IIX-Impact-Report-2022.pdf

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IMPACT REPORT
2022
www.iixglobal.com
TRANSFORMING THE WORLD FOR
EQUITABLE AND SUSTAINABLE GROWTH

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Contents
Message from our CEO 2
1. Explore: About IIX
About IIX
IIX Ecosystem
Alignment with UN SDGs
Impact Partners
IIX Growth Fund
Women’s Livelihood Bond Series
Women’s Catalyst Fund
Research and Advisory
IIX Institute
IIX Values
IIX Foundation
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2. Grow: IIX in 2022
2022 Highlights
Overview: IIX Ecosystem
Bringing it all together for Vietnam
IIX Showcase: Impact Stories
The Orange Bond Initiative
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3. Arise: IIX in 2023
Leveraging technology
Looking ahead: ARISE
Sustainability Roadmap
Impact Investing Tomorrow
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4. Acknowledge: People behind the impact
People of IIX
IIX Partner Network
IIX’s Impact Committee
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Appendix
IIX Impact Assessment
IIX Values Scoring and Platform
IIX Sustainability and Beliefs Pyramids
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39
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At IIX, we have been moving forward with the single focus of building a more equitable world as the foundation
for sustainable peace for the last 14 years. The world we envision and are working towards everyday values
women, supports climate action, and builds community resilience. To catalyze the creation of this world, we are
disrupting traditional finance — paving new paths in impact investing, reaching historically underrepresented
geographies, and innovating per on-the-ground realities.
2022 was our biggest year yet. We empowered even more impact-driven SMEs to attract global investors and
raise capital, uplifted women verifiably till the last mile, and worked to transform the impact ecosystem across 53
countries. We went deep in enabling the creation of effective impact ecosystem from the ground-up, specifically
in Vietnam, collaborating with the Canadian Government. We solidified our standing as the leading impact
ecosystem solution, leveraging technology, data, and capital to find space in impact finance for minority
entrepreneurs, impact businesses, investors, and the public sector alike. In 2022, IIX also proudly lent form to the
world’s first Orange Bond, the fifth instalment in the Women’s Livelihood Bond Series, mobilizing USD $50 million
to empower ~300,000 women in the global South and formalizing a new asset class in gender lens investing.
Through our work, as always, we are demonstrating proof of concept — impact-driven businesses are
environmentally, socially, and financially viable. Stakeholder capitalism is a real kind of capitalism. Investing in
women pays off many times over. We are the forefront of this vastly untapped opportunity for the financial
sector. As the financiers of the 99%, we hope to inspire more impact market players to deploy additional capital
and continue to transform financial markets.
The hard work and dedication of our whole team made 2022 another successful one for our partners and the
underserved communities we represent. Internally, IIX grew, strengthening our global presence and almost
doubling our workforce, despite an economy fraught with post-pandemic hardships, war, and climate crises. By
nature, an IIX-er is a Passionate, Resilient, and Equitable Maverick, fittingly abbreviated to PREM; the Sanskrit
word for love. Even this Impact Report was drafted by a team of volunteers within IIX, who came forward to put
out a reflection of IIX through their eyes, while engaging with colleagues across teams and learning more about
the different verticals of our organisation. Here, at IIX, so much of the work we do is driven by love, for people
and our planet. I am so proud to lead this incredible team as we raise the voices of underserved communities
around the world.
If in 2022, we reinforced our strong ecosystem foundation, in 2023 we look to leverage this foundation to ARISE:
Actualize Real Impact for Sustainable Equity. Like the omnipresent Bodhi tree in IIX’s home country Singapore, we
continue to thrive in the most unexpected of places. We invite you to join us on our journey of financial
transformation.
Durreen Shahnaz
CEO and Founder, IIX
A MESSAGE FROM
OUR CEO

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Impact Investment Exchange (IIX) is the pioneer in impact investing and a global leader in sustainable
finance. IIX works to build an inclusive impact investing ecosystem focused on empowering women and
underrepresented communities as critical enablers in the global climate transition. Through our work,
women, the environment, and underserved communities are finally being given a value and voice in the
global financial market.
The core of all our work is Risk-Return-Impact (RRI), which has served as the blueprint for IIX to disrupt
traditional finance, transform financial markets, and create many world-firsts. Our innovative series of
products demonstrates that investing with a gender or climate-lens stabilizes returns, mitigates long-
term risk, and builds political security — creating resilient economies and markets.
IIX Global Footprint
Our mission is to create one billion sustainable livelihoods by
2030, and we are on the direct path to making this happen.
With a workforce and leadership comprised of people of colour (94% and 86% respectively) and
majority women (57%), located in the Global South (98%), and women of color-owned and -run, IIX is
solving problems we live through, tackling our own on-the-ground realities.
Energy Agriculture Education Healthcare
Energy Agriculture Education Healthcare Water Financial
Inclusion
Fisheries
IIX Key Focus Sectors
Our Impact to-date
About IIX

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IIX collaborates with impact investors, market enablers, and businesses alike to design and implement
innovative finance mechanisms. Our platforms, products, and services work in tandem to cover the
entire impact capital value chain. The impact ecosystem IIX pioneered has a holistic and integrated
approach to creating lasting positive social and environmental outcomes, bridging gaps in the financial
system. IIX plays a formative role in building the ecosystem through two pillars:
IIX’s ecosystem approach recognizes that businesses can have a significant impact on the world beyond
their financial performance — they have a responsibility to contribute to the well-being of their
communities and the environment. Our data-driven, tech-enabled ecosystem helps IIX support SMEs at
all stages as they innovate and compete while achieving their goals, as depicted below:
IIX Ecosystem
1. Mobilizing Capital
We provide avenues of support for SMEs at every step
of their growth journey — from sourcing, upskilling,
and capital raising support through Impact Partners, to
financing via IIX Growth Fund and the Women's
Livelihood BondTM
Series supported by the Women’s
Catalyst Fund.
2. Mainstreaming Impact
We educate and train through the IIX Institute;
publish papers, share thought leadership, and
manage inclusive programs through Research &
Advisory; and enable access to affordable impact
measurement and verification tools through IIX
ValuesTM
.
IIX’s ecosystem approach — multi-pronged and multi-stakeholder — catalyzes long-term change to
benefit society’s most vulnerable communities and find intersectional development. In this way, IIX
effectively empowers minority entrepreneurs, bridges gaps in access, and brings finance to the 99%.

