women lead, participate in and benefit
equally from governance systems; Women have income
security, decent work and economic autonomy; Allwomen and girls live a life free from all forms of violence;
Women and girls contribute to and have greater influencein building sustainable peace and resilience, and benefit
equally from the prevention of natural disasters andconflicts and humanitarian action. UN Women also
coordinates and promotes the UN system’s work in
advancing gender equality.

About Bocconi University | AXA Research Lab
on Gender Equality
The AXA research lab on gender equality at Bocconi
University aims to improve our understanding of gender
gaps and how to reduce them by examining the risks andopportunities for women in the economy through threesimultaneous research streams including quantitative
analysis, policy-evaluation techniques and focus ondeveloping measures and policies designed to close thegender gap.

About Phenix Capital Group
Phenix Capital Group is an impact investing consultancy
firm based in Amsterdam with the mission to catalyse
institutional capital towards impact investments,
supporting the 2030 Sustainable Development Goals.
Phenix is dedicated to building the industry by equipping
asset owners and managers with insights, tools andopportunities in the impact investing market. Phenix runs
the most comprehensive universe of impact investment
funds across asset classes, regions and themes since2019, “Phenix Impact Database”, built with the supportof leading institutional investors as Founding Members.

II

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETSACKNOWLEDGEMENTS
Empowering Women, Building Sustainable Assets:Strengthening the depth of gender lens investing acrossasset classes was produced by UN Women, Phenix CapitalGroup, Politecnico di Milano and Bocconi University, withfinancial support from the Government of the Grand
Duchy of Luxembourg.
The report was developed under the overall guidance ofJemimah Njuki (Chief, Economic Empowerment Section,
UN Women).
The authors included Anna Falth (Global Head, Women’s
Empowerment Principles and Senior Economic Adviser,
UN Women), Vanina Vincensini (Consultant – Sustainable
Finance, UN Women), Nobuyuki Imamura (Consultant),
Jyoti Aggarwala (Consultant), Chiara Borneman (Director
Impact Investing, Phenix Capital Group), Maria Gil
Mendoza (Analyst, Phenix Capital Group), Leonardo Boni
(Assistant Professor, TIRESIA – Politecnico di Milano),
Zeynep Hazal Kopal (PhD Candidate, TIRESIA – Politecnico
di Milano), Chiara Cremasco (PhD Candidate, TIRESIA –Politecnico di Milano), Paola Profeta (Full Professor
Bocconi University) and Ximena Calò (PhD candidate,Bocconi University).

UN Women, Phenix Capital Group, Politecnico di Milano
and Bocconi University would like to thank the institutional
investors who generously contributed their time andshared their knowledge on gender lens investing
strategies, including: ABN AMRO; Align Impact; ANESVADFoundation; Bank of America; BMW Foundation Herbert
Quandt; Ferd Impact Investing; FinDev Canada; Finnfund;Global Endowment Management; IFC; Osprey Foundation;
Sarona Asset Management; Sasakawa Peace Foundation;
Stiftung Abendrot; Swedfund; and Tiedemann Advisors.
UN Women, Phenix Capital Group and Politecnico di
Milano are also grateful to the many experts who
generously contributed their time and expertise toreview the report.

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETSIIIFOREWORD
Gender inequality, coupled with the climate crisis, is oneof the greatest challenges of our time. It poses threats
to ways of life, livelihoods, health, safety and security for
women and girls around the world.1 The latest gender
statistics reveal slow and unsustainable progress. At
the current pace, the world is faced with the daunting
prospect that the Sustainable Development Goal on
gender equality and women’s empowerment (SDG 5)
will not be reached by 2030.

market has made great strides in transitioning fromgovernance issues to a risk focus, what is required isan increased focus on improved measurement andtransparency around results and impact, as well as thevolume and quality of investment capital, to advancegender equality and women’s empowerment. Measures
for accountability are also needed to ensure alignment
with investing that has an impact on gender equality
and on women and girls.

Conversely, with the full participation of women in theeconomy comes job creation, innovation, productivity,
sustainable economic growth and the fulfilment of
women’s human rights. The European Institute for Gender
Equality estimates that advancing gender equality may
increase per capita European Union (EU) GDP from 6.1
per cent to 9.6 per cent.2

The report aims to reflect the diverse range of gender lensinvesting models and practices while also highlighting
the potential challenges and contradictions they pose tofeminist agendas. In this context, the report considers
how impact funds can strengthen gender lens investing(GLI) to pave the way for inclusive and sustainable
development that leaves no woman or girl behind. The
study draws on data collected and analysed by Bocconi
University’s AXA Research Lab on Gender Equality fromthe Phenix Capital Group’s Impact Fund Database,showing that only 17.2 per cent of funds in this database
have stated SDG 5 among their impact objectives.
It also provides a better insight into the characteristics,
opportunities and risks faced by the impact investment
funds focused on SDG 5 through case studies of funds
provided by Phenix Capital Group along various assets
classes. These are complemented by semi-structured
interviews by Tiresia – Politecnico di Milano, similarly
sourced from Phenix’s market intelligence, withinstitutional investors which allocate capital throughinvestment.

It has been abundantly clear that the global financial
architecture needs to change, to serve people and planet.
The latest estimates show that 3.3 billion people areliving in countries where governments are paying
more to serve debt than they are spending on healthand education. And while the role of public finance isundisputed, the private sector can contribute to financing
the achievement of the SDGs. As the only United Nations
entity dedicated to gender equality and women’s
empowerment, UN Women is exploring innovative
financing instruments that can accelerate progress on
SDG 5 in line with the United Nations 2015 Addis Ababa
Action Agenda.3 Today’s financial markets offer a wealthof opportunities to leverage financial instruments toadvance gender equality and women’s empowerment
in the workplace, marketplace and community. With
the rise of impact investing and sustainable finance,
new pathways have been created and more investors
are investing with a gender lens to optimize theirreturns on investment and reduce investment risks while
contributing to reducing gender inequalities. While theIVWith this report, UN Women calls on collective action
and invites all stakeholders to join our efforts to advancefinancing for gender equality, including through private
finance, and jointly lead and shape the path to a more
inclusive and sustainable economy and to drive
accountability for the achievement of SDG 5.

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETSTABLE OF CONTENTS
ABOUT

II

ACKNOWLEDGEMENTSIII

FOREWORDIVGLOSSARYVII

ABBREVIATIONS AND ACRONYMS

VIII

1. INTRODUCTION

3

1.1 Why this report3

1.2 Intersections between investment, impact and gender lens4

What is gender lens investing?

4

What is gender impact investing?

6

2. EVOLUTION OF GLOBAL PRINCIPLES, STANDARDSAND MEASUREMENT FRAMEWORKS

9

2.1 Current principles guiding gender lens approaches
for impact funds and investors

9

2.2 Deepening impact: evidence from the literature15

3. APPLICATIONS OF A GENDER LENS BY INSTITUTIONAL INVESTORSAND IMPACT FUNDS: INSIGHTS AND PRACTICES

19

3.1 Insights from institutional investors on gender lens investing19

3.2 SDG 5 as an impact investing objective: impact funds’ practices
across asset classes

27

3.3 Types of asset classes and examples of gender integration29

3.3.1 Private equity

29

3.3.2 Private debt

31

3.3.3 Real assets

34

3.3.4Public equity

40

3.3.5 Public debt

43

4. CONCLUSIONS AND RECOMMENDATIONS

47

ENDNOTES50EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETSV

BOXESBox 1: Private equity impact fund example

30

Box 2: Investment industry stakeholders and types of asset owners

33

Box 3: Real estate impact fund example

36

Box 4: Cropland fund example

38

Box 5: Public equity impact fund example

41

Box 6: Public debt impact fund example

44

FIGURESVI

Figure 1: Intersections between impact, a gender lens and investment

5

Figure 2: Spectrum of capital and classification of investment approaches

6

Figure 3: Diversity of frameworks guiding gender lens investing10

Figure 4: The Women’s Empowerment Principles

12

Figure 5: 2X Criteria

13

Figure 6: Alignment of IRIS+ metrics and SDG 5 targets

14

Figure 7: Investment industry stakeholders and types of asset owners

20

Figure 8: Number of funds by targeted SDG

27

Figure 9: Breakdown of the number of impact investing funds

28

Figure 10: Private equity funds launched per year targeting SDG 5, by status

29

Figure 11: Private debt impact funds launched per year targeting SDG 5, by status

32

Figure 12: Real assets impact funds launched per year targeting SDG 5, by status

34

Figure 13: Public equity impact funds launched per year targeting SDG 5, by status

40

Figure 14: Public debt funds launched per year targeting SDG 5, by status

43

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETSGLOSSARY
Asset class: A group of financial instruments that have
similar financial characteristics and behave similarlyin the marketplace.
Gender: Gender refers to the roles, behaviours, activities
and attributes that a given society at a given time
considers appropriate for men and women.
Gender equality: This refers to the equal rights,
responsibilities and opportunities of women andmen and girls and boys. Equality does not meanthat women and men will become the same butthat women’s and men’s rights, responsibilities andopportunities will not depend on whether they areborn male or female. Gender equality implies thatthe interests, needs and priorities of both womenand men are taken into consideration, recognizing
the diversity of different groups of women and men.
Gender equality is not a women’s issue but should
concern and fully engage men as well as women.
Equality between women and men is seen both asa human rights issue and as a precondition for, andindicator of, sustainable people-centred development.
Fund managers: Organizations managing commingled,
pooled and customized vehicles invested byinstitutional asset owners.
Impact investing: The Global Impact Investing Network(GIIN) defines ‘impact investing’ as an activity taking
place across all asset classes, in which investments
are made with the intention to generate positive,
measurable social and environmental impact
alongside a financial return.

Intersectional approach: Recognizing that gender is partof the broader sociocultural context, as are otherimportant criteria for sociocultural analysis includingclass, race, poverty level, ethnic group, sexual
orientation, age, and more.
Private debt: Debt instruments to companies: direct
lending, mezzanine, microfinance strategies.
Private equity: Equity stakes in privately held companies/
funds: venture capital, growth, buyout strategies.
Public debt: Publicly traded fixed income securities:
investment grade or high yield, focused on green
bonds and municipal and community infrastructure
and affordable housing issuers.
Public equity: Equity stakes in publicly traded companies:
from small-cap to mid-cap and large-cap.
Real assets: Encompasses real estate, infrastructure,
farmland and cropland, and timberland and forestry
assets.
Women’s empowerment: The empowerment of womenand girls concerns their gaining power and control
over their own lives. It implies that to be empowered
they must not only have equal capabilities (such as
education and health) and equal access to resourcesand opportunities (such as land and employment),
but they must also have the agency to use these rights,
capabilities, resources and opportunities to makestrategic choices and decisions (such as is provided
through leadership opportunities).

Institutional investors: Providers of capital, such as
outsourced Chief Investment Officers (CIOs), pension
funds, insurance companies, family offices, sovereign
wealth funds, endowments, foundations, banks,
fiduciary managers and discretionary investment
consultants.

