Investment And Equity Management

I hate it when powerful women remain silent in money related conversations! I have been in rooms with women who led companies, signed off on massive deals and carried influence that most only dream of. But the moment the conversation shifted to balance sheets, EBITDA and cash flow, almost everyone stayed silent. All because of years of conditioning. Growing up, money talk for women meant gold savings, grocery budgets and school fees. The bigger financial decisions like investments, insurance and retirement were handed to fathers, brothers or husbands. And that conditioning doesn’t leave easily. Even women sitting at the top often feel like outsiders in financial conversations, afraid of being dismissed or judged. This gap is about culture. When men make money mistakes, they’re told to “try again.” When women falter, they’re told they “shouldn’t have tried.” But change begins with curiosity, like asking what an unfamiliar term means, talking about investments with friends or starting a small SIP even without full confidence. Because financial knowledge is about freedom and that doesn’t wait for permission. It begins the moment women decide - money belongs to us too. Are you confident about being a part of these conversations? #culture #moneymanagement #financialliteracy #investment 

Today, the countries with the greatest growth potential and most urgent need for investment face the greatest financing gaps and the highest costs of capital. Emerging and developing economies (#EMDEs) face borrowing costs 3–5x higher than advanced economies—even when they have faster growth, lower debt, and strong fundamentals. This high #CostOfCapital — not capital scarcity—is the biggest bottleneck for climate and SDG finance in EMDEs. 📄 Our new CCSI paper, co-authored with Jeffrey Sachs, Ana Maria Camelo Vega, and Bradford M. Willis unpacks the structural forces inflating EMDE financing costs—from flawed #creditratings, outdated prudential regulations, short-term debt, underused guarantees, and misperceptions of risk. The paper lays out 10 actionable pathways to mobilize long-term, affordable capital for climate and development—at speed and scale. 📌 Key Takeaways: - High cost of capital makes capital-intensive clean energy unaffordable where it’s most needed; fossil fuels remain cheaper in many EMDEs because of the high cost of capital despite abundant renewable energy potential. - GDP per capita—not solvency indicators—is the strongest predictor of sovereign credit ratings. Low-income countries are penalized for their poverty, regardless of investment quality or growth potential. Not a single low-income country is deemed credit-worthy by S&P, Moody's or Fitch. - It’s not just a development problem—it’s a missed investment opportunity. The distorted risk-return landscape also holds back large institutional investors who want to deploy capital into the high growth EMDEs—but are blocked by structural risk ratings, regulatory requirements, capital adequacy rules, and lack of de-risking mechanisms. - Today’s dominant credit and debt sustainability frameworks focus on short-term liquidity risks, not long-term structural growth potential. This leads to pro-cyclical investment patterns that funnel capital to already-rich countries and perpetuate underinvestment in high-potential regions. This is a solvable problem! And the solutions are timely and urgent—especially as leaders gather for the #IMF–WorldBank #SpringMeetings next week, the UN #FFD4 Summit in June, and #COP30 this fall. 📘 Read the full paper: https://lnkd.in/eJYAh6WN. We welcome your feedback and engagement. Columbia Climate School Mahmoud Mohieldin Vera Songwe Daniel Cash Ivan Oliveira Tom Beloe Ben Weisman Leslie Labruto Kate Hampton Daniel Firger Lucy Kessler David McNair Rahul Rekhi KEVIN CHIKA URAMA Avinash Persaud Columbia Center on Sustainable Investment Manfred Schepers

In yesterday's post on the FCA's Diversity and Inclusion consultation, I questioned whether their proposals (which largely reduce DEI to demographic diversity statistics) would improve customer welfare. Here I discuss the FCA's second goal of improving the UK's international competitiveness (by increasing talent from underrepresented groups). All of yesterday's concerns continue to apply. 1. The proposals focus on very narrow aspects of diversity - what can be measured, not what's important. Other sources of underrepresentation are: a. Socioeconomic background, given the power of wealth and contacts. b. Regional background. Even a different accent can affect whether you get a job, or how seriously you are taken by colleagues or clients. c. Personality type. How often is someone not hired or promoted because they're said to be not aggressive or assertive enough? 2. What matters is not just diversity but inclusion: whether minorities can thrive rather than just having jobs. A minority could be a bully; a white male could be a mentor. Moreover, additional concerns apply here. 3. Targets undermine merit. If a company has announced a target for (say) senior women, and a woman is promoted out of merit, colleagues and clients may think she was promoted to meet the target. I was once approached to apply for a board position because it needed to increase its “number of non-white faces”. 4. Targets are divisive. They can create divisions in a company and worsen culture because one party benefits at the expense of others. A white male may believe he has limited promotion prospects and thus be less motivated. More broadly, the focus on symptoms, not problems, has missed a real opportunity to address the underlying causes of lack of diversity. Taking gender diversity in fund management as an example, a significant hurdle to women becoming portfolio managers is that the major promotion decision (from analyst to PM) typically occurs when many women have children. Most women take extended parental leave, but men rarely do. If a woman is overlooked for promotion pre-kids, her earnings may have fallen significantly behind her partner’s post-kids. The family dynamic may either dissuade her from returning to work, or require her to bear more childcare responsibilities after returning, hindering promotion. Even if a woman has made PM prior to leave, there are still barriers. When one PM was on leave for more than six weeks, her employer ended her CF30 approval (part of the FCA’s Approved Persons regime at the time) leaving a gap in her track record. Track record is crucial in fund management, affecting her client inflows, ability to launch a new fund, and likelihood of being assigned to a bigger fund. My response to the consultation is below, which I hope is helpful to both the FCA and also companies and investors interested in diversity. https://lnkd.in/eWgkd8qz.

