Investments

Heading for Change invests in private market funds driving impact and market rate returns at the intersection of climate solutions and gender equity. Our blended, multi-asset class demonstration portfolio works 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 and social outcomes.

By investing in gender-smart climate fund managers – and the innovators they back – we will be helping vital climate solutions get to market, scale, and effect change. At every stage of the journey, we will share successes, learnings and resources to raise awareness and catalyze further capital.

Launch

A small set of emerging funds with high fit and conviction and the potential to create outsized impact.


Lift

Mainstream climate-first funds committed to deepening their gender lens and influencing the market at scale.


Illuminate

Climate-first funds with a deeply intentional and integrated gender lens that set a course for others to follow.

Female scientists at work

An Integrated Lens: Women as Agents of Change

The HfC investment strategy has been informed by multiple gender, social justice, and climate investment frameworks, including 2X Global’s Gender and JEDI (Justice, Equity, Diversity and Inclusion) criteria [link to tools and resources]. It brings women to the forefront of activating climate solutions by backing them as agents of change— as fund managers, investors, entrepreneurs, scientists, and innovators.  

The emphasis is on funds that we believe will deliver market-rate returns to demonstrate sustainability and catalyze other investors. Concessionary investments must demonstrate minimum capital preservation. We are ultimately seeking to build a self-sustaining portfolio.

Once a fund meets this risk/return profile, we work with them to deepen their gender+climate lens at every stage of the investment process:

  • Sourcing: Are they looking for deals that actively create opportunities for women as agents of change, and consider the implications of gender in climate solutions?

  • Screening: Are they eliminating opportunities that are not considering gender impacts, or the ways women and girls can be engaged in building solutions?

  • Due Diligence: ?

  • Post-Investment Support: How are the funds supporting investee companies to be more thoughtful about engaging women in their communities, and bringing in diverse voices when designing solutions?


Criteria

The HfC investment team are looking at funds raising a minimum of $10m with a sweet spot of between $30m and $200m. They should be on a path toward first or final close, with an anchor investor secured or en-route, and the ability and enthusiasm to accept a $100k investment ticket. 

Climate/Nature and Biodiversity Lens

  • >75% invested in climate/nature related investments

  • Use of climate/nature finance taxonomy or criteria

  • Investment in: transformative solutions, scalable & replicable models, climate vulnerable and resilient places and people

Gender Lens

  • GLI intentionality and embeddedness, opportunity & inclusion

  • Fund Manager Level: At least 30% founded or owned by women and 30% of investment team are women 

  • Portfolio Level: At least 30% of portfolio meets one 2X criteria

Integration of Climate & Gender

  • Women as Agents of Change as: entrepreneurs, innovators, leaders, supply chain leaders 

  • Secondary consideration: Improving women’s livelihoods and enhancing resilience

Social Justice and Just Transition

  • Diverse founded and led teams, and local representation

  • Commitment to ensuring that the benefits of a transition to a green economy are widely shared and support adversely-affected communities  

Impact

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Woman working in a field

Demonstration Portfolio

Our first investments hit the ‘sweet spot’ between climate, gender and justice. We are just setting sail on this ambitious journey, and look forward to refining our own criteria and process, as well as supporting the funds to deepen their gender and climate integration.

If you’d like to join us in catalyzing solutions at the forefront of climate innovation and gender, consider becoming a donor-partner.