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETS

VII﻿ BBREVIATIONSAAND ACRONYMS

VIII

AUM

Assets under management

ESG

Environmental, social and governance

ICMA

International Capital Market Association

IFC

International Finance Corporation

GIIN

Global Impact Investing Network

GLI

Gender lens investingIMP

Impact Management Platform

SDGs

Sustainable Development Goals

SME

Small and medium-sized enterprise

WEPs

Women’s Empowerment Principles

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETS1

INTRODUCTION

Photo: UNODC/Duncan Moore

1

INTRODUCTION

1.1 WHY THIS REPORTHalfway to the 2030 Sustainable Development Agenda, we stand at a crucial crossroad forachieving gender equality and empowering women and girls. Sustainable Development Goal 5(SDG 5) calls for our collective commitment to this vital cause. However, progress towards genderequality remains slow, hindered by chronic underfunding and a backlash on women’s rights.
Investing in SDG 5 is not just a moral imperative for
upholding human rights, but also a strategic opportunity.
Gender inequality manifests in various forms, fromlimited access to education and healthcare to unequal
economic opportunities and political representation.
These disparities not only impede social progress but
also hinder economic growth and stability. By intentionallyinvesting in SDG 5, stakeholders—from governments tothe private sector—can address these gender gaps andunlock the full potential of half of the world’s population.
Gender lens investing (GLI), as an approach to allocate
capital with the intention to address gender inequality,
offers a practical and potentially impactful way to tackle
the chronic underfunding of women’s empowerment
and gender equality initiatives. It proposes to integrate
gender analysis into investment decisions with the aimof promoting gender equality and addressing genderbased disparities. This includes considering gender
dynamics within companies and industries, promoting
gender diversity in leadership and governance, investingin businesses that address the needs and preferencesof women as consumers, and supporting initiatives that
advance women’s economic empowerment.
GLI is not limited to specific asset classes; it can be applied
across a diverse range of investments. Whether in public
equities, public debt, real estate or infrastructure, investors
can leverage their capital to support gender equality.
For example, investing in bonds issued by organizations
that prioritize gender equality can promote financial

inclusion and women’s access to credit. Real estate
investments can focus on affordable housing initiatives
that prioritize women’s safety and address housing gaps.
By integrating gender considerations into all asset classes,
investors can drive positive change at various levels of
the economy.
Yet not all investing practices that are labelled as
adopting a “gender lens” contribute to the effective
change that is needed to level the playing field for
women’s empowerment. For example, there are concerns
about superficial approaches that focus on symbolic
representation without challenging systemic genderinequalities. Critics argue that GLI often prioritizes
financial return before impact, and individual
empowerment while overlooking the need for structuralchange. They highlight the risk of co-optation, wherefeminist ideals are commodified and diluted for financial
gain. Additionally, some question the extent to which
GLI addresses the concerns of marginalized women,
particularly those facing intersecting forms of oppression.
Therefore, a closer look at current practices, standards
and guiding stakeholders in navigating GLI is timely.
To make steady progress in closing gender gaps andrealize substantive gender equality,4 resources need tobe mobilized from all sources in the public and the private
sector, including from investors. This was one of the key
messages of the United Nations Addis Ababa Action
Agenda in 2015, and it is more urgent than ever.5

1. INTRODUCTION

3

Analysis of the Phenix Capital Impact Fund Database(‘The Impact Database’) sends a clear message. There is
scope to work with impact funds to drive investments
in gender equality and women’s empowerment. Out of
2,100 impact funds mapped by Phenix Capital in July 2022,
356 (16.9 per cent) included SDG 5 in their investment
objectives. One year later, in July 2023 the number of funds
including SDG 5 targets increased to 422, representing
17.2 per cent of the total of 2,440 funds, and 8.9 per centof the total assets under management (AUM) of thesefunds, amounting to US$56 billion of US$631 billion.
The report, Empowering Women, Building Sustainable
Assets: Strengthening the depth of gender lens investing
across asset classes, delves into the realm of GLI and its
connection to impact investing. It starts by providing
an overview of GLI, which involves considering genderbased factors when making investment decisions.
The report then acknowledges the progress made in
the GLI space, with an increasing number of impact
funds and institutional investors incorporating genderconsiderations into their investment strategies.

Interviews with institutional investors show how capitalhas been allocated by integrating a gender lens and/or
SDG 5 objectives within their fund investments. Further,case studies of funds targeting specific asset classes
illustrate current GLI practices of impact funds thathave selected SDG 5 as an impact objective. The reportoutlines key strategies and recommendations fornavigating the intersection of SDG 5 and GLI throughthese funds, including per asset class. It highlights theimportance of robust gender analysis and data collection
to inform investment decisions and measure the impact
of investments on gender equality. The authors also
advocate for strengthening collaboration among
investors, governments and civil society organizations
to pool resources, expertise and influence for greatercollective impact.
As an increasing number of market stakeholders,
including impact investors, become well informed
about approaches to strengthen their contribution togender equality, this, in turn, would contribute to theincreased quantity and quality of gender lens investing.

1.2 INTERSECTIONS BETWEEN INVESTMENT,IMPACT AND GENDER LENS
What is gender lens investing?
Gender lens investing (GLI) has gained significant interestin recent years, but currently, there is no single definition
for gender lens investing that has gained universal
acceptance across the impact investment industry. 6
According to the Global Impact Investing Network (GIIN),
GLI is “a strategy or approach to investing that takes
into consideration gender-based factors across the4

investment process to advance gender equality and better
inform investment decisions”.7 This definition is consistent
with the common understanding that investment lenses
and themes are considered tools to organize investment
processes, including policy, strategy and implementation.
Figure 1 presents the conceptual intersection between
investment, impact and a gender lens.

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETSFIGURE 1

INTERSECTIONS BETWEEN IMPACT, A GENDER LENS AND INVESTMENT
Gender lensInvesting (GLI)• Gender lens can beapplied with or without
impact intention.

Impact Investing witha gender lens
• A subset of GLI,
corresponding
only to GLI with
impact intention.

Gender lens

• Not all GLI has
impact intention.

Investment
ImpactInvesting

ImpactGender lenswith Impact(intention)

Impact: Impact refers to the effect or influence that an activity, organization or investment has on society and theenvironment. It involves considering both positive and negative outcomes and assessing how investments
can contribute to sustainable development, social progress and environmental stewardship. Impact focuseson the measurable and observable changes in various aspects of people’s lives, such as economic well-being,social conditions, health outcomes, education and environmental sustainability. Impact can also occur atthe level of institutions: this includes changes in governance structures, policy frameworks, institutional
capacity and legal frameworks resulting from development interventions, and leading to enhancing
accountability and creating an enabling environment for sustainable development. A few variants of thedefinition of impact can be found on the Impact Management Platform. 8
Gender lens: According to the Criterion Institute,9 a ‘gender lens’ refers to a rigorous discipline with the goal of seeing
and understanding how power, privilege and bias operate in a specific context, ideally with attention to how
power might be disrupted. A gender lens analyses the relationship between different gendered groups insociety, their access to resources, opportunities and the constraints they face relative to each other. A genderlens is important in understanding the different patterns of involvement, behaviour and activities thatdifferent groups have in economic, social and legal structures. A gender lens requires moving beyond thinking
about individual empowerment and about women as a homogeneous group to applying a gender analysis
to systems, process and structures of power. Gender lenses vary in scope: some focus on understanding theunique experiences, needs and challenges faced by individuals of different genders. Other approaches ensurethat gender considerations are systematically incorporated into all aspects of decision-making and resource
allocation, aiming for gender equality as a cross-cutting objective. Feminist lenses focus on amplifying
women’s voices, promoting women’s rights, and addressing gender-based violence and discrimination.
Investment: Investment involves allocating financial resources with the expectation of generating returns or
achieving specific objectives. Traditional investments primarily focus on financial returns, but the conceptof impact investing expands this perspective to include social and environmental outcomes. Impact investors
seek to generate positive and measurable social or environmental impact alongside financial returns,
per the GIIN’s definition.
Source: UN Women, developed for this report.

1. INTRODUCTION

5FIGURE 2

SPECTRUM OF CAPITAL AND CLASSIFICATION OF INVESTMENT APPROACHESThe spectrum of capital, initially introduced by Bridges Fund Management10 and subsequently refined byvarious impact investing entities, illustrates a range of investment strategies spanning from an exclusive
focus on return (on the left side) to an exclusive focus on impact (on the right side). Between these extremes,
impact-driven investment strategies are categorized into two approaches:
1. Financial first impact investing: These investments prioritize risk-adjusted returns aligned withtraditional investment expectations.
2. Impact first impact investing: These investments prioritize impact but are open to accepting
lower risk-adjusted returns.
APPROACH

TRADITIONALINVESTMENTS

Focus

Return only

Financial goals

RESPONSIBLE INVESTMENTS
Negativescreening

ESG integration

PHILANTHROPY

Impact driven

Financial first

Impact first
Accepts low
risk-adjusted
returns

Target competitive risk-adjusted financial returns

Impact only
Accepts partial/full
capital loss

Manage Environmental, Social and Governance (ESG) risks
Pursues ESG opportunities
Features

Intentionality: delivering impact is central
to underlying assets/investments
Impact investments are measured
and reported
May or docause harm

Act to avoid harm

Impactmanagement
project goals

Benefit all stakeholders
Contribute to solutions
Source: Phenix Capital Group (2023) Adapted from Bridges Fund Management (2014), Principles for
Responsible Investing (2016),11 Responsible Investment Association Australasia (2013),12 UK National
Advisory Board on Impact Investing (2017)13 and Impact Management Platform (2018).14

What is gender impact investing?
At the centre of these intersections, impact investingwith a gender lens—or gender impact investing—is asubset of GLI. By integrating impact, a gender lens andinvestment, stakeholders can strive for investments that
not only generate financial returns but also contributeto positive social change, promote gender equality andempower marginalized communities, particularly womenand girls. To drive more resources towards SDG 5, impact
investors and fund or asset managers need to integrate

6

gender equality goals and a gender lens into theirinvestment strategies and decision-making processes.
This includes aligning investment policies, objectives
and criteria with the goals of women’s empowerment.
It may involve developing specific financial products orfunding vehicles targeting SDG 5, incorporating relevant
metrics and indicators to measure impact, and engaging
in impact reporting and disclosure.

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETSPhoto: IMF Focus | Gender

2

EVOLUTION
OF GLOBAL PRINCIPLES, STANDARDSAND MEASUREMENT FRAMEWORKS2

EVOLUTION
OF GLOBAL PRINCIPLES, STANDARDSAND MEASUREMENT FRAMEWORKS

2.1 CURRENT PRINCIPLES GUIDING GENDER LENSAPPROACHES FOR IMPACT FUNDS AND INVESTORS
GLI’s intentions, goals and relationship with SDG 5 remain
ambiguously addressed. However, there are several
frameworks, principles and guidelines that have beendeveloped and are utilized by various organizations andinvestors (Figure 3). The degree to which they integrate
gender equality objectives varies, and what follows is
a non-exhaustive attempt at mapping some of thecommonly referenced resources.

Ph
oto
:

Un
ite
dN

at
ion
s

FIGURE 3

DIVERSITY OF FRAMEWORKS GUIDING GENDER LENS INVESTINGIMPACT INVESTING

DEFINITIONSPRINCIPLES, STANDARDSAND ASSOCIATEDGUIDANCE

GOALS AND INDICATORS

CRITERIA AND
THRESHOLDSASSESSMENT,VERIFICATION AND
CERTIFICATIONRESEARCH AND DATACOMMUNITIES

10

Regional and national sustainable finance taxonomies

Source: UN Women research, developed for this report.

GENDER LENS OR THEMEOTHER RELEVANT
STANDARD SETTERS(forthcoming)11

In 2005, the United Nations launched the Principles for
Responsible Investment (PRI), which encouraged investors
to consider environmental, social and governance (ESG)
factors in their investment decisions. Gender equality is
one of the key ESG issues highlighted by the PRI, including
through recent diversity data and pay gap reporting.15
In 2010, the Women’s Empowerment Principles (WEPs)
were established by UN Women and the UN Global
Compact as a voluntary commitment by companies’ CEOs
to promote gender equality and women’s empowerment
in the workplace, marketplace and community. The
seven principles provide a framework for both investors

and investee companies to advance gender equality byintegrating indicators related to impact areas, such as
leadership and decision-making on anti-discriminationand equal opportunity; women’s health, well-being andsafety education and training, enterprise development,
supply chains and marketing practices; and community
initiatives. The WEPs emphasize the importance ofaccountability, corporate action and transparency on
progress and impact to remove discrimination, biases
and stereotypes and advance gender equality andwomen’s empowerment. As of June 2023, over 8,000
CEOs across 153 countries had made this commitment.16, 17

FIGURE 4

THE WOMEN’S EMPOWERMENT PRINCIPLESPRINCIPLES
Source: UN Women.

12Principle 1

Establish high-level corporate leadershipfor gender equality.

Principle 2

Treat all women and men fairly at work – respectand support human rights and non-discrimination.

Principle 3

Ensure the health, safety and well-being of
all women and men workers.

Principle 4

Promote education, training and professional
development for women.

Principle 5

Implement enterprise development, supply chain
and marketing practices that empower women.