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IIX was established with the core intention of generating deep and lasting sustainable impact. As we
strategically address systemic inequity, we meaningfully facilitate the achievement of all 17 of the
United Nations Sustainable Development Goals (UN SDGs) and the Agenda 2030. Our alignment with
the SDGs is either direct, through our founding mission — to create an inclusive financial system where
women, the environment, and underserved communities are valued and have a voice — and work, or
indirect, through the enterprises our ecosystem finances or otherwise supports.
IIX architects a development pathway that addresses gender empowerment and economic upliftment
while facilitating resource mobilization towards achieving these outcomes. IIX seeks to recognize the
value, voices, and power of the female workforce in the global marketplace through innovation and
structural reform in collaboration with governments, financial institutions, and international
development organizations. In this way, IIX foundationally aligns with the following SDGs:
IIX facilitates climate action, builds resilient communities, and safeguards natural ecosystems from the
ground up through education, resource mobilization, research publications, and policy advisory.
Through our work, IIX also directly aligns with the following SDGs:
Furthermore, through IIX’s innovative financial offerings, ecosystem approach for SMEs, and portfolio of
investments, we indirectly facilitate the achievement of the following SDGs:
The rest of this section showcases the IIX ecosystem, linking back to the journey of an SME and our
key themes: mobilizing capital and mainstreaming impact.
We end with a section on the IIX Foundation, the non-profit arm of IIX.
Alignment with UN

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Impact Partners (IP) is the world’s largest private placement platform for impact investing, raising a combination
of debt and equity for high-impact enterprises. Our tech-powered platform connects 1200+ investors operating
across 18 countries in South and Southeast Asia, representing over US$12 billion in AUM, to 450+ high-potential
enterprises that generate social and environmental impact alongside financial returns. IP has leveraged its unique
position to generate sustainable returns for investors while supporting SMEs, a case study of risk mitigation for
the impact ecosystem.
The Journey of an SME
IP provides customized assistance to enterprises at all growth stages, supporting them with raising capital, impact
assessments, business plans, and financial models. IP conducts due diligence before listing SMEs on the online
platform, after which SMEs can:
• connect with impact-oriented investors in search of growing impact enterprises,
• identify, measure, and verify impact using IIX Values, and
• upskill through courses on IIX Institute.
IP also facilitates events that provide enterprises with direct touchpoints to investors, which allows enterprises to
access new markets and enables investors to explore new sectors while catalysing partnership building.
Deal Syndication IP Online Platform
And Events
Sourcing
and Screening
Hence, IP plays a pivotal role in the ecosystem on the demand and supply sides of capital, for enterpris-
es and investors alike, through three avenues:
Hear from our clients: Impact investors and SMEs
“The Impact Partners platform has been the most helpful stage to help
smaller funds like us source and connect with a wide range of South-
east Asia impact enterprises. We appreciate the support provided by
the team who are always hands-on and are ready to help and have
made the overall impact investing process easier for us”
Ms. Hui Hsing (Co-Founder of Blue7)
“Through the IIX Impact Partners platform, I have been able to refine
my pitch and present my impact enterprise in a manner that meets the
impact investor’s expectations, allowing me to successfully introduce
my impact enterprise to multiple global investors. Without the support
of IIX Impact Partners, I wouldn’t have been able to make a such a
large reach”
Mr. Suhendra Setiyadi (CEO of PlasticPay)
Mobilizing Capital
Impact Partners
1. Pipeline Development 2. Investor Relations
3. Impact Assessment &
Impact Readiness

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The IIX Growth Fund (IGF) is an early-stage equity (from IIX’s balance sheet) and debt fund (through
partner support) that invests in impact enterprises in South and Southeast Asia, thereby facilitating
social and environmental solutions. The innovative structure of the IGF is designed to provide patient
capital to women-focused SMEs and support them through external shocks. Created in the aftermath of
the Covid-19 pandemic, the IGF recognizes the potential of women to be solutions for economic relief,
gradual recovery, and resilience building. With zero defaults or delays in interest or principal payments
to date, the IGF offers stable returns with low risk.
IGF inducts women-focused enterprises, channels funds to help them adapt to external shocks, and sets
them back on the growth trajectory such that they survive, thrive, and eventually go on to maturity.
IGF Portfolio
IGF Equity Fund
Patient equity investments in women-focused
SMEs to finance their growth and enable them to
reach their full impact potential
IGF Loan Facility
Working capital loans to women-focused SMEs
through an innovative revolving structure that
maximizes the impact of funding
Target Geographies
Focus
Areas
Mobilizing Capital
IIX Growth Fund

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The Women's Livelihood Bonds™ (WLB) are the world’s first gender-
lens social bonds compliant with the International Capital Markets
Association, listed on a stock exchange (Singapore Exchange: SGX),
and quoted on Bloomberg. WLB’s revolutionary financing structure
connects local communities to the global market, unlocking capital
and empowering women. The WLB Series has raised over US$128
million from global investors across 5 issuances. Each issuance has
increased in size and channeled capital into diversified multi-
continent, multi-sector portfolios that have yielded a zero-default
rate and are creating positive impact for over 1 million women and
their families.
The WLB Series helps mobilise private capital to support sustainable, women-focused SMEs by connecting them
with global investors. Through the WLB Series, SMEs have access to private capital and a listing on SGX. The WLB
Series enables SMEs to empower women through sustainable livelihoods while enhancing their reputation, credi-
bility, and ability to attract future funding for
On-time interest payments for WLB 1-4 even through COVID and full principal repayment at the end of
the 4 year-tenure for WLB1 marked the successful creation and completion of the world’s first gender
bond. In addition to strong financial performance, WLB met or exceeded all social performance targets,
including targets for increased financial inclusion and financial resilience. The WLB Series has hence
demonstrated IIX’s risk-return-impact framework and paved the way for gender lens impact investing.
Hear from our clients: last-mile beneficieries
“A loan of US$ 680 from a WLB portfolio company helped me purchase more materials and expand
my store. Due to the loan, I now earn an additional US$ 170 per month, and I am also able to save
50% of my increased income. I want to use these savings for my child's education and ensure that my
daughter graduates from college. This is my 11th loan from the portfolio company, and I plan to take
more loans in the future to further grow my business.”
Angela, a microfinance borrower in Indonesia
“I have been supplying rice to a WLB portfolio company for 5 years. I am grateful for my stable
income, and with access to training programs provided by the company on organic and sustainable
rice farming, now I have increased my yield per harvest by 20%. By working here, I am also able to
increase my income by receiving a larger value of premium, and I am finally financially resilient
enough to sustain myself and my family.”
Bopha, a farmer working in the sustainable agriculture sector in Cambodia
I used the loan from a WLB portfolio company to expand my business and employ over 15
employees. My income has now increased by 25%, and I can finally pay the school fees for my three
daughters. I can fulfil my dream of seeing my daughters graduate high school, and watch them grow
to be successful in life. I have also taken a water and sanitation loan to build a latrine in our home.
This saves me 2 hours a day on average, which I can use in focusing to further grow my business”.
Isniwati, a small business owner in Indonesia
• Five issuances
• Raised over US$128 million
• Zero default
• Positively impacting over 1
million women
WLB Series Highlights
Mobilizing Capital
Women's Livelihood Bond Series

