Investments
Heading for Change is building a blended, multi-asset class demonstration portfolio of funds investing at the nexus of climate solutions and gender equity.
Our investments work in parallel with our grant capital to advance climate solutions and build the field, creating a growing evidence base for why a gender lens matters in addressing the climate crisis – and how to integrate it for improved financial, social and environmental outcomes.
By investing in gender-smart climate fund managers – and the innovators they back – we help vital climate solutions get to market, scale, and effect change.
Investment strategy
The Heading for Change Investment Strategy is designed around three primary lenses:
1. Climate
Climate, nature and/or biodiversity-first funds that are investing a majority of assets in opportunities that are critical to the transition to a green economy
2. Gender
Gender-smart investing principles embedded at both the Fund Manager and Portfolio levels
3. Integration of Climate and Gender
Women as Agents of Change as the primary focus, with improving women’s livelihoods and resilience as a secondary consideration
Heading for Change also strives to apply a social justice lens, backing diverse founders and teams with local representation, and just transition lens, ensuring that the benefits of a transition to a green economy are widely shared and support adversely-affected communities, to all of its investments. We define "diverse founders" as anyone identifying as: a woman or girl, LGBQTI+ or person of color. Heading for Change also cares deeply about Neurodivergence and Disability, and would consider it a plus if funds shared that vision.
The Heading for Change investment strategy has been informed by multiple gender, social justice, and climate investment frameworks, and we are constantly trying to see where we can bring in existing frameworks and best practices to enhance our strategy and connection to the broader community of practice in climate and gender integration.
For a list of frameworks which have informed and inspired Heading for Change’s Investment Strategy see Tools and Resources >
An Integrated Lens: Women as Agents of Change
We believe that climate solutions have the best chance of success when women are engaged in their creation at every level. Our “Women as Agents of Change” thesis seeks out investment opportunities which leverage women’s insights and intelligence to create better and more just climate outcomes.
Opportunities for women to be change agents and drivers of climate-smart solutions exist across the entire value chain: from fund managers deciding where and in whom capital is invested, to philanthropists financing catalytic projects and de-risking solutions, to the woman entrepreneur who uses sustainable land management practices on her farm to preserve it for future generations, to the woman innovator who designs a new bag for fertilizer so it is easier to carry over long distances. This framework also takes into consideration the important role that women play in the workforce and supply chain, as well as women’s influence as consumers and financial decision makers in their households.
Check out our Portfolio below to see examples of our Women as Agents of Change framework in action.
Portfolio
The Heading for Change portfolio is made up of investments across three core categories of funds, each at a distinct point in the journey towards full climate and gender integration.
Trailblazers
Funds that already have a deeply intentional and integrated climate and gender lens and are setting a course for others to follow.
Market Shifters
Mainstream climate-first funds committed to deepening their gender lens and influencing the market at scale.
Future Leaders
A small set of first-time funds closely aligned with Heading for Change’s criteria and where we can be extra catalytic.
Our global portfolio is diversified across regions (North America, LATAM, Europe, Africa and Asia), markets (developed and emerging) and climate and nature-related themes (Climate Tech, Food Systems & Sustainable Agriculture, Oceans & Water, Biodiversity & Forestry), as well as across fund size, asset class, and return targets. Download the detailed investment criteria below.