Principle 6

Promote equality through community initiatives
and advocacy.

Principle 7

Measure and publicly report on progressto achieve gender equality.

In 2015, the United Nations Sustainable Development
Goals were conceived as a set of 17 global goals aimed
at addressing the world’s most pressing challenges,
including gender equality (SDG 5). Gender equality is botha targeted goal and a cross-cutting theme embedded
in other SDGs, with gender-specific targets. Since then,investors, including gender lens investors, can align theirinvestment strategies to the SDGs using them as ataxonomy. SDG 5 investments focus on investmentsthat contribute to solutions towards achieving genderequality and empowering women and girls.
In 2018, the 2X Challenge (a flagship initiative under
2X Global) was launched by G7 Development FinanceInstitutions (DFIs) as an ambitious resource mobilizationcommitment to catalyse private sector investments thatdrive inclusive growth and contribute to the achievementof the SDGs, particularly SDG 5 on gender equality. The
2X Challenge has reportedly mobilised US$16.3 billion
from 2020 to 2021 and US$11.4 billion from 2018 to 2020in funding for gender lens investment, compared to thetarget of US$3 billion in the initial period. Accompanying
the challenge were the ‘2X Criteria’, used to determine
which investments would qualify as eligible, and whichhave since been widely adopted as a framework forgender lens investing.
The lion’s share of eligible 2X investments rewarded
businesses that had achieved greater representation of
women within their companies, leaving a smaller shareof funding for products and services specifically benefiting
women consumers (25 per cent of investments madeunder the 2X Criteria from 2020 to 2021) and even lessto businesses founded and owned by women (13 per cent).
In 2019, the Operating Principles for Impact Management
were established through a collaborative effort byleading impact investing organizations, including theInternational Finance Corporation (IFC) of the WorldBank Group, along with several prominent asset
managers, development finance institutions and otherstakeholders in the impact investing field. The principles
were designed to provide a common framework for
impact investors to ensure the effective management andmeasurement of their impact on social and environmental
outcomes. To date, the Impact Principles have 166
signatories in 39 countries with total covered assets of
US$509 billion.18 However, they do not explicitly address
gender equality as a stand-alone principle.

The same year, the GIIN’s IRIS+ System was designed tohelp investors measure, manage and optimize impact
investing. IRIS+ metrics are aligned with more than 50
standards bodies, including the SDG goals and targets.19
For example, SDG 5 is assigned to 229 IRIS+ metrics(Figure 6). The 2X Criteria have also been mapped to
IRIS+ metrics.20

FIGURE 5

2X CRITERIAENTREPRENEURSHIP

51%

women ownership or the businessis founded by a woman

LEADERSHIP

30%

women in senior leadership or 30% womenon the Board or Investment Committee

EMPLOYMENT30%

to 50% share of women in the workforce(depending on the sector) and one ‘quality’indicator beyond compliance

CONSUMPTION

Product(s) or service(s)that specifically or disproportionallybenefit women

INVESTMENTS THROUGH
FINANCIAL INTERMEDIARIES

30%

of the DFI loan proceeds or portfolio
companies meet the 2X Criteria
Source: 2X Global.

2. EVOLUTION OF GLOBAL PRINCIPLES, STANDARDSAND MEASUREMENT FRAMEWORKS

13FIGURE 6

ALIGNMENT OF IRIS+ METRICS AND SDG 5 TARGETS

SDG 5:

ACHIEVE GENDER EQUALITY ANDEMPOWER ALL WOMEN AND GIRLS

ALIGNEDIRISMETRICSIRIS+IMPACT
CATEGORYIRIS+IMPACTTHEME

5.1

End all forms of discrimination against all womenand girls everywhere

52

Diversity& Inclusion

GenderLens

5.2

Eliminate all forms of violence against all women and girls
in the public and private spheres, including trafficking andsexual and other types of exploitation

36

Diversity& Inclusion

GenderLens

5.3

liminate all harmful practices, such as child, early andforced marriage and female genital mutilation

N/A 1/

N/A

N/A

5.4

Recognize and value unpaid care and domestic workthrough the provision of public services, infrastructureand social protection policies and the promotion ofshared responsibility within the household and thefamily as nationally appropriate

N/A 1

N/A

N/A

5.5

Ensure women’s full and effective participation and equal
opportunities for leadership at all levels of decision making
in political, economic and public life

Diversity& Inclusion

GenderLens

Financial
Services

Financial
Inclusion

Diversity& Inclusion

GenderLens

5.6

Ensure universal access to sexual and reproductive healthand reproductive rights as agreed in accordance with theProgramme of Action of the International Conference on
Population and Development and the Beijing Platform
for Action and the outcome documents of theirreview conferences

50
HealthAccessto Quality
Healthcare

5.aUndertake reforms to give women equal rights to economic
resources, as well as access to ownership and control over landand other forms of property, financial services, inheritanceand natural resources, in accordance with national laws

N/A 2

N/A

N/A

5.b

Enhance the use of enabling technology, in particular
information and communications technology, to promote
the empowerment of women

N/A 3

N/A

N/A

5.c

Adopt and strengthen sound policies and enforceable
legislation for the promotion of gender equality and theempowerment of all women and girls at all levels

N/A 3

N/A

N/A

91

Notes: 1. Targets 5.3, 5.4 and 5.c refer to public policy activities; no IRIS metrics directly align to this type of target.
2. Target 5.a refers to country-level activities and international cooperation; no IRIS metrics directly alignto this type of target.
3. Target 5.c refers to country-level activities; no IRIS metrics directly align to this type of target.
Source: Adapted from IRIS+ (2019). IRIS+ and the SDGs.

14

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETS

Emerging frameworks, models and standards are calling
explicit attention to power dynamics and seek tointentionally ground themselves in feminist principles
and values. In 2023, building on feminist activism, two
new notable resources were published. First, the Equality
Fund—a Canadian government–backed innovationthat would provide sustainable funding for women’s
movements globally—developed the Gender Lens
Investing Criteria to “drive even deeper change within
capital markets.”21 Conceived for application to theprivate-market portfolio of the Equality Fund Government
Investment Pool, and hoping to serve as inspiration for
like-minded investors, these criteria include measuresof contribution to “addressing structural inequity” andcapture investments that scale up products and services
that contribute to specific outcomes for women, girls
and trans people, such as access to clean, safe andaffordable energy; clean and safe water; and affordable
caregiving, among others. Metrics are selected fromthe IRIS+ database and 2X Criteria. They also build on
the Equality Fund’s Intersectional Investment Guidelines,
covering three dimensions: a) Equity, Rights and Power;b) Economic and Social Justice; and c) Environmental
Health. As a new initiative, there is limited informationon the adoption of these criteria by the wider impact
investment community.

Second, the Criterion Institute, alongside 2X Global andthe Aspen Network of Development Entrepreneurs(ANDE) released the Standards of Practice for Gender
Lens Investing, with the aim of strengthening the qualityof gender lens investing. The Standards emphasize thatwhile progress has been made in supporting investors
to identify and articulate the types of impact they seek
to achieve, more work is needed to help identify how
this change can be delivered and to ensure that investors
are making the right changes necessary to achieve theintended outcomes. The Standards integrate feminist
approaches of analysing and disrupting power dynamics,
and emphasize the need to apply this within investment
decisions and processes to disrupt traditional investment
norms and redress current power imbalances. Three key
leverage points are identified where this should beapplied: investment analyses, structures and processes.
Examples include the valuation and inclusion of
traditionally ‘non-costed’ factors (such as social inequity)
within overall cost accounting by investment firms.
The stated ambition of the Standards is for those withthe power to demand changes from investment funds(such as donor agencies, asset owners and managers:
the so-called ‘standard setters’) to do so, to drive changes
in investing practices that disrupt inequitable power
dynamics. Adoption by the industry, and the reception
by broader stakeholders, remains to be seen.

2.2 DEEPENING IMPACT: EVIDENCE FROM THE LITERATURE
The collective efforts of thought leaders, practitioners
and movement builders in advancing gender lensinvesting have been instrumental in raising awarenessand driving change towards prioritizing investments ingender equality and women’s empowerment. As a result,gender lens investing has gained significant traction in
impact investing spheres. This is evidenced by theaccelerating efforts to elevate standards and criteria inrecent years.
Pioneering supporters of gender lens investing, including
the Criterion Institute,22 GenderSmart23 and Veris WealthPartners,24 argue that GLI can deliver competitive financial
returns and mitigate risks: both investment risks andthe social risk of investments that do not take genderfactors into account. Research suggests that companies
with diverse leadership and gender-inclusive policies, forexample the Peterson Institute,25 International FinanceCorporation (IFC)26 and McKinsey,27 tend to outperformtheir peers, with improved decision-making, risk
management and innovation leading to sustainablebusiness growth.
According to a comprehensive analysis by Parallelle
Finance, a collection of studies conducted over a 15year period consistently indicated a positive correlation
between increased representation of women in leadershiproles and various favourable outcomes, including ahigher return on equity, improved profitability, reduced
instances of fraud and enhanced risk management.28

2. EVOLUTION OF GLOBAL PRINCIPLES, STANDARDSAND MEASUREMENT FRAMEWORKS

15

For example, the Peterson Institute for International
Economics analysed over 21,000 companies worldwide
and found a positive correlation between gender diversity
in leadership and improved financial performance,
including profitability and market value.
Focusing on emerging markets, the IFC found thatgender-balanced investment teams outperformed allmale teams in financial returns. MSCI ESG Research also
found that companies with strong gender diversity atthe board level experienced fewer governance-related
controversies.29
Advocates highlight that investing with a gender lens
can uncover untapped market opportunities and drive
innovation. By recognizing the diverse needs andperspectives of women as consumers, entrepreneurs
and employees, gender lens investing can spur thedevelopment of products, services and business models
that cater to these markets.
A report by BNY Mellon and the United Nations Foundation
found that gender lens investing could unlock market
opportunities, estimated at US$12 trillion globally by 2030,
through products and services that address women’s
needs and preferences. Meanwhile, the 2021 Deloitte
Global Millennial Survey revealed that millennials and
Gen Z are more likely to support and engage with brands
that prioritize diversity, inclusion and gender equality.

Nonetheless, recent literature on GLI (including, forexample, the 2023 report published by the Association
for Women’s Rights in Development—AWID 30) argue
that the practice may oversimplify complex gender issues
by reducing them to measurable indicators and where
gender considerations are superficially integrated into
investment strategies. Critics contend that GLI fails to
address the broader structural and systemic factors thatperpetuate gender inequalities, such as patriarchy,
discrimination and power dynamics. Rather, they advocate
for more grants and concessional financing, as opposed
to investments (see for example, the Women’s Working
Group on Financing for Development), and argue that
GLI, even with a stronger impact proposition, cannot leadto systems change. There is also concern that existing GLI
strategies neglect important intersectional dimensions,such as race, ethnicity, class and disability.
The absence of a universal gender impact investing
standard may hinder the maximization of social impact
for women and girls. Without a standardized framework,
it is challenging to consistently prioritize social andeconomic impact for women and girls. The lack of clear
guidelines on impact measurement and reporting
requirements limits accountability, making it difficult
to hold investors to account on their commitments andinvestments. This further raises the risk of superficial
efforts and ‘impact washing’,31 while diluting the genuine
focus on delivering better social outcomes for womenand girls and their communities. While these criticisms
raise valid concerns, GLI continues to evolve and adapt.
Investor action for SDG 5 is welcome in the context ofchronic underinvestment in gender equality, but as GLI
momentum continues to build, pressure will rightly persist
for accountability, dialogue and meaningful impact.

Photo: World Bank Photo Collection

3

APPLICATIONS
OF A GENDER LENS BY INSTITUTIONALINVESTORS AND IMPACT FUNDS:INSIGHTS AND PRACTICES﻿3

APPLICATIONS
OF A GENDER LENS BY INSTITUTIONALINVESTORS AND IMPACT FUNDS: 			
INSIGHTS AND PRACTICES

Following the review of the literature and evolution of the principles for applying a gender lensto impact investing, this section focuses on findings from existing practices and lessons frompractitioners and investors allocating capital to funds with a gender lens or gender equality intention.