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WLB Series: Reach, Risk, Return, and Impact
Women’s Livelihood Bond 5, the world’s first Orange Bond, focused on building a gender-lens
ecosystem. IIX partnered with ~20 firms, including banks, law firms, and public sector/donor agencies
from across the world, united by the mission of building gender-equal, climate resilient, and sustainable
financial markets.
*Social Return is a measure of how much social and environmental
impact (in US$) is created for every dollar invested
*
Distribution of WLB Borrowers and Investors
WLB Series in Numbers

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The Women’s Catalyst Fund (WCF) is a blended finance fund designed to unlock private sector funding
towards gender-lens financial instruments. By providing a layer of first-loss capital to women-focused
structured finance instruments such as IIX’s WLB Series, the WCF effectively reduces the risk borne by
private sector investors and catalyzes investor appetite for such instruments. To date, every US$ 1
invested by the WCF has mobilized ~US$ 9 of private sector investment towards gender bonds.
WCF catalyzes the inflow of capital into investment-ready impact enterprises. The innovative mechanism of de-
risking mitigates the perception of risk associated with SME investment for apprehensive investors.
The WCF has been critical to the successful replication of the WLB
Series, enabling the mobilization of private sector capital at scale.
Since the inception of WCF in 2019, each WLB Series issuance
supported by the WCF has been on average 70% larger than its
preceding issuance. In 2022, WCF provided a US$ 5M subordinated
loan to the WLB5, unlocking US$ 45M of private sector capital, for a
total mobilization of US$ 50M towards the economic and social
empowerment of women in underserved communities.
The WCF has received investment and support from government
investment arms and Development Finance Institutions around the
world.
“IIX has pioneered a unique
financial structure that effectively
balances risk, returns, and impact.
The DFC anticipates the WLB5 will
revolutionize capital markets by
placing women at the forefront of
solutions to achieve a more
inclusive, climate-resilient future for
all.”
James Polan, DFC Vice President
for Development Credit.
DFC is an investor in the WCF,
which provided subordinated
capital to WLB5.
Mobilizing Capital
Hear from our partners

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In 2022, R&A worked on a three-part series Making Finance Work for the 99%, taking a bottom-up
approach to emphasize the strong business case for investing in women. Drawing on IIX’s extensive
experience in unlocking impact capital, the series unpacks the benefits of listening to the voices of
global communities and the value of leveraging market solutions to make finance more accessible.
Finally, it offers pathways to create sustainable value chains that work for everyone. The primers will
be publicly available in 2023.
Mainstreaming Impact
IIX’s Research & Advisory (R&A) team offers in-depth research, advisory, and project leadership services.
Through data-driven projects, R&A builds inclusive financial markets and accelerates financial inclusion.
R&A publications equip ecosystem players with fresh insights and approaches for gender– and climate–
lens investing. R&A also maintains localized data repositories and uses them to identify new ways of
bringing women, the environment, and underserved communities into the financial system. A finger on
the pulse of focus sectors and countries positions R&A well to trigger targeted action in collaboration
with other verticals of IIX. Hence, R&A acts as IIX’s nervous system.
R&A analyzes the entrepreneurial investment landscape and identifies impact enterprises with potential. SMEs
are trained in collaboration with Impact Partners and IIX Institute so they can bridge knowledge and skill gaps on
their journey to grow. R&A also plays an influential role in facilitating the growth of SMEs through ecosystem
building at the country level (see: Bringing it all together for Vietnam).
R&A’s rich archive of knowledge and insights places IIX in a unique position to advise governments,
development agencies, investors, and enterprises alike. R&A has a repository of 70+ reports
concretizing the innovative finance infrastructure across 20+ countries in the Global South.
Hear from our clients: Impact SMEs
IIX makes the due-diligence process with our partners
easier.
Slamet Riyadi, Founder and Head, KOMIDA
IIX’s support maximized access and traction from
investors who we wouldn’t have been able to tap
otherwise.
Manish Nathani, Co-founder and Director of Strategy
and Operations, Meraki Agro

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IIX Institute is the premier, go-to training center for sustainability. Deep inequalities in education,
opportunity, and finance exclude large groups of people from achieving basic livelihoods. Drawing on
our 13 years of success in the impact finance space, IIX is on a mission to share our knowledge — to
empower everyone with the skills, tools, and knowledge needed to bridge gaps in opportunity and
access. In this way, we are tackling inequality and injustice at the root to build a more inclusive world
from the ground-up
IIX Institute works closely with Impact Partners and Research & Advisory to support SMEs in upskilling
and filling knowledge gaps as they move along their growth journey.
At the IIX Institute, we want everyone to become a pioneer of
change. We offer customized learning experiences through
online courses, live webinars, and in-person training on
sustainability, impact investing, sustainable finance, impact
measurement, and impact leadership. Our offerings cater to a
wide range of customers, from businesses to professionals, and
novices in the impact space. Industry practitioners teach our
online courses, designed to drive impact across the Sustainable
Development Goals (SDGs). Learning at the IIX Impact Institute
may be through:
Online Courses
A range of short courses and masterclasses with thematic
focuses ranging from impact assessment to innovative
finance taught by leading practitioners and industry
experts.
Immersion’s Programs
An in-depth blended learning experience exposing
participants to practical insights from the field.
Applications currently open for Impact Leaders – 2023
Knowledge Sharing
The Institute collaborates with cross-sector partners to lead
year-round industry events including Impact Chats,
Webinars, global Impact Forums, and more.
Customized Training
Customized training programs for organizations
across sectors to equip their teams with a toolkit of
knowledge and skills to drive impact.
IIX Institute
1. Mobilizing Finance for the SDGs
2. Measuring Impact for
Sustainability
3. The Defiant Optimist Series
Our most popular programs