Most large-scale energy initiatives follow the same pattern: start with big commitments, roll out connections, figure out the policy later. Nigeria did the opposite. And that’s why it’s working. Instead of treating private investment as an afterthought, Nigeria built the policy framework first. And that made all the difference. What Nigeria Got Right - 1. A Structured Energy Compact – Nigeria created a clear, integrated policy that combines grid expansion, mini-grids, and decentralized solutions into a single plan. Other countries still treat off-grid power as an afterthought. 2. Private Sector Was Built Into the Model – Most African energy plans rely almost entirely on government spending. Nigeria understood that public money alone won’t be enough, so they de-risked the investment landscape for private players. 3. Policy Stability That Investors Can Trust – The biggest deterrent to energy investment is regulatory unpredictability. Nigeria structured clear rules around licensing, tariffs, and long-term market participation, giving businesses and investors the ability to plan long-term—not just react to political cycles. The Results Speak for Themselves - - Nigeria is now the leading mini-grid market in Africa. - Private capital is flowing into the energy sector at scale. - The policy model is structured for real expansion—not just short-term funding cycles. Now compare this to many other Mission 300 countries - - There’s no clear strategy to integrate decentralized and centralized power. - Investment risk is still too high for private capital to flow at scale. - The policy landscape remains too unstable for long-term planning. Nigeria isn’t perfect. But it’s one of the few places where energy policy is being built for growth, not just for the next round of funding. If Mission 300 countries want to make real progress, this is the playbook - - Stable, investment-friendly regulation - A clear plan that integrates all forms of power - Long-term market structures that attract capital at scale Energy access is an industry, not a one-time intervention. And Nigeria is proving that when the policy is right, the investment follows. #NigeriaEnergy #Mission300 #SmartInvestment #EnergyForGrowth

📢 For the past 18 months I have been serving on a Government Taskforce - looking at how we can supercharge Women-led *High Growth* Businesses (inc. a few trips to Number 10 Downing Street)... 📈 This builds on much of the great work already started by The Rose Review & Rose Review Board which looks at *all* women led businesses, and the valuable data collection led by the British Business Bank, British Private Equity & Venture Capital Association (BVCA), Diversity VC Level 20 and The Treasury with the Investing in Women Code. This Taskforce was specific to *High Growth* Women-Led Businesses - and was led by one - the indomitable Anne Boden. Anne founded Starling Bank in 2014 and has since scaled it to 3.6m customers, £353m in revenue last year and £195m in profit.* She truly embodies the potential of High-Growth Women-Led Businesses and we need 10,000x more Starlings in order to power our economy forward. Being on this Taskforce was not without its challenges as the topics we're tackling are so vast and complex. I wish we had the time and resources to do much more. However - today we launch our (92 page!) final report, including recommendations on how to break down barriers and support the economy. The key recommendations are: Recommendation 1: Investors should better monitor the proportion of funding they invest in female founded businesses. Recommendation 2: Firms should set their own voluntary targets for the number of women in senior investment professional roles and report against them on their websites. Recommendation 3: Increase signatories to the Investing in Women Code, particularly for private debt funds and Limited Partners, to boost investment in women-led enterprises. Recommendation 4: Drive inclusive behaviour in the investment ecosystem. The FCA should reduce the threshold for companies below 251+ employees to incorporate venture capital firms to drive greater diversity in the companies and, thus, their decision making. Recommendation 5: Roll out Female Founder Growth Boards across England. Recommendation 6: Inspire girls and women to become high-growth entrepreneurs. Recommendation 7: Improve data collection on the number of female founders. Thanks to my fellow Taskforcers ●     The Chair, Anne Boden MBE, founder of Starling Bank ●     June Angelides MBE: Investment Manager, Samos, and CEO and Founder, Mums in Tech ●     Judith Hartley: former CEO of British Patient Capital and British Business Investments, British Business Bank ●     Zandra Moore: CEO and Co-founder, Panintelligence ●     Deepali Nangia, Partner, Speedinvest and Co-founder Alma Angels ●     Jan Putnis: Partner, Slaughter and May ●     Angela Scott: Founder, TC BioPharm Ltd ●     Helen Steers: Partner, Pantheon ●     Sam Smith: Founder and former CEO at finnCap Cavendish Group Plc I couldn't have been part of this Taskforce without support from Matt Penneycard the team at Ada Ventures. 🙏 *Figures at at March 23. Link below.