3.1 INSIGHTS FROM INSTITUTIONAL INVESTORSON GENDER LENS INVESTING
In recent years, a growing number of investors have begun
to consider the effects of their investment portfolios
on people and the planet. These stakeholders vary
widely in their intentions and limitations (Figure 7). For
example, pension funds, due to their long-term horizon,

I

:C
oto
Ph

Ge
AT/

are uniquely affected by long-term risks, while foundations
and endowments might prioritize the construction of
a portfolio addressing specific social issues aligned totheir mission.

mith
inaS
org

19

FIGURE 7

INVESTMENT INDUSTRY STAKEHOLDERS AND TYPES OF ASSET OWNERSCLIENTS/BENEFICIARIESFIDUCIARY/ASSETMANAGERSASSET OWNERS

FUND
MANAGERS/PRODUCTS▪ Savings▪ (Private) Banks▪ Asset managers▪ Funds▪ Retirees/retirement
accounts▪ Pension funds▪ Fiduciary managers▪ Funds of funds▪ Insured clients▪ Insurance companies▪ Family offices▪ Investment
consultants▪ Family fortunes▪ Faith-based
donations▪ Student tuitions/
alumni donations▪ Taxpayers/reserves▪ Wealth managers▪ Foundations▪ Church endowments

INVESTEES▪ Companies/
enterprises▪ Assets▪ Large projects▪ Outsourced
investment officers▪ Development
Finance Institutions▪ University
endowments▪ Sovereign wealth funds▪ Development Banks

SOURCE OF CAPITALMANAGE/AGGREGATECAPITAL AND
IMPACT RESULTS

ALLOCATE CAPITALENDDESTINATION
AND IMPACT
GENERATIONINVESTMENTS
IMPACTS AND RETURNS
Source: Phenix Capital Group (2023).

Investors with the intention to contribute to SDG 5 do
so by engaging in dialogue, setting criteria, demanding
accountability, and allocating capital towards funds thatprioritize gender equality and women’s empowerment
as part of their impact objectives. Similarly, fund managers—and underlying companies and assets—identify aligned
investors to avoid being compared inappropriately toassets with different impact intentions or being judged
on financial performance alone.32

20

With the goal of understanding the subset of the impact
investing market targeting SDG 5, from the point of viewof the investors (the providers of capital), Politecnico di
Milano conducted direct research with institutional
investors, such as asset owners, asset managers anddevelopment bank managers sourced from Phenix
Capital’s market intelligence. The investors interviewed
included different types of organizations, with thecommon characteristic of deploying capital via
intermediaries, i.e. funds, to achieve their financial andimpact goals, including ambitions related to gender
and/or SDG 5.33

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETS

Interpretations of the scope of gender lens investing by institutional investors
The analysis uncovered several factors that investors
consider when defining gender lens investing. Overall,
it is important to note that respondents highlighted thefundamental intentionality of advancing gender equality
through adopting a GLI approach.
Results from the interviews show that investors do notagree on a common definition of gender lens investing,and respondents provided different interpretations ofwhat gender equality covers. In some cases, the focus
is to target women, while in other cases, it is to target

minorities more broadly—e.g. based on gender, race,
sexual orientation and other sociodemographic indicators—and address a range of biases, power dynamics andfactors. Investors have defined GLI as “investing for the
direct benefit of women” (BoA). The second interpretationof gender lens investing identified in the pool ofinterviewed investors expands the scope to unrepresented
groups, such as “investing in companies that promoteequality” (ABN Amro) and “investing while taking careof minorities” (FERD).

Integration across the investment process
Evidence shows that the application of a gender lens isrelevant at every phase of the investment process, fromstrategy and decision-making through screening and due
diligence, measurement and reporting. Although nothomogeneously treated across investors, adopting agender lens is predominantly applied within the screening
and due diligence phase, helping investors define a sociallyconscious pipeline of investment opportunities, andanalyse target investees based on how they consider
gender and minorities.

Interviewed investors recognize the need to maintain agender lens throughout the entire investment process.
They consider gender lens factors during pre-investment
phases, using gender lens variables to screen potential
investment opportunities. Lack of gender diversity on
boards of investees or a disregard for gender equality
aspects can be viewed negatively.

“From the start, we wouldn’t really invest in a fund unless they apply gender lens, andalso unless the [general partner] is strongly committed to report on gender impact. We
focus on impact creation through our investment, so we expect our [general partners]
to report on impact on women and girls.”(Sasakawa Peace Foundation)“We have developed a spectrum together with our Emerging Markets Impact Investment
Fund (EMIIF) Consortium partners MEDA and Volta. We assign the funds in a genderblind, gender-aware, gender-smart and gender-transformative category. Typically, under
the EMIIF programme, we seek value alignment with potential investees on the genderequality theme. We may not find much value alignment if the fund manager has neverthought about gender as a concept, or they don’t think it’s an issue that [they] don’t
have any gender diversity on the team. For such fund managers, we try to raiseawareness and check back on their progress over time.”(Sarona Asset Management)

3. APPLICATIONS OF A GENDER LENS BY INSTITUTIONAL INVESTORS AND IMPACT FUNDS:INSIGHTS AND PRACTICES

21

“We talked a lot about exclusions, but another solution is, of course, engagement.”(ABN AMRO)

Some institutional investors are in the early stages ofunderstanding the concept of gender lens investing.
They may not have a clear strategy related to genderequality when assessing investment opportunities.
Looking through a gender lens can help investors uncoverhidden risks. While they understand market risks like

illiquidity and volatility, they often overlook intangible
risks like operational, reputational and legal issues, which
can have a significant impact on a fund’s or a company’s
performance. By using a gender lens, investors canproactively uncover hidden risks, such as pay equity or
harassment complaints, or human rights violations.

“What we’re seeking to understand is across five stakeholders: customers, communities,
employees, supply chain workers and the planet. Within each stakeholder assessment,
we ask, how are women impacted? How are women customers affected? How about
workers? Who are the women affected? And how do their experiences differ from themen on a given team? And in the supply chain? And when it comes to the planet,
we consider how women are disproportionately affected by climate change andenvironmental degradation.”(Global Endowment Management)

Others have recognized the importance of integrating
gender considerations into their investment strategies.
They incorporate gender analysis and data into theirdecision-making processes, aiming to identify and address

gender-related risks and opportunities. These investors
actively seek investments that align with their genderlens criteria and strive to improve gender equality
outcomes in their portfolios.

“Gender lens should be a global strategy, in any country and in any sector … If we reallywant to put the gender lens focus on the portfolio, I think that it should be incorporated in
the whole strategy of the companies but also in the whole allocation strategy of the funds.”(Fundación Anesvad)“[Gender] is integrated into each and every investment decision that we takein this company.”(Finnfund)“We are screening rigorously every single fund that would be a potential investee.
So, we’ll look at its current and potential impact on women’s economic empowerment
and gender equality.”(FinDev Canada)

22

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETS

Impact measurement, monitoring and reporting
Institutional investors committed to gender lens investingunderstand the importance of measuring and reporting
the impact of their investments. They establish monitoringand evaluation frameworks to track the social andgender-related outcomes of their investments. Thisapproach allows them to assess progress, learn fromsuccesses and failures, and communicate their impact
to stakeholders, thereby fostering transparency andaccountability.
Respondents indicate that measurement and reporting
systems are both an inherent part of their daily operations
and a result of regulatory compliance requirements.

Under regulatory requirements, gender issues become
one of the aspects to be measured and reported forcompliance purposes. Indeed, the regulatory environment
for sustainable finance has become more rigorousrecently, especially in Europe, where, for instance, the“unadjusted gender pay gap” and “board gender diversity”
are included in the Sustainable Finance Disclosure
Regulation’s Principal Adverse Impacts framework.
Another interviewed investor reported examples of publiccompanies’ requirements in Norway, which incentivize
investors to consider gender-based factors in investment
decisions.

“We have an equality plan that is actually a legal requirement in Sweden for all theorganizations above a certain size.”(Swedfund)“We are being guided by Canadian policies.”(FinDev Canada)“There are quite a lot of requirements on at least public companies in Norway,
you need to have a certain number of female members of your board team.”(FERD)

Some respondents mentioned that they collect genderrelated data throughout the lifespan of their investments.
However, they also highlighted the challenges they facein obtaining reliable information about the internal levelof gender equality within the organizations they invest in.
In fact, it is often reported that finding comparative andmeasurable data on companies’ and funds’ performancefor gender lens investing poses several challenges.

Gender-disaggregated data, which separate information
by gender, are often not readily available or reported bycompanies and funds. This data gap hinders the ability toassess gender-related factors, such as gender diversity
in leadership, pay equity and workforce composition.
Without reliable and comprehensive data, it becomeschallenging to measure the impact of gender lens investing
accurately.

“We have noticed difficulties from our investees in terms of providing us withcomplete and robust gender-disaggregated data.”(Sarona Fund)

3. APPLICATIONS OF A GENDER LENS BY INSTITUTIONAL INVESTORS AND IMPACT FUNDS:INSIGHTS AND PRACTICES

23

Even when gender-related data are reported, the quality
and consistency of the information can vary significantly.
Companies and funds may have different reporting
standards, methodologies and definitions, making it
difficult to compare data across different entities. This
inconsistency hampers the ability to make meaningfulcomparisons and benchmarks.
Measurement, reporting and monitoring are essential
for assessing impact and complying with regulatory

requirements. Voluntary frameworks such as the
UN Sustainable Development Goals also serve as
guidance, alongside investors’ own methodologies.
Other frameworks mentioned by interviewees include
the GIIN’s IRIS+, the UN Women Empowerment Principles,the 2X Criteria, the Impact Management Project (nowImpact Frontiers), the European Development FinanceInstitutions’ Harmonized Gender Indicators, and theHarmonized Indicators for Private Sector Operations(HIPSO).

Diversity in leadership teams and in the workplace
A widespread opinion among respondents is that having
a gender lens is important in building work teams because,
consistent with the literature, “diversity improves
performance” (Align Impact) and “diverse organizations

perform better and have much better results” (ANESVAD).
In short, gender-diverse teams outperform teams thatare not diverse and the lack of gender diversity withinorganizations is seen as a strategic risk.

“A diverse team—in terms of gender, race, background, and thought—will have more varied
perspectives to draw upon, leading to more creative and constructive decision making.”“Female-led teams and diverse teams frequently outperform because diversityof thought produces stronger returns than a homogenous group of leaders.”(Align Impact)“We do believe diverse teams yield better outcomes and many studies show so.
There are diverse voices included in the decision making. It’s not only about diversity,
it is also about inclusion.”(Sarona Fund)“The lack of gender diversity is a risk.”(BoA)

Engagement and alignment with investees
Institutional investors that have prioritized gender lensinvesting demonstrate a willingness to assist theirinvestees in enhancing their internal management ofgender-related matters. Within the interviewed cohort,there is widespread acknowledgement of the significance24

of pursuing organic efforts to foster gender equality.
This approach emphasizes the holistic and sustainabletransformation of organizational culture, structuresand processes to create an inclusive environment that
supports gender equality at all levels.

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETS

“We have a gender lens investing training that we are running with the fund managers
as one of the technical assistance offerings that we have … to help them in creating theirown tools and processes for reaching further.”(Swedfund)“Organizations that understand not only how women are affected by poor water,
sanitation and hygiene services, but also how women can be empowered to addressthese challenges, are generally doing a better job.”(Osprey Foundation)

Diversity across asset classes, sectors and regions
The interview data underscores the comprehensive natureof GLI, emphasizing the wide-ranging consideration ofasset classes, geographies, and sectors when allocating
capital towards SDG 5 and gender equality.

This multifaceted approach reflects a recognition thatgender equality is a critical factor in sustainable andimpact-driven investment practices.