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IIX Values™, our proprietary digital impact measurement
platform, measures the social and environmental impact of
an enterprise and generates a comprehensive report that
enterprises can use to demonstrate their impact or ESG
performance. Our assessment methodology, metrics, and
scoring system incorporate various international standards
such as the UN SDGs, the IRIS+ system, Impact Management
Project criteria, IFC Standards, 2X, and the SDG Impact
Standards. This enables enterprises to effectively
communicate the alignment of their impact externally, using
reputable indicators which matter to key stakeholders. While
many solution providers in the impact and ESG performance
measurement market are cost prohibitive and hence
inaccessible for SMEs, especially in the Global South, IIX
Values is designed to address the needs of exactly this
demographic.
IIX Values enables SMEs to map their impact performance to metrics that are recognized and used by
investors for impact benchmarking. SMEs can hence leverage their impact to raise capital. Values also
holistically captures primary, secondary, and tertiary outcomes of SMEs on customers and communities
till the last mile. Values is designed to support organizations in communicating with investors and raise
capital, as well as manage impact, and thus has an explicit action-oriented focus.
In this era of greenwashing and
exploitative economic growth, verifiable
data-driven impact measurement is the
need of the hour. IIX Values’ data-driven
Risk-Return-Impact (RRI) approach to
valuing and verifying the true natural and
social impact of enterprises has aided the
Impact Partners due diligence process and
yielded a 0% default rate for the WLB
series — an impressive feat for any debt
instrument at this scale, whether impact-
driven or not.
Deep Impact + Low Risk
IIX Values gives early- and growth-stage companies an overall Impact score (calculated as the average of
risk mitigation and impact performance scores). SMEs in later stages receive an ESG+ score. Please refer
to the appendix for our scoring mechanism and the IIX Values interface.
The in-depth IIX Values Impact Assessment can be verified by gathering stakeholder feedback and input
from last mile beneficiaries. Values also maintains a comprehensive database that can be tailored for
use in due diligence, analytics, and impact benchmarking processes across enterprises, sectors, and
countries. Underpinning IIX Values™ is the IIX Sustainability Pyramid (appendix), the core of IIX’s
operating ethos.
We have assessed IIX’s impact as an organization through IIX Values. Our Impact Assessment has
been independently verified and is included in the appendix of this report for your perusal.
IIX Values

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IIX Foundation
The IIX Foundation, a registered charity in Singapore and 501c3 in USA, is dedicated to supporting
women across all stages of their empowerment journey as they transform themselves and their
livelihoods while creating a gender equal world for the next generation. IIX and the IIX Foundation are
legally independent sister entities that share one vision: to push the limits of financial markets until a
more inclusive, equitable, and environmentally sustainable system exists. In light of this vision, the IIX
Foundation extended grants to the following impactful projects in 2022:
Celebrating the value of women through art
SHE IS MORE is IIX Foundation's annual
fundraising campaign that aims to celebrate
the value of women through art and raise
funds to improve their livelihoods.
Young artists are given a platform to share
their voices through personal pieces of visual
art that celebrate the value of inclusivity
through a global youth art competition. SHE
IS MORE 2022 — themed Resilience — pays
homage to the women who are standing tall
in a society with great gender disparities.
IMPACT
100% of the proceeds raised from SHE IS
MORE go towards helping women in the
slums of Dhaka access computers and digital
literacy training.
23 countries
250 art
submissions
100 donors
Surovi | Bangladesh
Surovi is a child rights and wellbeing organization
impacting 25,000 women and children in Bangladesh.
With IIX Foundation’s support, Surovi is enabled to
provide computer literacy training to 120 women from
low-income communities, empowering them with skills
for employment and entrepreneurship. The training will
cover key skills such as basic knowledge of computers
and operating systems, typing, word processing, using
spreadsheets, and PowerPoint.
Teaching women digital literacy skills to increase their
employability and encourage entrepreneurship
Diya & Aliya’s Friends (DAF) Fund | USA
The Diya & Aliya's Friends (DAF) Fund helps alleviate
some of the financial burden faced by families with
children affected with ichthyosis, a rare and incurable
genetic disorder. Eight families received financial
assistance from the Foundation to access medical
necessities for maintenance such as lotions, medicine,
and treatment.
Providing support to those affected by rare medical
disorders to ensure physically healthy families
Project X | Singapore
Project X is a non-profit organization with the mission to
eradicate violence, exploitation, and stigma within the
Singapore sex industry by providing social, emotional, and
health services. The IIX Foundation enabled the provision
of mental health treatment to marginalized women in
this community by supporting Project X’s Art Therapy for
Sex Workers Program in their delivery of 30 individual
and group art psychotherapy sessions.
Enhancing marginalized women’s respect, dignity, and
representation through mental health support

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2022 HIGHLIGHTS*
9000+ students
Added 8 new courses, bringing
total available to 25 courses
Improved UX on online portal and
launched SDG Footprint tool to
orient student learning around the
UN Sustainable Development
Goals
50+ countries
IIX Institute
63+ engagements across sectors
in 53 countries
1 deep dive 5-year impact invest-
ment market creation project in
Vietnam
19+ strategy and advisory reports
driving private sector growth
15+ innovative finance feasibility
and mapping studies
+850 users across 46 countries
541 impact assessments
completed
+45,500 data points
+2,300 voices heard
IIX Values
IIX team across 12 countries
Culture Amp for active employee
engagement
Rolled out online payroll and leave
system
7 onsite staff visits
Published IIX's impact and staff
assessment report
IIX People
450+ new Impact enterprises
registered
100+ new Impact investors
onboarded
US$ 20 million of impact capital
unlocked
Footprint across 35+ countries
Impact Partners
Zero default on interest or
principal payments
1.2x multiplier effect enabled by
its innovative revolving structure
100,000 women empowered as
solutions to economic recovery
and climate action
7x additional capital raised from
private investors for portfolio
IIX Growth Fund
WLB 5 - US$ 50 million impacting
~300,000 women
Creation of a new asset class -
The Orange Bond
US$ 128 mn of private capital
unlocked across 5 instalments
25 portfolio companies across 7
countries
~1,000,000 women and girls
impacted
Zero default across all bonds
WLB Series
~US$ 15 million in assets under
management
US$ 96 million in private sector
funding unlocked
~9x leverage effect
* highlights are a combination of IIX 2022 and cumulative performance
She Is More Art Competition
Engagement: Received 230
artwork submissions from 32
countries
Funds Raised in 2022: USD$32,000
Impacted 5,000 women in
Bangladesh, Singapore, and
Uganda through training and
therapy and reinstating them back
in the society
IIX Foundation

