Glossary

A fixed-term, cohort-based programme that supports early-stage startups through mentorship, education, and networking — typically in exchange for equity or a fee — and culminates in a demo day or investor pitch event. Accelerators differ from incubators in that they have a defined end date and focus on rapidly scaling businesses that already have a working concept.

The principle that a funder's participation enables outcomes that would not have occurred without it — either by providing capital where commercial finance is absent, or by creating non-financial benefits (technical assistance, policy engagement, risk-sharing structures) that change the behaviour of other investors. A central concept for DFIs and catalytic capital providers.

High net worth individuals who invest their money in small startups or entrepreneurs, usually in exchange for ownership equity in that business. They are often, but not always, friends or relatives of the entrepreneur.

A formal or informal group of individual angel investors who pool resources, share deal flow, and co-invest in early-stage businesses. Networks allow members to collectively conduct due diligence, spread risk across larger portfolios, and deploy capital at higher ticket sizes than individual angels could manage alone.

The total market value of investments that a fund manager or financial institution manages on behalf of clients. Used as a measure of scale in the investment industry. Commonly cited when tracking the size of the gender-smart investing market.

A structuring approach that combines risk-tolerant capital from public or philanthropic sources with private capital seeking market-rate returns, in order to finance projects or enterprises that would not attract purely commercial investment alone. In gender-smart investing, blended finance is used to de-risk investments in women-led businesses and unlock private capital for gender-focused outcomes.

Capital that accepts higher risk or lower returns than standard commercial investment in order to enable — or catalyse — investment from third parties in opportunities that would otherwise not be financeable. First-loss positions, guarantees, and concessional tranches are common forms. A key instrument for advancing gender-smart investing in markets where commercial appetite is limited.

Financing provided on more favourable terms than the market would offer — lower interest rates, extended repayment periods, or flexible security structures — to achieve development or social objectives. Used by DFIs and philanthropic funders to reach underserved segments, including women-led SMEs.

A subset of venture capital in which a large corporation invests directly in external startups or growth-stage businesses. The corporation provides funding in exchange for equity, and the investee typically gains access to the parent company's networks, distribution channels, and expertise. CVCs invest with both financial and strategic objectives in mind.

A government-backed financial institution that provides finance to the private sector for investments that promote development. DFIs are important actors in the impact investing landscape, providing large amounts of capital both through direct impact investments and through indirect investments such as impact investment funds. Because of their large size and unique characteristics — including concessional capital, longer investment horizons, and explicit development mandates — DFI activity is typically analysed separately from that of private impact investors.

An organisation whose primary function is to strengthen the conditions that allow startups and entrepreneurs to form and grow — through events, networks, accelerator programming, policy advocacy, infrastructure, or capacity building. Ecosystem builders do not typically provide direct capital; their role is to create the environment in which ventures and investors can connect and thrive.

An ownership stake in a company. Equity investors receive shares in exchange for capital and share in the upside — and risk — of the business.

A framework used by investors and companies to evaluate non-financial performance across three dimensions: Environmental (a company's impact on the natural environment), Social (how it manages relationships with employees, communities, and suppliers — including gender diversity and labour practices), and Governance (leadership oversight, board composition, and accountability structures). ESG criteria increasingly incorporate gender equity as a material "S" factor.

A private firm established to manage the investment portfolios, financial planning, and wealth preservation needs of one or more high-net-worth families. Family offices vary widely in structure — single-family offices serve one family exclusively, while multi-family offices serve several — and may invest directly in private companies, funds, or real assets alongside more conventional financial instruments.

Any institution that provides financial products or services to customers — including commercial banks, microfinance institutions, credit cooperatives, fintech platforms, and insurance companies. In the gender-smart investing and WSME context, FSPs are the primary channel through which capital reaches women-led businesses.

A nongovernmental entity dedicated to funding charitable, educational, scientific, or social initiatives through grants or programme-related investments. Foundations are typically classified as private (funded by a small group of individuals, families, or corporations) or public (drawing from a broader range of sources). In the gender-smart investing context, foundations that fund gender equity, women's economic empowerment, or ecosystem-building activities are included in the directory.

The integration of gender considerations into financial systems and investments. Gender finance operates across two dimensions: creating equitable access to financial services for women (finance for women), and building diverse, gender-balanced teams within the financial sector itself (women in finance). It encompasses investment strategies, financial products, and institutional practices that address gender gaps — not only as a matter of equality but as a driver of economic growth, resilience, and impact.

Describes an approach to programming or investment that actively seeks to address or transform gender inequality — rather than simply acknowledging it. Gender-intentional work can take two forms: gender-specific, which considers gender inequality and takes targeted remedial action without necessarily changing underlying power dynamics; or gender-transformative, which goes further by addressing the root causes of gender inequity.

The consideration of gender biases, patterns, power dynamics, opportunities, and risks in investments. At its core, gender-smart investment incorporates a gender analysis throughout the investment process alongside impact and financial analysis to make better decisions that lead to better gender equality and economic outcomes.