“We invest across asset classes, geographies and sectors, serving clients across a range ofissue areas that are important to them, from climate change solutions to financial
inclusion to affordable housing and beyond … not all impact-generating businesses fit
into traditional venture capital or private equity models. There is a full stack of financing
options to consider in growing and scaling impact businesses, with different rates
of return to be expected from each segment of that stack.”(Align Impact)“We mainly have listed equity and listed debt … from the listed where we have mostly
the impact assets, we have some microfinance, private debt and private equity.”(Anesvad)“We don’t follow an [impact] strategy by asset class, we do it by industry and by region.
And every investment we make has to be justified in terms of its impact. So, everything
has an impact strategy behind it.”(IFC)

3. APPLICATIONS OF A GENDER LENS BY INSTITUTIONAL INVESTORS AND IMPACT FUNDS:INSIGHTS AND PRACTICES

25

3.2 SDG 5 AS AN IMPACT INVESTING OBJECTIVE:
IMPACT FUNDS’ PRACTICES ACROSS ASSET CLASSES
In this section, the focus shifts towards the investment
vehicles that fund managers bring to market to meet thedemand from investors related to GLI, such as thoseinterviewed for this report. For these types of institutional
investors (comprising of asset owners and fiduciary/asset
managers), investing without financial returns is often
not in line with their fiduciary duty. Therefore, the universeof funds analysed in this section, sourced from the Phenix
Impact Fund Database, focuses exclusively on financialfirst impact investing funds (Figure 2) (hereafter referred
to as impact funds or funds unless otherwise specified).34
The 17 UN SDGs35 have become a common language
to identify development areas targeted by investmentswith an impact objective. A wide range of fund managers
and institutional investors utilize the SDGs. The Impact
Database accordingly uses the goals and their targets
as a framework to categorize funds. Funds in this analysis
have contributed to one or more of the goals and targets
in Figure 6.

The impact funds monitored by Phenix Capital36 show
a clear bias towards climate-related SDGs, leaving behindsocial goals. Notably, only 17.2 per cent of impact funds
analysed and tracked as of July 2023 include SDG 5 andgender equality targets (Figure 8).
Impact funds that include SDG 5 in their impact investing
objective imply that their investment activities intend
to directly contribute towards gender equality. To achieve
their goals and communicate on progress and results
they need to track gender-specific metrics. Current
examples of metrics include the number of women in
the workforce, the number of loans disbursed to womenand the number of women-owned businesses engaged
in the supply chain.

Phot
o: IM
F/K
i

26

mH
au
gh
ton

FIGURE 8

NUMBER OF FUNDS BY TARGETED SDG
892

7: Affordable and Clean Energy

697

Sustainable Development Goals (SDGs) targets

9: Industry Innovation and Infrastructure
2: Zero Hunger685

3: Good Health and Well-being

666
656

11: Sustainable Cities and Communities583

12: Responsible Consumption and Production

510

1: No Poverty

422

5: Gender Equality363

13: Climate Action
8: Decent Work and Economic Growth313

6: Clean Water and Sanitation

312
310

4: Quality Education

252

15: Life on Land160

10: Reduced Inequality142

14: Life Below Water

129

17: Partnerships For The Goals

34

16: Peace, Justice and Strong Institutions

0

100

200

300

400

600

800

900

Number of Funds

Source: Phenix Capital Group (2023).

For clarity, impact investing funds managed by women,
i.e. founders and/or leadership positions occupied by
women, are not necessarily equivalent to including SDG 5
as an impact investing objective, although they canoverlap in certain cases. While having women in decisionmaking roles is important for promoting diversity andgender equality within the finance industry,37, 38 it does

not automatically mean that the fund specifically targets
gender-related impact investments. In fact, only 35 percent of funds managed or led by women in the Impact
Database also target SDG 5 (Figure 9).39 The key distinction
lies in the intentional focus on gender-related social andeconomic outcomes within the investment strategy
and portfolio.

3. APPLICATIONS OF A GENDER LENS BY INSTITUTIONAL INVESTORS AND IMPACT FUNDS:INSIGHTS AND PRACTICES

27

FIGURE 9

BREAKDOWN OF THE NUMBER OF IMPACT INVESTING FUNDS

2,440 +

Impact investing funds

Women-led impact funds

342

121

442

Funds targeting SDG 5

Funds

Source: Phenix Capital Group, as of July 2023.

Integrating gender equality objectives within different
asset classes is a powerful strategy for impact investors
to contribute to a more inclusive and equitable society.
By aligning financial resources with gender equality goals,
investors can drive positive change and create lasting
impact. In this section, the Impact Database is examined
to understand how impact funds with each of thefollowing asset classes—private equity, private debt, real

28

assets, public equity and public debt—currently integrate
gender equality objectives. In addition, historical trends
for the number of funds that target SDG 5, as well as casestudies, are provided to illustrate current applicationsof gender lens investing per asset class. Of note, theselected cases are intended to illustrate the current
state of play but their inclusion does not signify themas best-in-class examples.

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETS

3.3 TYPES OF ASSET CLASSES AND EXAMPLESOF GENDER INTEGRATION
3.3.1 Private equity
Private equity offers a unique avenue for promoting
gender equality by investing in women-owned or -ledbusinesses and providing mentorship. Private equity
funds are well-positioned to drive change within, or
through, the companies they finance, exercising ownershiprights and being involved in the management of theunderlying investments. Private equity investors mighttake a seat on the board of the invested company,
providing technical input and possibly incentives related
to impact performance.
Investors can prioritize funding opportunities for diverse
entrepreneurs at different stages, from early-stage startups to growth-oriented enterprises. Fostering diverse

investment teams and challenging gender biases within
decision-making processes are critical steps to ensure
equitable access to funding opportunities. In the Impact
Database, private equity represents the highest numberof impact funds launched and currently open forinvestments. It also represents the biggest asset classin terms of assets under management, with 33 per centof the AUM of impact funds with SDG 5 targets. Figure 10
shows the number of private equity funds being launched
per year targeting SDG 5 and their fundraising status.
A leap occurred between 2020 (31 funds) and 2021
(41 funds). Open-for-investment funds are available inall regions, mostly in Africa, Asia, the Arab States andNorthern America.

FIGURE 10PRIVATE EQUITY FUNDS LAUNCHED PER YEAR TARGETING SDG 5, BY STATUS
50
41

Number of Funds

40
29

30

20

17

2017

2018

26

8

10

0

16

15

31

2015

2016

2019

2020

2021

2022

Fund inception year
■ Closed■ Evergreen■ Open■ Coming to market

Source: Phenix Capital Group (2023).

3. APPLICATIONS OF A GENDER LENS BY INSTITUTIONAL INVESTORS AND IMPACT FUNDS:INSIGHTS AND PRACTICES

29

How impact investing in this asset class addresses SDG 5 goals
Private equity strategies currently seek to contribute to SDG 5 in various ways, for example:◼ Investing in women-led enterprises: prioritizing investments in businesses that are owned or led by

women. These investments help address the gender gap in access to financial resources and leadership
opportunities.
◼ Supporting women’s education and skills development: investing in projects that focus on providing

education and skills training to women and girls, for example, funding schools, vocational training
programmes and initiatives to enhance women’s employability.
◼ Healthcare and family planning: investing in projects that improve women’s access to quality

healthcare, for example, sexual and reproductive health services, clinics and centres and programmes
aimed at reducing maternal mortality and promoting family planning.
◼ Promoting gender diversity and inclusion in investee companies: investing in companies that havestrong gender diversity policies, promote women to leadership positions and foster an inclusive
work environment.
◼ Addressing gender-based violence: investing in projects that work to prevent and respond to gender-

based violence, in alignment with SDG 5’s objective to eliminate violence against women and girls.
◼ Supporting women’s entrepreneurship and innovation: investing in incubators, accelerators andprogrammes that support women-led start-ups and innovative initiatives.

BOX 1

PRIVATE EQUITY IMPACT FUND EXAMPLE
Cross Border Impact Ventures (CBIV) is an impact venture capital firm.
It achieves impacts by targeting health areas in deep need of investment.
Historically, health innovations for women, children and adolescents havereceived only a fraction of investment capital compared to those
focused on men’s health. This has resulted in persistent inequalities
between women, men and children.
CBIV believes technology can play an important role in filling the
gap of access to high-quality healthcare globally (inclusive of
low- and middle-income countries) and that impact investors
hold the key to making this possible.
Investments are needed for health systems to access the newest,
most promising technologies at an affordable price.
CBIV measures women, children and adolescent users
reached, as well as lives improved and lives saved, each asubset of the other.
Source: Adapted from Cross Border Impact Venture (2022). “Our Impact Approach”.

In recent years, private equity funds have begun tolink carried interest40 with the achievement of impact
objectives. If the fund manager reaches the impact
objectives, they receive a base carry plus a premium. If
said targets are not achieved, then only the base carryis achieved. This helps further incentivize fund managers

to achieve impact outcomes. For investors, it can help
reinforce the impact investing commitment of the fundmanager. In relation to SDG 5, this approach could beapplied by tying a percentage of the carried interest
to the achievement of gender equality targets at thefund level.

How to strengthen the gender lens when impact investing in this asset class
Funds can implement the Women’s Empowerment
Principles to help ensure the implementation of more
holistic gender equality policies and practices acrossthe portfolio company’s workplace, marketplace andcommunity. This includes:◼ Engaging with investees that are not WEPs signatories to encourage them to sign on, and report on

the numbers of new signatories confirmed as a result.
◼ Focusing on sectors where women are more prevalent, both in terms of investing in gender-responsive

companies within these sectors and in terms of engaging with current investees to advocate forpractices and policies that improve working conditions for women and support gender equality andwomen’s empowerment.
◼ Investing in gender-responsive companies in sectors where women are impacted by systemic

discrimination, bias and stereotypes. Build on existing good practice (as per the examples above)and scale up investment in companies that provide products or services that focus on the unmet
needs and wants of women and girls.
◼ Looking beyond quantitative indicators and investing in companies that are fostering more equitable

and inclusive environments, for example by working with employees on eliminating harassment at
the workplace, actively targeting the reduction and elimination of the pay gap between women andmen, and providing fair career growth and paths for women and men.

3.3.2 Private debt
Within the private debt market, investors can support
gender equality objectives by financing projects thatprioritize women’s empowerment. This includes investing
in women-owned businesses, microfinance initiatives,and organizations that support gender-responsive
initiatives. Integrating gender-focused criteria into credit
analysis can help identify issuers that prioritize genderequality in their operations and encourage inclusive
practices. Debt instruments enable deal structuring to
specifically allocate proceeds to environmental or social
outcomes. Lenders can negotiate terms that stipulate
certain interest rates contingent on environmental orsocial outcomes.

Compared to other asset classes, private debt impact
funds have a larger percentage of investment opportunities in emerging markets. Similarly, this asset classalso presents a higher proportion of funds that target
SDGs focused on social outcomes, including SDG 5,
compared to the other asset classes, which often target
environmental SDGs.
As shown in Figure 11, there was a steady growth in thenumber of funds launched since 2017 but this trend
slowed down after 2020. Funds are open for investment
which target all regions, mainly Africa, Asia, Central and
Latin America, and the Arab States.

3. APPLICATIONS OF A GENDER LENS BY INSTITUTIONAL INVESTORS AND IMPACT FUNDS:INSIGHTS AND PRACTICES

31

FIGURE 11

PRIVATE DEBT IMPACT FUNDS LAUNCHED PER YEAR TARGETING SDG 5, BY STATUS
14

14

13

12

11

11

10

Number of Funds

8

8
7

7

6
4

4
2
0

2015

2016

2017

2018

2019

2020

2021

2022

Fund inception year
■ Closed■ Evergreen■ Open■ Coming to market

Source: Phenix Capital Group (2023).