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Overview: IIX Ecosystem
Mobilizing Capital
• The world’s largest private placement
platform for impact investing, raising a
combination of debt and equity for high-
impact enterprises.
• Connects 1200+ investors operating
across 18 countries representing over
US$12 billion in AUM to 450+ impact
enterprises.
• An early-stage and debt fund that invests
in impact enterprises, providing patient
• Capital to women-focused SMEs and
supporting them through external shocks.
• With zero defaults or delays in interest or
principal payments to date, the IGF offers
stable returns with low risk.
Women’s Livelihood Bond Series
• The world’s first gender lens social bonds
compliant with the International Capital
Markets Association, listed on a stock
exchange, and quoted on Bloomberg.
• Raised US$128 million across 5 issuances
and yielded a zero-default rate while
creating positive impact for over 1 million.
• A blended finance fund designed to unlock
private sector funding towards gender-lens
financial instruments by providing a layer of
first-loss capital.
• Every US$ 1 invested by the WCF has
mobilized ~US$ 9 of private sector
investment towards gender bonds to date.
• Equips ecosystem players with fresh
insights for gender and climate- lens
investing.
• Uses localized data repositories to identify
new ways to bring underserved
communities into the financial system.
• Triggers targeted action and runs projects
in collaboration with other verticals of IIX.
IIX Growth Fund
Impact Partners
• The premier, go-to training center for
sustainability. Offers customized learning
experiences through online courses, live
webinars, and in-person training.
• Caters to a wide range of customers, from
businesses to professionals, and novices in
the impact space.
IIX Institute
• A proprietary digital impact measurement and reporting
platform that enables enterprises to demonstrate impact
and raise capital. Captures and verifies business outcomes on
customers and communities till the last mile.
• Maintains a comprehensive database that can be used for
due diligence, analytics, and benchmarking.
IIX Values

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Bringing it all together for Vietnam
A case study of IIX catalyzing impact investing growth at the country level
The Impact Investment Readiness Vietnam (IIRV) Project,
commissioned by Global Affairs Canada (GAC) and implemented by
IIX, commenced in 2022. The 5-year project focuses on streamlining
the development of Vietnam’s impact investment landscape with
the objective of creating sustainable livelihoods and improving the
economic well–being of vulnerable groups in Vietnam, specifically
women and individuals in disadvantaged regions. IIRV adopts an
ecosystem approach customized for the Vietnamese context,
collaborating with market participants on all sides. IIX leverages our
experience in the development of inclusive economies to design
and implement this project. To support IIRV, we augmented our
presence in Vietnam and formed a dedicated Vietnam Team.
As Phase 1 of IIRV, IIX R&A studied the Vietnamese economy,
leveraged our extensive data repository to create a comprehensive
map of ecosystem stakeholders, and analyzed the data collected to
evaluate the economics of impact capital. The analysis revealed
challenges on the demand-side of capital in terms of capacity
building, access, skill gaps, and investment readiness, and supply-
side players in access to investment ready enterprises. Our key
findings were summed up in a market research paper that will soon
be available in the public domain (Q1 2023).
By shifting the balance of traditional MSMEs towards impact and impact-focused businesses towards
profit, IIRV seeks to create a middle ground where sustainable businesses can thrive—environmentally,
socially, and financially. IIRV will bridge knowledge and skill gaps through business/financial literacy
training, acceleration programs, and technical assistance with the support of the IIX Institute and Impact
Partners. Impact Partners will additionally unlock capital for enterprises to scale their businesses and
introduce new channels of financing to Vietnam's impact investing market. In addition, IIX Values helps
enterprises leverage impact and builds a steady pipeline of verified impact enterprises for investors. On
the investor side, IIX has opened a window for relationship-building, engagement, and incorporating
supply side feedback into ecosystem growth by bringing private sector players to the table (during IIX
moderated roundtables in October 2022). IIRV suggests frameworks and policy reform that would
simplify domestic and foreign private capital inflow into Vietnamese SIBs.
IIRV strongly focuses on the concept of gender lens investing, linked with SDG 5 - Gender Equality.
Strengthening targeted sectors (agriculture, forestry, and clean energy ) and demographics (women,
economically disadvantaged) holistically plays into Vietnam’s national plan to achieve the UN SDGs.
• Increase investment readiness of
200 grassroots impact enterprises.
• Educate 20 investors and 20
ecosystem enablers to support
ecosystem growth and catalyze
impact investments.
• Created a national database of
1,978 impact enterprises, 90
impact investors, and 105
ecosystem enablers.
IIRV Objectives
• Demanding capital: enterprises
• Supplying capital: investors
• Enabling the market: public
sector, private sector, DFIs
IIRV Market Participants
Strengthening targeted sectors
agriculture, forestry, and clean energy

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IIX Showcase: Impact Stories
Impact Partners (IP): Capital Raise for Kennemer Group
Established in 2010, the Kennemer Group operates in the sustainable
agriculture sector in the Philippines, providing financing for smallholder
farmers. The company works with 19,000 farmers, has planted over 20
million trees, and has disbursed over US$ 6M to 1,000 farmers and
agribusinesses. The group recently established a joint venture to manage
programs that generate carbon credits and further, market those credits.
IP assisted Kennemer Group in raising US$ 14 million in their latest
fundraising round in August 2022.
IP: Circularity in Indonesia’s waste value chain and Plastic Pay
Over the course of their regular activities on-the-ground in
Indonesia, IP identified harmful practices of the regional waste
management industry. As proactive thought leaders, IP magnified
their findings into an in-depth research report titled The Changing
Dynamics of Indonesia’s Waste Management Sector. The report
proposed introducing a circular value chain into Indonesia’s waste
management sector as a solution.
IP’s ecosystem-wide research led to the discovery of Plastic Pay.
Plastic Pay is a waste management enterprise that leases plastic
collection drop boxes to metropolitan areas around Indonesia in
partnership with large corporations and retail brands. IP introduced
the enterprise to potential funding partners, and over 40 investors.
In addition, IP helped Plastic Pay connect with other local
enterprises to expand its supply chain. In 2022, within a year of
active involvement and technical assistance from IP, Plastic Pay’s
revenue increased 9x to US$700,000 (from US $80,000 in 2021).
Plastic Pay is expected to continue this growth trajectory to reach an
expected revenue of US$3M by the end of 2023.
IIX Growth Fund (IGF): Emergency working capital financing
to Fuchsia Shoes
Fuchsia Shoes, a women-owned and women-led SME in Pakistan,
manufactures handcrafted artisanal footwear by adapting Pakistani
artisanal techniques to meet the modern needs of global consumers.
Faced with the compounding challenges of climate change-induced
extreme weather events and supply chain disruptions brought about by
the COVID-19 pandemic, Fuchsia Shoes struggled to keep production
afloat.
The company approached the IIX Growth Fund for emergency support to
cover working capital needs. With a US$ 200,000 loan from IGF, Fuchsia
Shoes was able to maintain operations, improving the livelihoods of 72
artisans by providing them job security and increased income.
Additionally, a portion of the proceeds was directed to annual skills
training for women with the purpose of employing them later as highly
skilled artisans.
IP Members with the PlasticPay team

