Calvert invests in GGSF

Leading US impact investor Calvert Impact commits USD 20 million to the Global Gender-Smart Fund (GGSF), supporting women, women-led and women-owned businesses across underserved markets globally.

Luxembourg, December 2025 – The Global Gender-Smart Fund (GGSF), the world’s largest investment vehicle dedicated to advancing gender equality through financial inclusion, is pleased to announce a USD 20 million investment from Calvert Impact, a leading US-based, impact-driven investor. This commitment marks Calvert Impact’s first investment in the GGSF and strengthens the fund’s capital base while supporting the continued growth of its gender-focused portfolio and expanding financing for women, women-led, and women-owned businesses.

With over 30 years of experience in global impact investing, Calvert Impact is recognised as a pioneer in the field. Its investments focus on microfinance, small business, and gender equity, closely aligning with the fund’s mission to advance women’s financial inclusion, empowerment, and economic participation.

Since its launch two years ago, the GGSF has experienced strong market demand for its financing solutions. By addressing persistent gender gaps in access to finance for women, the fund contributes to improving livelihoods and fostering inclusive economic development in underserved markets. The GGSF’s portfolio, originated and managed by portfolio managers Incofin, responsAbility, and Triple Jump, under the oversight of Innpact Fund Management as global portfolio manager and alternative investment fund manager (AIFM), has expanded steadily. To date, the fund has partnered with 89 financial institutions across 32 countries, deploying more than USD 550 million in financing.

Calvert Impact joins the GGSF as a subordinated note investor, reinforcing its risk capital base and contributing to an optimised capital structure, enabling the fund to sustainably expand its portfolio and impact. Impact creation is central to the fund’s strategy. Partner financial institutions (PFIs) commit to gender action plans, with performance continuously monitored. A dedicated technical assistance (TA) facility, managed by a gender expert consortium led by NIRAS A/S and Women’s World Banking, supports partners in achieving their impact targets and enhances the effectiveness of deployed capital.

Maya Burney, Senior Investment Officer at Calvert Impact emphasised: “We are excited to support GGSF’s innovative blended private debt strategy, which not only addresses underserved markets for micro and SME lending, but also co-designs financial products and services in collaboration with local financial institutions to advance women’s financial inclusion and drive economic activity. We are proud to deepen our partnership with Innpact and portfolio managers Incofin, responsAbility and Triple Jump whose combined expertise are central to achieving the fund’s objectives.”

Etienne de Belloy, Fund Manager of the Global Gender-Smart Fund and Associate Director at Innpact Fund Management, noted: “We are delighted to welcome Calvert Impact as an investor. Having one of the most impact-driven US investors on board is a strong endorsement of our strategy and mission. This investment comes at a critical time, enabling us to meet growing demand for gender-focused financing and to sustainably expand our capital base. Together, we will continue to scale our efforts in supporting women, women-led, and women-owned businesses across the developing world.” 

About Calvert Impact

Calvert Impact is a global impact investment firm that helps everyday investors and financial professionals invest in solutions that benefit people and the planet. Calvert Impact uses its unique position to ensure communities are better served by capital markets through a range of products and partnerships. Since 1995, Calvert Impact has mobilized more than $5 billion to grow mission-driven funds and organizations. Learn more at https://calvertimpact.org.

Learn more: www.calvertimpact.org