How impact investing in this asset class addresses SDG 5 goals
The various strategies observed to integrate gender equality objectives within private debt impact funds include:◼ Making investments in microfinance institutions, which then provide small loans to underserved

borrowers who do not have access to traditional financial products. These include microfinanceplatforms that provides loans to individual women and women-owned businesses, with the objectiveof providing them access to finance and non-financial services.
◼ Direct loans to organizations or enterprises that align with their specific impact objective. The sectors

invested in can vary widely. By providing direct loans, impact investing funds can offer flexible financing
solutions tailored to the specific needs of the borrower, often a small or medium-sized enterprise (SME).
For example, SMEs can receive a reduced interest rate if they achieve goals related to gender equality.
They may also receive technical assistance, mentorship or capacity-building support to enhance thesuccess and impact of their activities as borrowers of the impact funds.
◼ Participating in blended finance structures, which involves collaboration with development financeinstitutions and donors that are willing to provide risk capital to finance projects. This strategy allows
for larger funding and the risk of investment is shared. Defined as using official development financeto mobilize commercial private finance and/or philanthropy to scale up financing efforts, blended
finance can be used across a range of sectors critical for achieving gender equality, including
infrastructure, transport, agriculture, banking and energy. In 2020, the OECD undertook a survey
asking 190 blended finance funds and facilities how their activities are aligned to SDG 5. Out of theassets under management by surveyed blended finance funds and facilities, 65 per cent responded
that they integrate gender equality aspects (US$49 billion).41 Only 1 per cent of assets under management
was dedicated to gender equality and women’s empowerment as the main objective.

32

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETS

BOX 2INVESTMENT INDUSTRY STAKEHOLDERS AND TYPES OF ASSET OWNERS
The Ilu Women’s Empowerment Fund is a gender lens impact fund to empower women and advance gender equality
in Latin America and the Caribbean. It issues senior and subordinated debt investments to financial institutions.
It fundraised blended finance to expand the fund and invests in technical assistance projects as well. Projects havetrained hundreds of team members from portfolio companies.

1,085

participants acrossthe Americas

3

webinars that reached
534 participants across
23 countries, of which
92 per cent identify
as women and morethan one third areentrepreneurs

US$5.8 M

raised in blended
finance capital, with 80
per cent of transactions
representing investors
to the Ilu Fund

14

regional workshopsthat reached 102
participants in 16
countries; 75 per centidentify as women15

technical assistanceprojects in ninecountries

9

investor education
events sharing our
GLI approach thatreached 841 people

17

tools featured
in an open-source
toolkit3case studies highlighting
technical assistance indifferent project streams,
countries and sectors

Source: Adapted from Deetken Impact (2021). Ilu Women’s Empowerment Program: Report.

How to strengthen the gender lens when impact investing in this asset class◼ Adopt an intersectional lens that recognizes the interconnectedness of gender with other dimensionsof identity, such as race, class and sexuality. Ensure that investment strategies consider the diverse
needs and realities of women across various social, cultural and economic contexts. This applies toother asset classes as well.
◼ Funds can also provide technical assistance to the borrower to support them in advancing genderequality within the workplace, marketplace and community.
□ Provide capacity-building support to women entrepreneurs and women-led/owned organizations,

helping them develop business skills, access networks, and access finance. This can be achieved
through partnerships with NGOs, training programmes, mentorship and advisory services.
□ Support organizations and initiatives that raise awareness about gender equality issues, raiseawareness about opportunities of financing for women, and drive social and cultural shifts toward
gender parity. This is particularly relevant for emerging markets, where many private debt funds
are active.
◼ Where appropriate, seek to use performance-based instruments such as sustainability-linked loansthat encourage the borrower to achieve specified gender equality impact targets by a given date.
These can be used to catalyse new organizational commitments towards gender equality and to drive
meaningful impact.

3. APPLICATIONS OF A GENDER LENS BY INSTITUTIONAL INVESTORS AND IMPACT FUNDS:INSIGHTS AND PRACTICES

33

3.3.3 Real assets
The grouping under real assets includes the following
asset classes: farmland and cropland, infrastructure,real estate and timberland/forestry. Given the size ofunderlying assets and projects, the size of funds in real
assets is among the largest within the alternative asset

classes. Figure 12 suggests that the number of real assets
impact funds pursuing SDG 5 is limited. Nonetheless,some of the more advanced gender equality strategies
can be found in the real estate asset class.

FIGURE 12

REAL ASSETS IMPACT FUNDS LAUNCHED PER YEAR TARGETING SDG 5, BY STATUS
8
8
7

6
5
4

Number of Funds

4

2

2

2

1

0

2015

1

2016

2017

2018

2019

2020

2021

2022

Fund inception year
■ Closed■ Evergreen■ Open■ Coming to market

Source: Phenix Capital Group (2023).

34

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETSHow impact investing in this asset class addresses SDG 5 goals
Real assets are not typically associated with impact
investing strategies targeting SDG 5. This can be explainedby gender gaps in property ownership due to discriminatory norms and legislative frameworks. Even in countries
where women constitute the majority of small farmers
and do more than 75 per cent of the agricultural work,
they are routinely denied the right to own the land theycultivate and depend on to raise their families. Genderinequality in ownership of real assets and inheritancerights limit women’s economic prospects.

Ownership of land and property empowers women andprovides income and security. This, in turn, can provide
them with the necessary collateral to start businesses.
It is also key to eradicating poverty, increasing agriculturalinvestment and ensuring food security.

■ Real estate
Real estate is one of the most mature asset classes in impact investing, with fund managers having
solid track records and multiple vintages of affordable housing funds. Such strategies provide housing
units for rent or sale for those with a median household income or below, and whose demands are
not met by the market (this is directly related to SDG 11 on sustainable cities and communities).
Beyond the economic factors behind affordable housing, affordable housing funds can set clear targets
to improve the well-being of inhabitants, creating an ecosystem that promotes diversity and inclusion.
Examples include fund managers collaborating with foundations and/or other not-for-profit organizations
to provide commercial real estate education, scholarships and internships to underserved andunderrepresented communities. An affordable housing fund in the United Kingdom provided a safe
space for women and their children in vulnerable situations.

o:
ot
Ph

W
UN

om

gg
Du
ke

y
leb

Lu

/
en

35

BOX 3

REAL ESTATE IMPACT FUND EXAMPLE
Homelessness for women is a different experience than for men. It therefore requires a gendered approach and abespoke solution for housing and support.
Women’s homelessness is often rooted in trauma and violence:▪ 35 per cent of women who have slept rough left home to escape violence▪ 53 per cent of women in prison survived emotional, physical or sexual abuse during childhood▪ 7 in 10 women in prison are survivors of domestic abuse.
Existing housing options do not serve women sufficiently well:▪ 60 per cent of referrals to refuges are turned away
▪ 66 per cent of homeless adults in temporary accommodation are women.
There are knock-on effects for the families of women in prison; 90 per cent of children must leave home due to theirmothers’ impris onment. They are caught in a “Catch-22” situation. Upon release from prison, a woman is generally
unable to get her children back from social care or family arrangements unless she has somewhere suitable to live.
However, she is often not entitled to suitable housing unless her children are living with her.
AmbitionsWith GBP 1.5 million in support provided by Patron, the fund was launched in January 2021 with GBP 15.5 million
committed by seed investors, including GBP 1 million committed by Keith Breslauer. The Women in Safe Homes
Fund’s ambition is to scale up rapidly, with a target size of GBP 100 million, of which GBP 26 million has been raisedin the first nine months to house 600 to 1,000 women and their families. Investor returns are projected to be in linewith investments in similar asset classes with the significant upside of positive social impact.
Impact measurement
The fund measures its impact through five principles established via workshops with its charity partners.

1. Recognizing women’s oppression

3. Appropiate calling

Recognizing and responding to the gendereddisadvantages and inequality experienced by
women and how this plays out for women at riskof abuse and homelessness.

By tailoring the approach of the fund to eachindividual project and its unique focus andcontext, it is hoped that the fund will growso that more women will benefit from safe
housing. This needs to happen in the right way.

2. Aligned investment

4. Empowerment

Investing in appropriate, safe housing for women,
which aligns the intended outcomes of the fundwith the needs and contexts of different women’s
sector organizations (WSOs).

Women access safety and have choice and control
over their lives. WSOs have more stability andcontrol of their futures. Empowered WSOs can domore to empower women they work with.

5. Inspiration
Learning is gathered throughout the life of the fund and shared to inspire more women to engage with WSO
housing offers. This inspires WSOs and investors to invest in housing for women and to promote effective
approaches to policymakers.

Source: Adapted from Patron Charitable Initiatives (2021). 2020-2021 Report.

■ Infrastructure
Infrastructure projects that include SDG 5 targets typically involve access to clean energy and waterin underserved communities, and social infrastructure, such as schools, universities and hospitals.
Within these projects, investments can directly contribute to SDG 5 with best-in-class environmental
and social practices during the project development, construction and operation. It is key that womenare brought to the decision-making table at the very outset and before the project design phase.
Infrastructure funds also support projects that prioritize gender-responsive infrastructure, such astransportation systems with safe and accessible options for women, renewable energy initiatives
benefiting women-led communities, and water and sanitation facilities that address women’s specificneeds. Collaborating with stakeholders to include gender considerations in infrastructure planningand design is essential for meaningful integration.

■ Farmland and cropland
Farmland and cropland funds provide capital to expand and improve the agricultural operations offarmers and secure their livelihoods and sustainable practices. Strategies to contribute to SDG 5 throughthis type of investment include setting metrics on women’s access to land ownership, attracting andretaining domestic local talent, and building more prosperous rural communities.

Photo
:

Asian

Dev

elop
men
t

Ba n

k

BOX 4

CROPLAND FUND EXAMPLEThe Common Fund for Commodities (CFC) has the mission to contribute to poverty alleviation by strengthening theincome-generating capacity of commodity producers and mitigating their economic vulnerability. The Fund wasestablished in 1989 as an intergovernmental financial institution.

Photo: CIAT/GeorginaSmith

REDUCING VULNERABILITY TO PRICE VOLATILITY IN KENYA
CFC/2016/09/0097 and CFC/2021/18/0001 FT

Submitting
institution: Shalem Investment Ltd
Location: Kenya
Commodity: Grains
Total cost: US$2,100,000
CFC financing: US$610,000 (of which US$500,000
		 is financed by the Dutch Trust Fund)
Co-financing: Other impact financiers: US$800,000

Project description:
Shalem Investment Ltd is a female-led agribusinessaggregating, transporting and marketing grains, cereals
and legumes from a network of over 29,000 smallholder
farmers; 70 per cent are women. A female CEO and foundercreated the business to help smallholder farmers insuccessfully marketing their sorghum crops. The CFC
extended a loan for it to diversify into nutritious flour andporridge for low-income consumers. By developing nutritious
products from drought-tolerant sorghum and millet in
addition to maize, Shalem aims to reduce malnutrition inrural areas and create a stable income source for local farmers.
The nutritious food plant commenced operations at theend of 2019, producing fortified staple foods, such as maize
flour (ugali) and porridge. Shalem’s Asili Plus Porridge andUgali are currently supplied to schools and are available inover 50 retail shops and bottom of the pyramid (BoP)markets in Meru and the surrounding counties, reachingover 46,000 BoP consumers with affordable nutritious food.

Source: Adapted from Common Fund for Commodities. (2021). Annual Report 2021.

■ Timberland and forestry
Investments in timberland and forestry include land restoration, afforestation, sustainable land use
and prevention of land degradation. Only one fund in the Phenix Impact Fund Database in this asset
class contributes to SDG 5. However, similar to the farmland and cropland asset class, funds here canset social targets to benefit local communities and support job creation and women’s empowerment.

How to strengthen the gender lens when impact investing in this asset class◼ In the realm of real estate, invest in projects that promote affordable and safe housing for women,

prioritize the needs of female-headed households, and enhance access to commercial spaces for
women entrepreneurs. Incorporating gender-responsive design principles, such as childcare facilities andensuring proper lighting and security, can create inclusive environments that support gender equality.
◼ Infrastructure investments can be made more gender-responsive by integrating gender considerations

throughout the investment lifecycle. This includes promoting women’s participation in decision-making—ensuring representation of diverse lived experiences, and creating inclusive infrastructure that
supports women’s safety, accessibility and economic empowerment.
◼ Invest and promote women’s land ownership in the context of farmland and cropland, to address thegaps in property ownership, empowering women and providing income and security. Another strategy
is to support projects that promote gender-equitable practices and relationships throughout theagricultural value chain. This includes ensuring fair wages and working conditions for both men andwomen in the value chain.
◼ In the context of forestry and timberland, funds can strengthen community development and invest in

projects that empower women at the community level, such as women’s cooperatives or communitybased initiatives.