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WLB Series: Empowering KOMIDA, empowering women
KOMIDA is one of the largest microfinance institutions in Indonesia. With
a client base of 100% women, KOMIDA’s mission is to provide financial
assistance in the form of savings accounts and loans to its members,
while extending non-financial assistance through health training,
education support for customers’ children, and family financial
management.
KOMIDA received US$9 million through WLB2, WLB3, and WLB4 that has
in turn directly benefited over 99,000 women and their families to-date.
Women clients have reported a 20-30% increase in income every year,
allowing them to increase their savings, invest in household development
and children’s education, and further grow and expand their businesses.
The majority of KOMIDA’s loan portfolio (~95%) comprises individual
loans provided to micro-entrepreneurs for income-generating and
productive activities. Other lending purposes include housing, sanitation,
education, personal consumption, and agricultural loans.
Research and Advisory (R&A): Blended finance promotion activity in
Indonesia
R&A conducted a detailed needs assessment of 17 impact enterprises in
Indonesia and mapped a pathway for each SME to optimize financial
sustainability, impact, and ability to scale. R&A facilitated the project
across three phases and published a project report upon completion. IP,
IIX Values, and WLB supplemented the process with technical assistance,
impact measurement and verification, and capital raise support. The
program supported 7 high-impact enterprises in mobilizing US$9.7 million
and impacting the lives of ~250,000 women. This case study validates the
criticality of an SME’s awareness of their own impact and ability to
communicate the same to potential investors in unlocking higher gains
across the value chain.
IIX ValuesTM
: ATEC’s Impact Performance, validated by last-mile
beneficiaries
ATEC is the creator and marketer of two patented Pay-As-You-Go
(PAYGO) solutions that provide affordable, accessible, and sustainable
clean cooking solutions for low-income households in Cambodia and
Bangladesh. ATEC aims to build a world with access to abundant energy
and food by providing bio-digesters to farmers. IIX Values enabled the
ATEC team to map their impact performance to SDGs 1, 5, 7, and 12 and
effectively quantified the impact micro-indicators that have been
successfully met.
Furthermore, ATEC verified their impact by using IIX ValuesTM
to gather
customer feedback from 100 customers at the last-mile. 81% of them
validated that the product contributes positively to their communities
and 59% of them claimed they were satisfied with ATEC’s product,
leading to an overall verification score of 3.5 out of 5 for ATEC’s impact.

22
The Orange Bond Initiative
On a mission to unlock US$10 billion by 2030
and empower ~100 million women and girls worldwide.
The Orange Bond Initiative™ (OBI) is a movement for a gender-equal future that aims to catalyze gender-
lens investing from strategy to action. By setting transparent standards for gender bonds and issuing
transactions for a gender-equal financial system, the Initiative is developing a market for Orange Bonds,
with orange being the color of SDG 5: Gender Equality, as a new asset class. IIX, along with the below
multi-stakeholder Steering Committee, has utilized their expertise to create an Initiative by and for the
Global South.
The Steering Committee drives gender equality through their individual work in the public sector, private sector, and civil society.
WLB5: The World’s First Orange Bond
In 2022, IIX issued the world’s first Orange Bond, the US$50 million fifth instalment in the Women’s Livelihood
Bond™ (WLB™) Series, the WLB5. The WLB5 is a multi-continent, multi-sector bond that aims to positively impact
280,000-300,000 women and girls across Asia and Africa. Through close partnerships with 3 banks, 6 law firms,
and 3 Development Finance Institutions, IIX orchestrated the highest capital raise of the WLB™ Series to date in
trying macroeconomy.
2022 also witnessed the publication of the Orange
Bond PrinciplesTM
. The Principles enable issuers of all
gender bonds to commit to truly impactful and
transparent transactions. By requiring all issuers to
measure, report, and verify impact with women at the
last mile, the Principles value the voices of the
receivers of capital and thus, proactively addressing
the widespread impact washing in the sustainable
finance ecosystem.
The Orange Principles
Principle 1
Gender-positive capital allocation
Principle 2
Gender-lens capacity and diversity in leadership
Principle 3
Transparency in the investment process and
reporting
Hear from our Ecosystem Partners
“As the first Orange Bond in the market, the WLB5 will set the momentum for many Orange Bond
transactions to come in the near future, making it a game changer for the sustainable financing market. IIX’s
commitment to achieving meaningful impact and verifying results directly with women at the last mile makes
the WLBTM
Series the ‘gold standard’ in a market that is facing concerns over rising impact-washing.”
Stephen M. Liberatore, Nuveen, Head of ESG/Impact - Fixed Income

24
2022 saw IIX improve upon interconnectivity between our technology-enabled products to provide a
seamless user experience for SMEs and investors alike, allowing them to focus on core competencies.
The resultant nexus between platforms allows us to pool data for analysis and visualization, providing
additional value to our clients and users. We also commenced the long-term process of migrating our
various online platforms and databases in-house, as we remain committed to this technology-oriented
development direction. Leveraging enhanced technological capabilities through the year, we were able
to effectively forge ahead on our mission to democratize capital flows and maximize true impact at
scale.
Used together, our tech platforms holistically support SMEs on their capital raise journeys. Through our
tech offerings, IIX is:
Going online to connect communities with capital.
With Impact Partners (IP 3.0) platform, accredited investors can connect with
registered enterprises that have undergone thorough due diligence evaluations, risk,
and impact assessments, ultimately ensuring capital flow toward high impact
ventures. Through IP 3.0, IIX has gathered thousands of unique financial and macro-
impact data points from both impact enterprises and investors, tying in related
micro-impact data from the vast IIX Values database to provide effective deal
matchmaking services as well as analytical support to all stakeholders.
Scaling affordable impact measurement and verification with digital tools
IIX Values serves as a technology-backed, cost-effective, and time efficient solution
for enterprises globally. Equipped by the IIX Institute with an effective
understanding of impact measurement and reporting, impact enterprises can take
the important next steps of assessing their impact internally, and verifying it
externally. It is this unique, tech-enabled reach to the last-mile that affords IIX the
largest impact data repository for the region.
Building an enabling impact ecosystem through remote learning
An affordable and accessible impact education comes as an integral part of any
stakeholder’s journey in the space. The IIX Impact Institute offers a diverse suite of
online courses to a vast global audience — providing remote education with digital
certifications to all. The Institute’s online platform hosts a valuable knowledge base
that can be leveraged for a wider range of actors, from enterprises looking for
impact capital to investors seeking a better understanding of impact data.
Given the rapidly evolving nature of technology and escalating nature of systemic shocks, we are
conscious of the need to accommodate the increasingly complex asks of the impact industry by
continually improving our technological capabilities. In 2023, we are streamlining ongoing efforts and
developing an impact-tech arm consisting of a modular technological platform. This desired future
state allows us to leverage innovation and technology, enhance the availability and accessibility of
impact data, and advance transparent impact finance to solve current global crises.
Leveraging Technology