Good news! Gulf’s first woman-led private equity firm raises a $200 million debut fund. In a region where private equity has long been a male-dominated game, this is nothing short of historic. Huda Al-Lawati, founder and CEO of Aliph Capital, just closed a $200 million debut fund, making it the first woman-led private equity firm in the Gulf to raise this kind of capital. The final close was 20% below the original $250M target. But in today’s volatile fundraising climate, closing a first-time fund is a massive win. So, what makes this even more powerful? 1/ Institutional Backing Big names like ADQ, Jada Fund of Funds (Saudi PIF), and SVC-backed Aliph. That’s trust in a new kind of leadership. 2/ Focused, Purpose-Driven Investing The fund, Aliph Capital, will invest $15M–$40M per company in mid-sized Gulf businesses, with a clear focus on: > Infrastructure & industrials > Healthcare > Education > Consumer industries These are sectors with massive growth potential but often need capital, modernization, and digital transformation. Already in the portfolio: —>  The Petshop Acquired in 2022, now 12+ locations, new vet services, and a complete digital overhaul. A great bet, given rising pet ownership in the region. —> SANIPEX GROUP A 25% stake in this premium bathroom and outdoor products supplier, helping with acquisitions and succession as the Gulf’s luxury real estate market continues to boom. ✅ It signals that the MENA financial ecosystem is evolving, not just in how capital is deployed but also in who deploys it. And most importantly, it opens the door for many more women to build and lead in high-stakes investment environments. It’s a moment of change for regional finance, gender equity in leadership, and the next generation of Gulf-grown businesses. What do you think this means for the future of women in finance in the Gulf and globally? #Gulf #Womenfounder #VC #startup 

🚨 Scotland’s VC market just posted a 19% rise in funding… and a 57% drop in deals for women-led businesses. Progress for some. Exclusion for others. Record-breaking investment in 2024 - £704 million in total. But behind the headlines lies a serious imbalance. 💰 Yes, investment rose 19% year-on-year, defying UK-wide trends. ❗️But that growth was heavily concentrated in a few late-stage mega deals, 17 deals over £10m made up more than half the total pot (£372.7m). 🧊 Meanwhile, early-stage funding, where most women-led startups sit, collapsed, dropping 17% to £331m. ⚖️ Worse still, only 3% of the total funding (£22m) reached women-led startups. 🔁 This creates a vicious cycle: lack of visibility ➝ fewer deals ➝ smaller pipeline ➝ even less investment. It’s growth that celebrates the few, while starving the many. This isn’t just inequality. It’s a missed opportunity, and a £250 billion one at that. At egg, we’re working to close that gap: We’re supporting women founders with mentoring, visibility, and access to networks. We’re building the kind of confidence and community that drives long-term, scalable businesses. And we’re doing it without waiting for permission. 💡 The future of Scotland’s innovation economy depends on whether we choose inclusion over inertia. 📣 Investors: the pipeline isn’t empty, it’s ignored. It’s time to back women-led. Stats taken from a Substack article entitled "The Scottish Paradox - A £704m boom on a Foundation of Sand" - and shared in comments. Article written by John Glover Image Anna Moffat

What happens when African fund managers lead the investment strategy? In a recent CNBC Africa interview, DOROTHY NYAMBI, CEO of MEDA (Mennonite Economic Development Associates) shared powerful insights into how the Mastercard Foundation Africa Growth Fund is reimagining what it means to put African capital in African hands. The Fund demonstrates that capital can be reimagined and redirected to serve African fund managers, entrepreneurs, and especially women, using a gender-lens and locally led investment model that: 1. Rethinks gender-lens investing • It’s not about ticking diversity boxes- it’s about empowering women with real agency to influence investment decisions and strategy. • The Fund emphasizes patience and local context, shaping investment approaches to suit real-world African realities rather than imposing external templates. 2. Builds local ecosystems • Local leadership matters. The Fund invests in and supports African and female-led managers, ensuring they are not just invited to the table- but leading it. • It enables fund managers to spearhead strategy and draw in other stakeholders, strengthening the investment ecosystem from within. 3. Focuses on returns “on inclusion” • The Fund measures more than financial returns. It prioritizes social impact, like job creation and economic empowerment. • The goal: dignified, sustainable employment, particularly for African youth, moving beyond short-term fixes. 4. Is intentional about youth and women inclusion • The Fund challenges outdated narratives that investing in women is riskier, instead proving the financial viability of women-led enterprises. • It applies a holistic, end-to-end gender lens, supporting women as entrepreneurs, fund managers, and drivers of growth across the value chain. Impact so far: • ~US$150 million deployed across 18 African-led investment vehicles • 49 SMEs supported in 12 countries • 2,500 full-time jobs created, with 1,100 held by women • 75% of supported vehicles are female-led • Honored with the DEI Award at AVCA’s 20th Anniversary Conference In essence, African-led, gender-smart capital flows are delivering equity and economic resilience. Fund managers and entrepreneurs are shaping outcomes with a clear focus on inclusion, impact, and sustainability. This is a transformative model where African and female-led fund managers are no longer just recipients of capital, but drivers of it, reshaping the investment landscape to deliver both financial returns and lasting, meaningful change across the continent. Watch the full interview: https://lnkd.in/d9SuiuSj #Africa #GenderLensInvesting #InclusiveCapital #ImpactInvesting #Leadership #YouthEmployment

