Unlocking Opportunities for Women Fund Managers


Research shows that women-led and gender-diverse fund management teams perform better financially, generating up to 20% higher net return.


๐—จ๐—ป๐—น๐—ผ๐—ฐ๐—ธ๐—ถ๐—ป๐—ด ๐—ข๐—ฝ๐—ฝ๐—ผ๐—ฟ๐˜๐˜‚๐—ป๐—ถ๐˜๐—ถ๐—ฒ๐˜€ ๐—ณ๐—ผ๐—ฟ ๐—ช๐—ผ๐—บ๐—ฒ๐—ป ๐—™๐˜‚๐—ป๐—ฑ ๐— ๐—ฎ๐—ป๐—ฎ๐—ด๐—ฒ๐—ฟ๐˜€, produced by Sagana and Chemonics private sector engagement practice, maps the ecosystem of support to emerging female fund managers, analyzing the challenges, opportunities, and levers to make capital allocation more gender diverse.

Women are building high-growth companies and solving the worldโ€™s most complex problems, despite the higher returns and greater impact, women remain underrepresented in the investment industry with less than 3% of all private equity and VC capital flowing to women fund managers and even less to women-led businesses.


This technical brief is intended for development finance institutions, donors, foundations, and nonprofit and for-profit development organizations seeking robust returns and the stronger impact that Emerging Female Fund Managers (EFFMs) can bring to their funding allocation.


Raya Papp, Saganaโ€™s Founding Partner, says the โ€œmajority of people are open to diversity, but they often donโ€™t know where to start, donโ€™t have the time and resources to do things differently, or are afraid of saying or doing the wrong thing.โ€


At Sagana, we believe investing in women unleashes untapped potential, driving innovation, economic growth, and fostering more inclusive and sustainable societies. Ensuring โ€œdiversity in every stage of the capital stack and entrepreneur journeyโ€ will help build โ€œa future that our hearts know is possible.โ€

Read the technical brief.

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