25
At IIX, we are continuously innovating and improving to maximize real, measurable impact on-the-
ground. 2022 was our biggest year so far, and carrying the momentum into 2023, IIX is set to ARISE—
Actualize Real Impact for Sustainable Equity—moving closer to our vision of building a truly inclusive
global financial system. In line with this theme, our strategic approach for the year is:
As a leading force in the social impact space, we will drive the uptake of an intersectional and holistic
conceptualization of sustainability, with a greater focus on gender, where the deep entanglements
between our people and our planet are accounted for. A priority action will be the greater incorporation
of environmental considerations into our offerings. IIX will contribute to thought leadership on the
subject through research and enhance the climate-based dimensions of our impact measurement
methodology on IIX Values. Synergistically, this will be in line with our own internal sustainability
journey.
Strengthening our environmental commitments to realize intersectional sustainability
2023 will see IIX gain ground in new regions in Africa, Asia, and Latin America through strategic
partnerships. We will take the next step in sharing our expertise built over a decade of creating deep
impact across geographies in the Global South and demonstrating proof-of-concept at the country-level.
In parallel, we will deepen the impact of our work in the geographies where we are already established
through targeted products drawing on our country knowledge. We will also expand the financing
options available to impact businesses via IGF to include short- and medium-term ‘orange’ working
capital loans. We encourage the active buy-in of potential partners from across the impact ecosystem.
Expanding and deepening our reach to curate targeted impact
Past and ongoing cross-platform collaborations such as the GAC-Vietnam Project at the country level
and successful journeys of SMEs from seed to maturity have demonstrated that the different
departments of IIX come together to succinctly meet the needs of various stakeholders. Collectively
used, IIX Values, IIX Impact Partners, and IIX Institute can empower enterprises by holistically. As IIX
looks to the future, workstreams will be directed toward driving joint ventures between our
departments.
Running collaborative projects to leverage cross-platform synergies
With our unique ecosystem, IIX functions as a powerful, one-stop, data-driven solution that brings
together the best of the impact investing ecosystem. We are in a keystone position to enable optimal
capital mobilization for maximum impact. IIX will continue to aggregate technology, leverage our
expansive data lake, and synergize our multi-platform capabilities to build opportunities, tools, and
accessibility to data in the sustainability space.
Aggregating data to enhance ecosystem growth
In 2023, IIX will ARISE to maximize our impact by maximizing our potential.
And the underserved communities we serve will arise with us.
LOOKING AHEAD
ARISE

26
Sustainability Roadmap
IIX’s Impact Scores over the years
IIX Impact Performance Score:
A score of 9.9 denotes an impact enterprise creating
maximum social and environmental impact, with slight
scope for improvement.
IIX Risk Mitigation Score:
A score of 10 implies that the organization’s
operations effectively reduce exposure to harm and
increase coping capacity among communities on-the-
ground.
Key factors of improvement 2021-22
The proportion of women among IIX’s direct
beneficiaries has increased from 50-69% in 2021 to 70
-89% in 2022.
With the expansion to new sectors, e.g. WASH and
Sustainable Mobility – through the WLB Series and
Impact Partners – IIX was able to facilitate greater
environmental impact in the areas of air pollution
management, biodiversity conservation on land and
under water.
IIX has all policies and provisions that are considered
key according to the IFC Performance Standards, such
as Sustainability Policy, Code of Conduct, Anti-
Corruption Policy, etc.
• IIX also maintains an organizational structure
that defines roles, responsibilities and authority
to implement the Environmental and Social
Management System.
IIX ESG+ Performance IIX Overall ESG Score: 8.5
Detailed score breakdown:
IIX’s relative strength is in our social impact expertise, reflected in our near perfect Overall Impact Score. In 2023,
we intend to unequivocally exponentiate our core commitment to impact with decisive environmental action and
strengthen the Environmental pillar of our internal ESG+ score—while enhancing our ecosystem of products in
tandem. We will be working toward the fulfilment of the following internal sustainability roadmap:
Estimating IIX’s environmental footprint vis-à-vis the
following indicators:
• Carbon emissions – Scope 1, 2, 3
• Energy and water use
• Waste management
Mapping trajectories for reduction of IIX’s
environmental footprint with the outlook that
meaningful environmental impact will be an ongoing
and iterative process
Detailed review and revision of IIX’s existing ESG-relevant
policies
Overall improvement to IIX’s ESG+ scoring through the
implementation of a successful, holistic sustainability
strategy
Identifying appropriate initiatives to raise employee awareness on incorporating sustainability into their daily work life
Providing opportunities for IIX employees to extend and deepen their ESG knowledge and expertise holistically with the
knowledge that this will enhance IIX’s propensity to create impact