In 2024, the landscape of #venturecapital investment for #femalefounders has shown both progress and persistent challenges. Here's an overview: 📌 #Funding trends: Female-founded startups have continued to receive a disproportionately small share of venture capital. In the U.S., startups founded exclusively by women garnered only about 2.2% of the capital invested in venture-backed startups in the first half of the year. Meanwhile, #startups with at least one female co-founder slightly improved their share, representing 14.8% of total capital invested. This stark disparity highlights a #fundinggap that has not significantly narrowed over the years. 📌 Sector-specific insights: The femtech sector, which focuses on female health technology, has seen particular struggles. Female-founded #FemTech companies have historically raised less than their male counterparts, with 2024 continuing this trend. However, there's a silver lining with an increase in female investors and venture capitalists, which could influence more equitable funding in this sector. 📌 Investment success stories: Despite the broader funding challenges, some female-founded companies have managed significant rounds. For instance, companies led by female CEOs have raised substantial funding, showcasing that with the right combination of innovation, market fit, and investor interest, female-led ventures can secure significant investments. 📌 Challenges and biases: Female founders often face biases in the investment process. Reports indicate that 84% of female founders feel they encounter gender bias during evaluations, and they are asked significantly more questions about their ability to scale compared to male founders. Moreover, the average cheque size for female-led startups remains notably lower than for male-led ones. 📌 The bright side: There's an increasing awareness and action to address these disparities. Initiatives like the Investing in Women Code in the UK are making strides, with signatories accounting for a significant portion of VC deals in 2023, suggesting potential for positive change. Additionally, there’s a growing narrative that investing in female entrepreneurs can boost global GDP significantly, encouraging more investors to consider diversity in their portfolios. 📌 Conclusion: While 2024 has not seen a dramatic shift in venture capital distribution to female founders, there are signs of incremental improvement and a stronger push towards parity. However, the journey towards equal #investment opportunities for female founders is ongoing and requires sustained effort from both the entrepreneurial and investment communities. Some resources 👇🏽 https://lnkd.in/dX9y58Cd https://lnkd.in/dz2hq44h https://lnkd.in/dNkujwhB

From Dakar to Abidjan… A movement is underway, and it is being led by women who were once overlooked.   This week, on Episode #170 of the Unlocking Africa Podcast, I sat down with Stephanie S., Tech and Finance Business Leader, Gender Lens Investor, and Board Executive at the Women's Investment Club (WIC).   WIC is pioneering something powerful. It is the first investment fund in Senegal and Côte d’Ivoire dedicated exclusively to women-led businesses.   With a bold mission to catalyse inclusive economic growth, WIC Capital combines investment with mentorship, technical support, and community building to help women-led MSMEs scale sustainably.   And the results?   💡 $5M deployed 💡 10 women-led MSMEs backed 💡 8x revenue growth for portfolio companies 💡 400+ jobs created and maintained   One of my favourite insights from our conversation:   “Incorporating a gender lens is not about limiting your investment. It is about expanding it to include opportunities traditional models overlook.”   We discussed:   → Why WIC invested during COVID while others pulled out → How the WIC Academy is preparing women for capital and growth → What investment readiness looks like through a gender lens → How equity and quasi-equity are creating liquidity in the African context → The myth that gender lens investing sacrifices financial return   And this gem:   “The real opportunity lies in transforming women from economic observers to active participants.”   The future of gender lens investing in Francophone Africa? Stephanie says, “It is taking off.” If you are interested in impact investing, inclusive growth, and the future of African finance, this episode is for you.   ⬇️ Listen now by clicking the link in the comments below ⬇️   #GenderLensInvesting #FrancophoneAfrica #ImpactInvesting #WomenInBusiness #UnlockingAfrica #Podcast #PodcastHost