Gender Lens Investment Pay for Results Fund


Deadline: 23-Dec-21

The Aspen Network of Development Entrepreneurs (ANDE) has announced Gender Lens Investment Pay for Results Fund (PFRF) to use grant capital to test models for increasing investment into women-led Small and growing businesses (SGBs) in emerging markets.

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 will go directly to investors and will use a “pay for results” structure in which the grant payment will be contingent upon completed investments with a clear path to gender impact.


The applicant should propose how they will generate a positive gender impact through their investments in one or more of the following categories:

  • Making investments in women owned or women-led businesses1
  • Making Investment in business that offer products or services that substantially improve the lives of women and girls
  • Making investments in businesses that advance gender equity through dignified employment and through value chains
Funding Information
  • ANDE intends to fund a minimum of five projects from a total funding pool of USD $186,000. Submissions should be for activities of 12-17 months in duration with a minimum total request of $20,000 and a maximum total request of US $50,000.
  • This funding has been made possible with generous support from the U.S. Agency for International Development (USAID), thus concept notes will be required to complete a subrecipient questionnaire.
Use of Funds and Payment
  • Grant funds can be used to cover expenses that are necessary to source, evaluate, and complete investments that will have a positive gender impact. This can include costs associated with staff time as well as direct expenses such as consultants, travel, etc. Grant funds cannot be used to invest, to pay back investors, or as profit.
  • Grant funds will be disbursed in two phases, 50% of the fund will be paid when the first deliverable is achieved and 50% balance will be paid when the second deliverable is achieved.
  • These deliverables will be proposed by the applicant and agreed to by ANDE. To release payment, the grantee will provide documentation to ANDE, who will review and approve that the deliverables have been achieved and all criteria for the investments have been met.
  • Partial funds may be provided based on partial completion of the full set of proposed investments, as agreed to by ANDE during grant agreement negotiations.
Eligibility Criteria
  • The ANDE’s Gender Lens Pay for Result Fund is open to ANDE member organizations and non-member organizations.
  • ANDE references organization types in the call for concept note from the membership categories. While you don’t need to be a member to qualify, they use these categories across the work:
    • Capacity Development Providers: Organizations that provide business development and advisory services to SGBs.
    • Investors: Funds or financial entities that focus on providing capital to small and growing businesses (SGBs) in developing countries. Investments include debt, equity, and quasi-equity and are generally under US$2M. In addition, some “investor” members also provide capacity development services.
    • Research and Advisory Service Providers: Organizations that provide consulting, research and advisory services as the main mission of the organization, as well as associations that provide a service to the sector as a whole. ANDE also lists Non-Governmental Organizations and Non-Grantmaking (Operating) Foundations as options in the application.
    • Non-Governmental Organizations: Organizations independent from government involvement which typically serve humanitarian or environmental goals. They encourage applicants to select this organization type if your organization is a nonprofit, non-governmental entity that does not fit the description for Capacity Development Provider, Investor, or Research and Advisory Service Provider.
    • Non-grantmaking (Operating) Foundations: Non-governmental organizations which are named “foundation” but do not make charitable grants.
    • Organizations applying for the fund must be investor who are interested in taking gender lens approach to investing in SGBs. These funds are intended to cover costs associated with developing the systems and processes necessary to take a gender lens approach to investment. For the purposes of the fund, ANDE has defined Gender lens investing, and SGB focused investors. organizations that support other organizations directly supporting women climate entrepreneurs small and growing businesses (SGBs) qualify.

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