M

/
ES

IA
ND

YE

P

to
ho

M
FE
NU
:O

ne
ou
A li

39

3.3.4 Public equity
While their roots are firmly in private markets, impact
investing strategies are also being applied to other asset
classes, especially in public equity, i.e. shares of companies
that trade on stock exchanges. Investors are taking
advantage of the size and the breath of coverage, which
provide opportunities to leverage change and scale up
over time. Public equities offer a powerful platform foradvancing gender equality objectives. Investors canstrategically invest in companies that prioritize gender
diversity in leadership positions, promote pay equity andimplement policies to support work–life balance. Engaging
with companies through active ownership and proxyvoting can also influence gender-responsive practices.

FIGURE 13

PUBLIC EQUITY IMPACT FUNDS LAUNCHED PER YEAR TARGETING SDG 5, BY STATUS
55

5

Number of Funds

4
3

3
2

3

2

2

2

1
0

0
2015

2016

2017

2018

2019

2020

2021

2022

Fund inception year
■ Closed■ Evergreen

Source: Phenix Capital Group (2023).

How impact investing in this asset class addresses SDG 5 goals
While there has been an ongoing debate around theimpact contribution of investing in public companies,
with capital already deployed and corporate purposes
set, it is now recognized that corporate engagement can
influence established companies to value the benefits

of exploring new areas of sustainable growth that leadto more resilient, long-term business models. For a public
equity fund to be considered as applying impact investing
strategies, it often adopts an approach characterized by:◼ A long-term orientation in looking at companies and client portfolios, a time horizon aligned withthe capital allocation of the business, and clarity on the degree of intentionality at the stock andportfolio level.

40

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETS◼ High-conviction positions in concentrated portfolios, actively handpicking a limited number ofimpactful businesses.
◼ Active ownership focusing on constructive dialogue with companies to facilitate improvements.
◼ A clear measurement framework, clear goals at the company and portfolio level, and progress reported

consistently over time. This is possible because of information disclosure and transparency requirements
for large mature public companies to ensure they remain accountable to shareholders.
Impact investing strategies for public equity funds typically have a global scope and can be either sector-agnostic
or thematic. Fund managers can exclusively focus on SDG 5 or target it in combination with other goals:◼ When combining SDG 5 with other developmental goals, public equity fund managers include a genderlens in their investment process and engagement topics. Current practice includes setting targets
and reporting on the process of improving board gender diversity within the portfolio. Fund managers
may use their voting rights against the reappointment of directors when gender diversity is less thana specific threshold.
◼ Public equity funds with a specific focus on SDG 5 restrict the investment universe to companies

that promote gender equality (e.g. WEPs signatories), alongside high-quality ESG practices, products
and services.

BOX 5

PUBLIC EQUITY IMPACT FUND EXAMPLE
Pax Ellevate uses its own gender leadership criteria to build the Imax Global Women’s Leadership Index. It also encourages
companies in its portfolio to become pay equity leaders. This is done by conducting pay equity assessments, disclosing
the results and committing to closing any pay gaps that exist.
Investing for impact
The Pax Ellevate Global Women’s Leadership Fund was the first broadly diversified mutual fund to invest in theworld’s highest-rated companies in terms of advancing women. Today, it is the largest of its type, with more than
US$1 billion in assets under management. The Fund invests in companies that understand the value of genderdiverse leadership teams, which has resulted in strong performance and a half-decade milestone.

HOW COMPANIES MAKE THE CUTGENDER DIFFERENTIATOR
Hiring, promotion &retention of women94%

Gender pay equity
Proactive gender goals andtargets and/or signatory to
the WEPs
Representation of
women on the boardof directors

Representation of
women in executive
management

Transparency about
gender diversity data

They rank companies in the MSCI World Index according to their Impax Gender Score,
which is based on the criteria outlined above. Then we use a proprietary optimization
process to construct the Fund portfolio, which comprises the top roughly 400 companies
that rank highest.

59%
33%

41%
21%

% Women in senior
management

36%

30%

17%

% Board seats
held by women% of companies with
3 or more womenon the board

Pax Ellevate Global Women’s Leadership Fund

% of companies
with woman
CEO or CFO

MSCI World Index

Source: Adapted from PAX Ellevate Fund. (2021). Pax Ellevate Global Women’s Leadership Fund – Q3 2021.

How to strengthen the gender lens when impact investing in this asset class◼ Public equity impact funds have the potential to extend their impact beyond individual empowerment

and direct investments towards companies that support a more fundamental transformation ofsocial and economic structures, social norms and stereotypes. Companies can do this through thenature of the products and services offered (e.g. those that enable improved education access for girls)
and by challenging traditional gender stereotypes in advertising messaging. They can also support
women’s economic participation through high-quality employment opportunities and by fostering
more inclusive and equitable environments, for example, by offering shared parental leave policies
that can contribute to longer-term transformation in caring responsibilities.
◼ Ensuring impact for gender equality and women’s empowerment requires moving beyond gender

parity data to monitoring the qualitative aspects of social change. Given the long-term nature of thistype of social change, proxy impact indicators are an important way of tracking progress, articulated
within a well-defined impact thesis that is informed by strong gender expertise.
◼ Fund managers can undertake engagement on specific gender equality issues and encourage companies

to think beyond board diversity, for example, by pursuing pay equity, implementing paid parental
leave policies and through gender-responsive procurement practices. Supplier diversity programmesthat prioritize sourcing from women-owned businesses can contribute to economic empowerment
and create a ripple effect in the broader business ecosystem. Companies can be encouraged to conveneor participate in sector-wide reforms that tackle gender equality issues, for example, gender-based
violence in agricultural value chains.
◼ It is recommended that fund managers go beyond assessing investment prospects based on their

Ph
ot
o:
Sh
ut
te
rs

to
ck

board diversity to embrace the entire WEPs framework, which covers all aspects of gender equality
in the workplace, marketplace and community. The Women’s Empowerment Principles propose over
70 indicators, which can be used as impact indicators for investments.

42

3.3.5 Public debt
Bonds are less risky instruments than shares and canprovide stable income generation through fixed
repayment schemes. Investing in public debt (bonds) tocontribute to specific sustainability targets, including
the SDGs, can provide liquidity to the market while
contributing to the SDGs.

Figure 14 shows the trend of an increasing number offunds launched since 2016, followed by a decline since2019. Most impact funds in the market remain open
(or in an evergreen structure) and can receive and deploy
capital fast. New strategies reached a peak in 2019, witha track record of over two years that better positions
them for institutional investors’ capital allocations.

The liquidity aspect of public markets and low minimums
allow for broad and easy access to these investments.

FIGURE 14

PUBLIC DEBT FUNDS LAUNCHED PER YEAR TARGETING SDG 5, BY STATUS

Number of Funds

2

2

2

2

1

0

2018

2019

0

0

2020

2021

2022

Fund inception year
■ Evergreen

Source: Phenix Capital Group (2023).

How impact investing in this asset class addresses SDG 5 goals
Bond instruments, akin to impact investing, are often
collectively labelled sustainable bonds, which include
green bonds, social bonds and sustainability bonds, aswell as sustainability-linked bonds, under the principles
and guidelines established by the ICMA.42 Sustainablebonds, except for sustainability-linked bonds, apply theproceeds (the capital raised from the bonds) to eligible
environmental or social projects or combinations of both.
Sustainability-linked bonds are performance-based bonds,
designed to encourage the issuer to achieve predeterminedsustainability outcomes.43

3. APPLICATIONS OF A GENDER LENS BY INSTITUTIONAL INVESTORS AND IMPACT FUNDS:INSIGHTS AND PRACTICES

43

Within this asset class, gender bonds are exclusively
dedicated to advancing gender equality or SDG 5, asdetailed in Bonds to Bridge the Gender Gap: A practitioner’s
guide to using sustainable debt for gender equality,
developed by UN Women, the IFC and ICMA. Genderbonds could be considered if the issuer aims to raise its
profile as a leader in advancing gender equality, if its
pipeline or forecast includes gender projects that are
exclusively focused on gender equality, and if theaggregate financial needs of the gender projects in theissuer’s pipeline are expected to equate to the size ofthe bond being issued.
Targeting SDG 5 is a relatively novel approach in thisasset class, with few funds able to demonstrate theirintentionality, contribution and impact measurement.
According to the Impact Database, a few public debt funds
include SDG 5 as a target among many other SDGs.

BOX 6

PUBLIC DEBT IMPACT FUND EXAMPLE
Symbiotics is a platform for impact investing focused on emerging and frontier markets. It has launched an
INR 244.6 million gender-focused social bond on the Luxembourg Green Exchange. This strategy is the world’s
first INR-denominated gender bond.
The bond aims to promote gender equality in India and is expected to be the first in a series of such genderfocused bonds to be arranged by Symbiotics Investments and displayed with the gender-focused bond flag on
the Luxembourg Green Exchange. The bond is anticipated to generate approximately 6,000 loans to female
entrepreneurs in India and will contribute to advancing women’s empowerment.
Note:

This instrument has not yet been included in the Phenix impact database.

Source: Adapted from Symbiotics Investments (2022). Symbiotics Investments Brings World’sFirst INR-denominated Gender-focused Bond to the Luxembourg Green Exchange.

How to strengthen the gender lens when impact investing in this asset class◼ Understanding how issuers measure and report the impact and outcomes of a gender bond issuanceis vital. This includes disclosing information on the gender-related outcomes of their investments,
such as the number of women in leadership positions, policies promoting pay equity and initiatives
supporting women-owned businesses. Transparent reporting allows investors to evaluate the fund’s
progress and hold it accountable for its commitments to SDG 5.
◼ The market for gender bonds has been steadily growing, which offers opportunities for additional

investment in projects that specifically target gender-related challenges by, for example, supporting
women entrepreneurs, addressing gender-based violence or enhancing women’s access to educationand healthcare.

44

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETSPhoto: UN Women/Ishak Saleh

4

CONCLUSIONSAND RECOMMENDATIONS﻿4CONCLUSIONSAND RECOMMENDATIONSThis report highlights the role that institutional investors and impact funds can play in directing
more financing towards SDG 5 to achieve gender equality and empower all women and girls. It
reveals a diversity of current approaches within the evolving field of gender lens investing, ranging
from those more focused on risk mitigation and value creation to those where impact ambitions
play a more prominent guiding role. Yet the potential of the field is clear—by advancing the depthof the gender lens applied in investments, there are opportunities to support transformativechange across asset classes.
The research on approaches by institutional investors
shows that gender lens investing is gaining momentum
as investors recognize the significance of considering
gender factors in their investment decisions to achievefinancial and impact goals. Interpretations of the scopeof this evolving field remain diverse, guided by various
frameworks and principles, including the UN SDGs, the2X Criteria and the UN Women’s Empowerment Principles.
Accordingly, a range of approaches are applied. Genderconsiderations are integrated at different stages
throughout the investment process, particularly during
screening and due diligence. This approach helps
investors uncover hidden risks and improve genderequality outcomes.
Respondents highlight the importance of gender diversity
within organizations for improved performance. Investors
that prioritize gender lens investing therefore often
support investees in enhancing their internal managementof gender-related matters, fostering progress towards
more equitable and sustainable business practices.
Institutional investors committed to gender lens investingemphasize measuring and reporting impact to ensuretransparency and accountability, which is further
encouraged by the regulatory environment in certain
countries. However, the lack of reliable genderdisaggregated data poses challenges.

