ANDE's Gender Equality Initiative
Gender Lens Investment Pay for Results Fund

Part of ANDE’s Gender Equality Initiative, the Gender Lens Investment Pay for Results Fund aims to use grant capital to test models for increasing investment into women-led SGBs in developing economies.

'Gender Lens Investment Pay for Results Fund' Grant Facility

Period of Implementation: April 2022 – June 2023

The grants given under the Gender Lens Investment Pay for Results Fund provided performance award fees to investors for predetermined gender equality achievements to increase the gender impact of their portfolios. These grants are intended to cover costs associated with developing the systems and processes necessary to take a ‘gender-lens approach to investment. The grants went directly to investors and will use a ‘pay for results’’ structure, in which the grant payment will be contingent upon completion or partial completion of achievements with a clear path to gender impact.

Gender Lens Investment Pay for Results Fund Grantees

In March 2022, ANDE announced four winning organizations out of more than 72 total applications.

Alitheia IDF Fund

Alitheia IDF Fund, the first dedicated gender lens investing fund in Africa. This project aimed to build capacity in pipeline SGBs that are not quite investor-ready through their existing Nzinga program and they will build value for women in portfolio companies.


Insitor, an impact fund manager investing early-stage equity in emerging and frontier Asian markets. Under this project, Insitor intended to hire an employee fully dedicated to improving their internal systems and processes to unlock gender-smart investing practices of their funds.

EcoEnterprises Fund

EcoEnterprises Fund, a women-led venture fund with an unparalleled track record of over 20 years building nature-positive, gender-smart portfolios. With this project, they enhanced both their environmental & social evaluation processes to ensure insightful gender data is captured at the commencement of the process (i.e. due diligence) during due diligence and throughout the investment process.

Brightmore Capital

Brightmore Capital, an investment management and advisory firm that believes that private equity is a key driver in ensuring sustainable growth and long-term economic prosperity. In their project, they aimed to deploy impactful capital into Senegalese SGBs and provide strategic support for their investee companies to support them in reeling their ability to push forward positive impact for gender equity in West Africa. 

The Gender Lens Investment Pay for Results Fund is possible thanks to support from: