Global member meetups, exciting job openings and 2X Ignite expands to Asia Pacific

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Subject: Global member meetups, exciting job openings and 2X Ignite expands to Asia Pacific

2X Global: Unlocking gender-smart capital at scale

Dear Friend,

It’s been an action-packed month and we’re excited to share some big announcements with you, including the expansion of 2X Ignite (our signature programme for fund managers), 2X job openings and upcoming events.

Building off our pioneering Africa programme, 2X Ignite launched a pre-acceleration and acceleration programme for 25 female-led or gender-balanced fund managers with gender smart investing strategies across the Asia-Pacific region. Applications are open until 14 June 2023 and for those interested about finding out more about it, we’ll be holding an information session on May 11 at 2pm (GMT+8).

This month 2X Global went on the road to join partner events at Skoll, hosting 2X Global meet ups in Nairobi and Cape Town, while other team members touched base in Ottawa with our partners GAC, Criterion and ANDE on ARISE. These convenings have been great at supporting community engagement, sharing 2X Global updates and garnering on-the-ground insights.

We would like to give a shout-out to Samantha Pokroy, Founder and CEO of Sanari Capital’s and a 2X Ignite GP Sprint participant who was invited to a roundtable discussion with the U.S. Vice President Kamala Harris for the Digital Transformation with Africa (DTA) Initiative. As the only representative of private equity and venture capital, Samantha emphasised the need to include medium-sized and mid-market businesses in any initiative aimed at addressing the digital divide on the African continent.

Finally, we are so excited to amplify the $1MN gender and climate finance endowment ‘Heading for Change’ that 2X Global board member/senior strategic advisor & GenderSmart co-founder and global gender lens investing leader Suzanne Biegel has launched. Here is the recording of the launch event. This blended, multi-asset class portfolio will advance long-term positive impact for women and girls, nonbinary individuals, and our planet.

In Community,

2X Global team

News from the field

Mainstreaming gender lens investing. A new partnership between IFC and the Bank of Africa Group will provide $77 million to SMEs, including women-owned businesses, across sub-Saharan Africa. In their book The XX Edge: Unlocking Higher Returns and Lower Risk, Patience Marime-Ball and Ruth Shaber MD, make the case for why investments managed by women deliver a higher rate of return. The world’s largest pension fund selects Morningstar Indexes and Equileap as the basis for its Japan-based gender diversity investment strategy.

Gender and Climate Investing. A criteria for financial actors to create new or align existing products, solutions and investment mandates, in order to direct more capital towards financing a transition to a Net Zero in a matter that is inclusive and equitable. Increasing women’s empowerment and gender equality in agrifood systems enhances their well-being and the well-being of their households, creating opportunities for economic growth, greater incomes, productivity and resilience. Insights from a new report by Developing World Markets with recommendations for better integrating climate risk considerations and supporting adaptation and resilience among the most vulnerable. How to channel investment to support adaptation and resilience in developing economies.

Leadership, Culture and Policy. Since its launch in 2021, the Compact is working to realise a world for women and girls in conflict and crisis in which financing, participation in peace processes, economic security, leadership and agency, and protection of their human rights are all possible. Increasing the number of women in leadership positions and supporting women entrepreneurs relies on expanding access to finance for women-led businesses as well as recognizing the role women play in addressing global challenges. In the EU, the pay transparency directive was approved and obliges EU companies to report and fix their gender pay disparities.

Resilience (GBV, Financial Inclusion). Case study looking at how policy and regulation is increasing women’s financial inclusion and closing the women’s SMEs (WSMEs) credit gap. US Vice President Kamala Harris has launched a series of global Initiatives on the economic empowerment of women, totalling over $1 billion. ALIVE Ventures announces a first close of US$20 million of their second US$80 million impact investment fund that will invest in companies that use technology and other game-changing innovations to transform the lives of low-income communities in Latin America. OMFIF’s 2023 Gender Balance index that measures the state of diversity in leadership at central banks and financial institutions globally, reported that while all institution groups advanced their scores in the past year by 1-2 points, it will still take 140 years to achieve gender parity, reinforcing the message of slow-going progress.

Data and Tools. UK’s biggest financial institutions including HSBC and Goldman Sachs reported a widening in the gap between what they paid women and men in 2022, according to data reviewed by Reuters. Gender equality exchange traded funds performed better last year than in any year since their inception, with five of the nine ETFs listed in Europe and the US beating their relevant Morningstar benchmarks. Equileap’s annual gender equality report and ranking found that although progress on key criteria remains too slow, with less than 1% of companies closing the gender pay gap, they’ve seen a rising tide of companies asking how they can improve, and then implementing reform.

Care Economy. The Asia-Pacific Care Accelerator aims to strengthen gender-inclusive entrepreneurship solutions to transform the care economy. Essential insights for building companies in the care space. On why Goal 5 of the 2030 Sustainable Development Agenda is an ambitious and expansive approach to reducing gaps between males and females and enabling women and girls to live their lives to the fullest.

JEDI, Power, and New Economic Systems. Citi’s annual ESG report highlights progress across Citi and the Citi Foundation toward building more sustainable, diverse and equitable communities around the world. Morningstar Indexes highlighted how companies that are committed to gender equity and inclusion outperformed their broad market counterparts in the last year. A new report has found that although asset manager BlackRock has not yet accomplished all the goals set forth in their 2021 DEI strategy, it has made progress toward many of them.

Community Calendar

27-28 April, 2023

The Institute for Gender and the Economy (GATE) hosts the first Gender Analytics: Possibilities (GA:P) conference. Join in person or online here.

1-5 May, 2023

The annual AVCA Conference and VC Summit is the largest Africa-focused private capital gathering globally in Cairo, Egypt. Join the 2X Global networking session here.

3 May, 2023

The World Bank Group is hosting a Law & Gender Conference focused on the interplay between private sector and legal systems in advancing women's economic participation in Cairo, Egypt. Register here.

17 May, 2023

2X Global is hosting a Member Meet-up in Washington DC. Register here to connect with the community.

24-25 May, 2023

Financial inclusion leaders from around the world will gather for the 2023 Making Finance Work for Women Summit for hands-on workshops, plenary sessions and other collaborative opportunities. Register here.

20-22 June, 2023

The AVPN Global Conference is one of the world’s leading conferences focused on intersections between research, policy and practice – with the goal of improving lives globally. Get your tickets here.

28-29 September 2023

The 2X Annual Members’ Meeting 2023, hosted by 2X Global in partnership with the European Investment Bank (EIB), will be held in Luxembourg this year. Members can RSVP here before June 30th.

We are looking for a Fundraising and Partnerships Lead and proposals for a Consulting Project to develop 2X Global policies on Gender-Based Violence (GBVH) and Child Protection.

Work with us

2X Flagship Fund Announcement

AfricInvest Private Credit (APC) has obtained 2X Flagship Fund status recognising their commitment to providing tailor-made financing solutions that create equal opportunities and empower female small and medium-sized enterprises.

Thank you to our partners and supporters

Field Builders