On the fund and asset manager side, the integration of
SDG 5 as an impact objective varies across asset classes.
The number of investment vehicles launched each year
and that target SDG 5 grew until 2021 and then slowed
down in 2022. Assets under management in thesevehicles, however, are constantly increasing. They amountto US$56 billion as of July 2023, representing a growing
demand for SDG 5 impact funds. Private equity represents
the most mature impact strategy targeting SDG 5 withthe highest number of impact funds and assets undermanagement. While the number of funds remain limited,
real assets is the only asset class that saw an increaseof funds launched in 2022. Private debt funds instead
have slightly slowed down new fund launches since 2020,
similarly to the public equity asset class. Public debt
represents a smaller segment of the market but with aconstant launch of new funds per year. Overall, funds
including SDG 5 targets represent 17.2 per cent of all
impact funds tracked in the Phenix Capital Impact
Database as of July 2023. The assets under managementof these funds are constantly growing, but the total
amount is still much below other SDGs, such as thoserelated to the energy transition, e.g. SDG 7.
Overall, evidence of the impact of gender lens investingon gender equality remains—so far—largely anecdotal,
but the direction of this evolving field holds promise.
Renewed efforts are being made to ground gender lensinvesting in feminist principles and centre meaningful

4. CONCLUSIONS AND RECOMMENDATIONS

47

impact for women and girls. By prioritizing transformative
outcomes, investments can contribute to the realizationof gender equality. Moving forward, it is crucial forinvestors and impact fund managers to continue
exploring innovative approaches and collaborations thatfurther strengthen the depth of gender lens investing.
This includes committing to generating positive impacts
on gender equality, with accountability structures in place
to measure, monitor and report on the impacts achieved.

For gender lens investing to work towards the goal of inclusive and sustainable development that leaves nowoman and girl behind, it is important to incorporate the principles and perspectives of feminist economics into
investment practices. Here are 10 ways to advance this:1.

Intersectional approach: Adopt an intersectional lens that recognizes the interconnectedness ofgender with other dimensions of identity, such as race, class and sexuality. Understand how different
forms of oppression intersect with and impact individuals’ experiences. Ensure that investment
strategies consider the diverse needs and realities of women across various social, cultural andeconomic contexts.

2. Due diligence: Screen investments for companies that promote gender equality, human rights andenvironmental sustainability. Exclude those industries that perpetuate gender-based violence,
exploitation and ecological harm, unless the investment will help to eliminate these practices.
Consider the risk of negative externalities in terms of gender equality, environmental and social
impact and ensure risks are actively managed.
3. Participatory decision-making: Support shifts in power to value and incorporate perspectives andexpertise that have been traditionally excluded from financial processes. Engage women andmarginalized groups directly in the investment process. Include their voices and perspectives indecision-making, from setting investment priorities to evaluating impact. Recognize the importanceof community-led initiatives and support grassroots organizations working towards gender justice.
4. Economic empowerment: Prioritize investments that promote women’s economic empowerment,

including access to decent work, equal pay and entrepreneurship opportunities in line with the
Women’s Empowerment Principles. Support initiatives that challenge gender-based occupationalsegregation and promote women’s leadership in traditionally male-dominated industries.
5. Structural change: Go beyond individual empowerment and target the structural barriers andsystems that perpetuate gender inequality. Invest in initiatives that challenge patriarchal norms,
discriminatory laws, institutional biases and inequitable distribution of wealth and power withinsociety. Actively seek out and finance organizations and projects that aim to transform social,economic and political structures to create more equitable environments and outcomes.

48

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETS

6. Long-term impact: Invest with a long-term perspective that considers sustainable and transformativechange. Define gender equality impact objectives that are locally contextualized and supported by aclear impact thesis, which is informed by holistic gender and power analyses. Recognize that addressing
gender inequality requires persistent effort and a commitment to go beyond the sometimes shortterm vision of economic returns. Support initiatives that aim to create lasting impact and foster
gender equality across generations.
7. Gender-responsive metrics: Develop and utilize gender-responsive metrics and indicators to assess

the impact of investments on gender equality and women’s empowerment. Move beyond simplistic
gender parity data and individual-level metrics, and delve into the qualitative and institutional
aspects of social change. Consider both financial and non-financial outcomes, including paid caregiving,
workplace flexibility, and anti–sexual harassment policies, and measure progress towards feminist goals.
8. Transparent reporting: Practise transparent reporting on gender lens investments, including both

successes and challenges. Share information on investment strategies, impact measurement
methodologies and lessons learned. Foster accountability and learning within the gender lensinvesting community to continuously improve practices and align with feminist principles.
9. Collaboration and knowledge sharing: Foster collaboration among and between investors, feminist

economists, activists, civil society and gender experts, such as through the WEPs network of CEOsand companies. Facilitate knowledge exchange between groups’ respective areas of expertise, andshare best practices and emerging research on feminist economics and gender lens investing. Engage
in cross-sectoral partnerships to amplify impact and work collectively towards gender justice.
10. Policy advocacy: Advocate for policy changes that address systemic gender disparities, challenge

discriminatory practices, and promote inclusive and equitable economic systems. Investors to use
their influence to engage with policymakers and promote gender-responsive regulations and frameworks.
By integrating these elements into gender lens investing, work can take place towards systemic change that advances
gender equality and social justice, which moves beyond surface-level interventions.

4. CONCLUSIONS AND RECOMMENDATIONS

49

ENDNOTES
1.

UN Women. 2022. “Explainer: How gender inequality and climatechange are interconnected”. 28 February.

26.

International Finance Corporation (IFC). 2019. Moving Toward Gender
Balance in Private Equity and Venture Capital. 6 March.

2.

EIGE. “Economic Benefits of Gender Equality in the European Union”.
Newsroom.

27.

McKinsey and Company. 2018. Delivering through diversity. D.V. Hunt,
L. Yee, S. Prince and S. Dixon-Fyle. 18 January.

3.

Through the Addis Ababa Action Agenda, a global framework forfinancing sustainable development, UN Member States encouraged
the private sector to contribute to advancing gender equality,
supported the Women’s Empowerment Principles and encouraged
increased investments in women-owned companies.

28.

Parallelle Finance. 2023. Gender Lens Investing 2023. 5 March.

29.

MSCI. 2015. Women on Boards: Global Trends in Gender Diversity on
Corporate Boards. L-E Lee, R. Marshall, D. Rallis and M. Moscardi.
November.

30.

AWID. 2023. Gender Impact Investing & The Rise of False Solutions:
An Analysis for Feminist Movements. S. Amin and D. Yahaya. January.

31.

This term, or alternatives such as ‘SDG washing’, ‘green washing’ and‘pink-washing’, is used to describe a practice by which fund managers
or bond issuers overstate or falsely claim an investment’s positive
impact on the environment or society, whether intentionallyor unintentionally.

4.

The EU definition of ‘substantive gender quality’ can be found here.

5.

UN. 2015. Addis Ababa Action Agenda.

6.

As revealed in interviews with institutional investors conducted by
Politecnico di Milano, the interpretation of gender equality differs
among them. Some associate it with women while others focus ongender diversity, regardless of the gender type and minorities.

7.

Global Impact Investing Network. 2022. “Gender Lens Investing
Initiative”.

32.

Impact Management Project. 2019. Investor Contribution in Publicand Private Markets. Discussion document.

8.

Impact Management Platform. “Impact and the impact pathway”.

33.

9.

Criterion Institute. Key Concepts in Gender: A Primer for Investors.

10.

Bridges Fund Management. 2015. The Bridges Spectrum of Capital:
How we define the sustainable and impact investment market.

11.

Principles for Responsible Investment (PRI). 2016. A practical guide to
ESG integration for equity investing.

The investor organizations interviewed by Politecnico di Milano
included different types of capital deployers, such as banks,
foundations, pension funds, DFIs and fund of funds managers. Amongthe interviewees, eight investors were from North America, sevenfrom Europe, and one from Asia. The interviews were conducted by
the TIRESIA Impact Finance research team between July 2022 andAugust 2022.

12.

Responsible Investment Association Australasia. “Responsible
Investment Explained”.

34.

13.

UK National Advisory Board on Impact Investing. 2017. The Rise of Impact:
Five steps towards an inclusive and sustainable economy. October.

14.

Impact Management Project. 2018. A Guide to Classifying the Impact ofan Investment.

15.

PRI. 2023. Diversity data and pay gap reporting. March.

In particular, the Impact Database’s inclusion criteria include
investment and impact characteristics: (i) Investment lens: all funds
have a clear investment thesis, stable and consistent execution andtrack record, an institutional investor base and dedicated sustainable
and impact teams; and an (ii) Impact lens: funds need to integrate
impact across the entire investment cycle, including screening,
selection, due diligence and exit. Funds also need to report on impact
metrics at the portfolio and fund level. These metrics must measureprogress on social and/or environmental outcomes.

16.

See more about the Women’s Empowerment Principles at
www.WEPs.org/companies.

17.

50

The Investors for Equality initiative promoted by the International
Labour Organization and UN Women in Latin America and the
Caribbean aligns its guiding principles for promoting investment witha gender lens with the WEPs. See ILO and UN Women. 2021. Guiding
Principles for Promoting Investments with Gender Lenses.

18.

The transfer of the Secretary of the Impact Principles from the IFC
to the GIIN is expected in fourth quarter of 2022.

19.

Other notable global standards aligned with the IRIS+ System include
those of the 2X Challenge, the GRI, the Harmonized Indicators forPrivate Sector Organization, the Impact Management Project, theInternational Labour Organization and the Principles for Responsible
Investment.

20.

2X Challenge. 2020. “CDC Group, GIIN and the 2X Challenge createaligned gender impact metrics in major boost to advance women’s
economic empowerment and gender equality”. 16 March.

21.

Equality Fund. “Gender-Lens Investing Criteria”.

22.

Criterion Institute. 2015. The State of the Field of Gender Lens Investing:
A Review and a Road Map. 1 October. J. Anderson and K. Miles.

23.

GenderSmart. “What is Gender-Smart Investing?”

24.

Veris Wealth Partners. 2018. Gender Lens Investing: Bending the Arc of
Finance for Women and Girls.

25.

Peterson Institute for International Economics. 2016. “New Peterson
Institute Research on over 21,000 Companies Globally Finds Womenin Corporate Leadership Can Significantly Increase Profitability”. M.
Noland, T. Moran and B. Kotschwar. Press Release. 8 February.

35.

United Nations. 2022. Sustainable Development Goals. “The 17 Goals”.

36.

Phenix Capital has monitored funds for over 5 years and covers
longitudinal data for more than 10 years.

37.

L. Lallos. 2020. “Women in investing: Morningstar’s View.” Morningstar.
2 March 2.

38.

C. Flood. (2020). “Female-managed US funds outperform all-malerivals”. Financial Times. 6 September.

39.

Women-led funds mostly target SDG 3 (good health and well-being),
followed by SDG 5. In third place is SDG 2 (zero hunger). In contrast,
the overall industry currently targets mostly climate-related SDGs,
such as SDG 7 on affordable and clean energy.

40.

Carried interest is the share of profits earned by general partners ofprivate equity, venture capital and hedge funds.

41.

OECD. 2022. Blended finance for gender equality and the empowermentof women and girls. March.

42.

The ICMA principles and guidelines include the Green Bond Principles,
Social Bond Principles, Sustainability Bond Guidelines and SustainabilityLinked Bond Principles.

43.

An issuer of sustainability-linked bonds uses quantifiable key
performance indicators to assess and benchmark impacts and assess
improvements in sustainability performance targets by a given date.
If an issuer does not achieve its targets, the financial and/or structuralcharacteristics of the bond are negatively impacted.

EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETSUN WOMEN IS THE UN ORGANIZATION
DEDICATED TO GENDER EQUALITY
AND THE EMPOWERMENT OF WOMEN.
A GLOBAL CHAMPION FOR WOMEN AND
GIRLS, UN WOMEN WAS ESTABLISHEDTO ACCELERATE PROGRESS ON
MEETING THEIR NEEDS WORLDWIDE.
UN Women supports UN Member States as they set global standards
for achieving gender equality, and works with governments and civilsociety to design laws, policies, programmes and services needed toensure that the standards are effectively implemented and truly benefit
women and girls worldwide. It works globally to make the vision of
the Sustainable Development Goals a reality for women and girls andstands behind women’s equal participation in all aspects of life,
focusing on four strategic priorities: Women lead, participate in andbenefit equally from governance systems; Women have income
security, decent work and economic autonomy; All women and girls
live a life free from all forms of violence; Women and girls contributeto and have greater influence in building sustainable peace andresilience, and benefit equally from the prevention of natural disasters
and conflicts and humanitarian action. UN Women also coordinatesand promotes the UN system’s work in advancing gender equality.

220 East 42nd Street
New York, New York 10017, USA
www.unwomen.org
www.facebook.com/unwomen
www.twitter.com/un_women
www.youtube.com/unwomen
www.flickr.com/unwomen