A term used primarily by 2X Global and the DFI community as a synonym for gender-smart investing, emphasising that considering gender is not only equitable but financially rational. The framing highlights that financial systems engage with men and women differently, and that intentionally addressing this gap produces stronger returns and broader development outcomes.

The leading global membership organisation for impact investors, dedicated to increasing the scale and effectiveness of impact investing. The GIIN develops and maintains IRIS+, the widely used system for measuring, managing, and reporting impact. The GIIN co-developed the gender impact metrics aligned to the 2X Criteria.

Investment professionals that hold the right to manage a fund, including choosing which investments the fund will make and managing that portfolio of investments over the life of the fund (including exits). GPs are also responsible for raising capital from limited partners/capital providers and hold the financial responsibility for the fund over its life. GPs may or may not have their own direct financial stake in the fund.

People whose investible wealth (such as stocks and bonds) exceeds a certain amount — typically at least USD 1 million.

A fund that targets measurable social or environmental outcomes alongside financial returns. Impact funds operate across asset classes and return expectations, but are defined by the intentionality of their impact objectives and their commitment to measuring and reporting results.

Investors who target companies or industries that produce social or environmental benefits alongside financial returns. They are intentional and measure the development outcomes of their investments.

Investments made into companies, organisations, and funds with the intention to generate positive, measurable social and environmental impact alongside a financial return. Defined by four elements: intentionality, financial returns, range of asset classes, and impact measurement.

The practice of overstating or misrepresenting the social or gender impact of an investment or business — analogous to greenwashing in environmental contexts. The 2024 update to the 2X Criteria was explicitly designed to strengthen safeguards against impact-washing in gender-smart investing by requiring greater intentionality and time-bound commitments.

A programme that supports early-stage startups by providing workspace, mentorship, training, and sometimes seed funding — typically without a fixed end date and without taking equity. Incubators are suited to ventures still in the ideation or early product development phase.

An organisation that helps bridge the gap between capital providers and the businesses or communities they seek to support. Intermediaries source, process, and connect information, resources, and relationships across the ecosystem — including fund managers, accelerators, advisors, networks, and platforms.

The Global Impact Investing Network's standardised system for measuring, managing, and optimising impact. IRIS+ provides a common language and catalogue of impact metrics used by investors globally. The gender metrics within IRIS+ are aligned to the 2X Criteria, covering data points such as women-founded businesses, women in investment committees, and products and services that specifically benefit women.

A set of instructions that defines how a pool of assets should be invested — specifying parameters such as asset class, geography, sector, stage, return expectations, risk tolerance, and impact objectives. For funds and institutions in the gender-smart investing ecosystem, a mandate may explicitly include gender-smart criteria.

An evolution of gender lens investing that applies an intersectional lens — considering not only gender but also race, ethnicity, and other dimensions of identity — to investment decisions and fund governance. JEDI investing asks who is investing, who receives investment, and how investment terms are structured across intersecting identities.

A person or entity that invests money in a business partnership or investment fund but has no active role in managing the business or fund. Examples of LPs include development finance institutions, family offices, high net worth individuals, foundations, pension funds, sovereign wealth funds, and other institutional investors.

In the Philippines, local government is divided into three levels — provinces and independent cities, component cities and municipalities, and barangays — all collectively known as local government units (LGUs). Each level elects its own executive and legislative officials and exercises local autonomy under the oversight of the Department of the Interior and Local Government (DILG).

Investors with a primary focus on maximising financial returns with little or no regard for social or environmental benefits.

An organisation that provides small loans, savings products, and financial services to low-income individuals and micro-enterprises.

MSMEs are businesses classified below a defined size threshold — typically measured by number of employees, annual revenue, or asset value — and represent the majority of enterprises in most developing economies. WSMEs are small and medium enterprises that benefit women by meeting one of the four 2X Criteria. Note: In the previous phase of Investing in Women, the project targeted women owned and led businesses (criteria 1 and 2). In the current phase, the project expands its reach to include companies that meet the employment and consumption criteria as well (criteria 3 and 4, respectively).

An institution owned or governed by multiple national governments, such as the Asian Development Bank (ADB) or the International Finance Corporation (IFC). Both are active in the Philippines across development finance, climate, and gender programmes.

A non-governmental organisation that operates for a social, charitable, or development purpose rather than for profit.

Non-returnable capital deployed by grant-making foundations or charitable organisations toward social objectives, including gender equity and women's economic empowerment. In the gender-smart investing ecosystem, philanthropic funders often provide catalytic capital that de-risks investments for other capital providers, or fund ecosystem-building activities not yet served by commercial finance.

A government agency, regulatory authority, or quasi-governmental institution that shapes the legal or operating environment for businesses.

The earliest stage of startup funding — typically covering initial product development and validation before a formal seed round.

An investor that channels private capital into impact investments. PIIs encompass a range of investor types — including fund managers, family offices, foundations, banks, and pension funds — and are distinguished from development finance institutions (DFIs) by their use of private rather than government-backed capital.

One of the three primary gender-smart investing dimensions used in the Gender-Smart Investing Map Philippines, drawn from the 2X Criteria. Applies to a company or fund whose core products or services specifically or disproportionately benefit women — for example, healthcare, financial services designed for women, or education products targeting women and girls. The 2X Criteria require that the benefit be intentional, not incidental.

An investment made by a foundation primarily to advance its mission rather than to maximise financial return.

A form of capital where repayments are tied to a percentage of the company's revenue, rather than fixed interest or an equity stake.

The fifth United Nations Sustainable Development Goal, which calls for achieving gender equality and empowering all women and girls by 2030. SDG 5 is the primary global policy framework to which gender-smart investing is aligned, alongside SDG 8 (Decent Work and Economic Growth) and SDG 10 (Reduced Inequalities).

An early funding stage designed to take a startup from validated concept to initial traction.

Successive rounds of venture capital investment as a company scales. Series A typically follows proof of traction; Series B and beyond fund growth and expansion.

Data that is collected and reported separately for women and men, enabling analysis of gender differences in access, outcomes, and behaviour. In the gender-smart investing and WSME context, sex-disaggregated data allows investors and financial service providers to quantify the WSME finance gap, assess the risk profile of investing in women-led businesses, and measure the effectiveness of gender-smart investing strategies.

A business with an explicit social or gender equity mission embedded in its operating model, regardless of stage or legal form. Social enterprises generate revenue but reinvest profits or operate in ways that prioritise social outcomes.

The category used in the Gender-Smart Investing Map Philippines directory to classify an organisation — Investor, Startup or SME, Accelerator or Intermediary, or Policy Body.

Non-repayable funding awarded to an early-stage business by a government body, foundation, corporation, or development institution to support innovation, research, or early product development. Unlike equity or debt, grants do not require repayment or the transfer of ownership.

A form of private equity where firms invest in early- to growth-stage companies in exchange for equity, with the expectation of high returns.

A business in which women fulfil two or more qualifying factors across ownership, management, and governance — going beyond majority ownership to demonstrate broader decision-making authority. Under the WE Finance Code framework, this is the higher standard within the women-led classification. Typical combinations include majority ownership plus a woman CEO with signatory authority, or majority ownership plus a majority-women board.

One of the three primary gender-smart investing dimensions used in the Gender-Smart Investing Map Philippines. Refers to a business whose operations, programmes, or services primarily serve, employ, or advance the economic participation of women. Distinct from "women-led," which concerns governance and ownership.

A business where women predominantly lead or are active in leadership decision-making related to the enterprise's ownership, control, and operations. Most frameworks assess women's control across three dimensions: ownership (share of equity held by women), management (presence of women in C-Suite or senior roles), and governance (women's representation on the board). The 2X Criteria set specific thresholds: ≥51% women's ownership or founded by a woman; ≥30% women in senior management or on the board.

A business in which women hold a majority ownership stake. The most common threshold used by international standards is ≥51% female ownership, as applied by the IFC and OECD. The IFC also provides an alternative definition combining lower ownership (≥20%) with women in senior leadership and board representation.

The process by which women gain the ability to participate in, contribute to, and benefit from economic activity on equal terms with men. WEE encompasses access to financial services and capital, labour market participation, entrepreneurship, leadership, and the removal of structural and legal barriers. It is the overarching development objective underpinning gender-smart investing.

A formal recognition programme run by 2X Global that allows companies and investors to demonstrate verified alignment with the 2X Criteria. Distinct from self-reporting: certification involves an independent review process. Launched in 2024 alongside the updated 2X Criteria framework.

A multilateral initiative, originally launched at the G7 Summit in 2018, in which development finance institutions (DFIs) and — from 2024 — private investors commit to mobilising capital toward investments that empower women in developing countries. The 2024–2027 phase carries a USD 20 billion target. Investments under the Challenge are qualified using the 2X Criteria.

A global standard for defining gender-lens investment, developed by the 2X Collaborative. An organisation qualifies under the 2X Criteria if it meets at least one of the following: (1) Entrepreneurship: women owning at least 51% of a business; (2) Leadership: women in at least 30% of C-suite positions, or representing 30% of the investment committee or the Board; (3) Employment: women are more than 30–50% of the labour force, depending on the sector, and one quality indicator beyond compliance; (4) Consumers: products or services that disproportionately benefit women, proven through a sales strategy that evidences the intentional targeting of women. For funds to be aligned with the 2X Criteria, at least 30% of the businesses in the portfolio must meet at least one of these targets. Adapted 2X Criteria: Under the Investing in Women fund mandate, at least 80% of businesses in the portfolio must meet at least one of the 2X Criteria, substantially raising the bar.