27
The impact investment market is steadily increasing its geographic footprint, with many social
enterprises housed in developing regions of Africa and Latin America receiving capital from a range of
investors. Africa, now with a vibrant investment climate, has seen successful growth from the
continent’s healthcare and renewable energy sectors. Additionally, there has been a sharp
advancement in the African FinTech landscape, with the promotion of financial inclusion garnering
significant activity from investors. The digital and technology sector is expected to continue growing
exponentially, alongside an increase in venture capital activity. In Latin America as well, impact
investment is on the rise, quoting a growth figure of more than tenfold within a decade, with a primary
focus on agriculture and microfinance. Globally, the potential of technology and impact investment is
keenly waiting to be actualized.
As the impact market grows and intensifies, it becomes necessary to develop conceptual clarity within
financial markets and understand the impact space holistically, including the deterrents on the demand
and supply sides. Paramount challenges that discourage potential participants include the lack of
concrete data, trends, and measurements, regulatory support, and standardized reporting. These
challenges originate in part from the nascent nature of the market, and in part from the overwhelming
pressure to greenwash and continue with business-as-usual. The lack of awareness regarding untapped
financial potential of the space also deters potential entrants. Another perspective is the
overrepresentation of the supply side, which weighs decisions in favor of investors’ experiences. An
equitable approach that also considers entrepreneurs’ needs will help businesses deliver results,
diminishing demand-supply gaps. It is thus imperative to actively address demand-side challenges that
impact enterprises face in order to harbor a meaningful flow of capital.
The growing demand for sustainable, impactful private investments is evident and private capital
continues to be mainstreamed as a critical source of financing for social and environmental initiatives.
However, to meet this demand, society needs to establish and accommodate sustainable institutions,
bring the perspective of the 99% into solutions, meaningfully measure the size and implications of
impact, and collaboratively create new channels to connect investors with projects in need of funding.
Impact Investing Tomorrow
Organizational representation and impact AUM
by headquarters location in the Global South
Organizational representation and impact AUM
by headquarters location
An IIX Perspective
N=1013
Source: The GIIN 2022 Market Sizing Report

28
4 | Acknowledge
Behind IIX’s Impact

29
People of IIX
2022 was a defining year for us in terms of human resources mobilization and strategic growth. A case
study of our own impact-driven investment thesis, IIX witnessed steady organizational growth despite a
year of lay-offs and difficult economy for the global job market. In 2022, we expanded across 10
countries and grew 57% in number. In addition to 54 employees, our family of IIXers also includes 24
consultants, whose expertise was crucial for our success.
As a young, motivated, women-led team from the Global South, we bring personal contexts to the
inequity we are trying to eliminate. This positions us as strong advocates for underrepresented world
stakeholders and is represented in our workforce demographics.
Geographic Spread Gender Balance
Language & Ethnic Diversity
Global Regional Diversity
We can do what we do because of our incredible team, and we strive to recognize efforts through
bonuses, benefits, increments, and promotions. The team’s efforts aligned with the management’s
vision and drove IIX to achieve its FY2022 targets. Despite the tough business environment, IIX declared
a 1-month company bonus for all confirmed employees and an additional performance-based bonus of
up to 2.5 months. IIX’s dedication to protecting jobs and meeting our employees’ expectations, even
during economic downturns, is a symbol of the company’s priorities.
Singapore 33 Philippines 12 India 6 Vietnam 6 Indonesia 4 Kenya 1
Bangladesh 2 Sri Lanka 2 Brunei 1 Malaysia 1 USA 1 Cambodia 1

30
Company Onsite with Overseas Staff, August 2022 IIX Team at Singapore FinTech Festival, November
At IIX, we are committed to equal opportunity and creating a safe, inclusive work environment. The
innovative nature of our work hinges upon an open environment, creative thinking, and collaboration.
We strive to nurture an involved community culture, variegate our talent pool, and facilitate in-person
engagement. With the goal of optimizing our culturally and geographically diverse team, we conducted
seven visits to the Singapore Headquarters for employees in 2022. This made it possible for teammates
from different parts of the world to meet face-to-face and engage in enriching exchanges. Further, we
reinitiated in-person social events to encourage stronger team dynamics and supported our remote
staff in engaging co-working spaces in Vietnam, Indonesia, and Sri Lanka as COVID-19 policies were
relaxed.
Company-wide call with IIX Staff and Consultants, December 2022
Employee Engagement
The advancement of our business stems from the growth of
our people, so the happiness, well-being, learning, and
development of employees is a defining priority. In the interest
of holistic support, we seek to uplift individual employees
professionally and personally. A generous training allowance
benefits our staff who are enthusiastic about pursuing their
professional interests. While these learnings may enhance their
professional development and career growth at IIX, they result
in more driven and equipped employees, which translates into
a stronger workforce. We also provide a flexible benefits
allowance that can be used for healthcare, recreation, and
pursuing personal interests.
CFA Level 2 & 3
ANDE Investment Manager Training
Advanced Excel for Finance
GrowthX for Entrepreneurs
Mandarin language courses
Courses IIXers enrolled in:
Professional and Personal Benefits

31
2022 Employee Engagement Survey and Anonymous Internal Feedback Channel
At IIX, we strive to build strong, sustainable employee-organization bridges. Engaging with real-time
feedback helps us understand the expectations of our people, and how IIX can continue to grow at the
collective and individual levels. We maintain two feedback channels, in addition to regular employee
touchpoints with HR and managers, that equip us with insights on employee sentiment.
IIX conducted an Employee Engagement Survey through Culture Amp In 2022. IIXers were encouraged to
anonymously share their reflections, critical feedback, general impressions, and suggestions around
themes of mental health, approach to sustainability, compensation structures, management styles, and
streamlining of work processes. Moreover, IIXers shared whether their individual aspirations and
personal goals are being met, if they see their role within IIX as long-term and sustainable. We are proud
to share that we scored 79% — 5% and 8% over the 2022 APAC and Management Consulting (APAC)
scores respectively. The survey was disseminated to all full-time employees, with a strong 91% response
rate.
IIX Staff Response Rate
70% of Culture Amp customers have response rates
between 75% and 90%
How we compare against:
Employee feedback from our anonymous portal
“I appreciate how much of hands-on
client experience I get from my
work—with investors and
enterprises. I also see some of my
colleagues getting exposure to high-
level government and corporate
officials. It is very inspiring and I look
forward to learning more from such
exposure."
"It is great to meet our overseas
colleagues and the opportunity to
meet more people face-to-face (as
Singapore has opened up). Thank
you for putting all this in motion."
"I got exposed to a range of new
sectors and regions which was
interesting. The team spirit and the
work environment is open and
encouraging. Looking forward to
what is in store for the future."
An additional layer of IIX’s internal feedback channel is a portal that empowers employees to
anonymously share comments and concerns on a monthly basis. This forum has spurred several
employee-oriented actions, such as continued hybrid work post-COVID while other offices were going
back to work in person. IIXers particularly appreciated our flexible benefits policy in times of rising
inflation last year. We also have a supportive flexible work policy for new parents — we were delighted to
welcome 5 babies to IIX’s extended family in 2022.
It is a continuous undertaking for us to synthesize targeted organization-wide policies that incorporate
feedback from these two channels, such as the organization of more semi-formal learning Sessions, team
building activities, and internal training workshops to bridge skill and interest gaps of our employees.
positive neutral negative

32
Our experience engaging with our colleagues in 2022
allowed us to look at ourselves through fresh eyes. By
nature, an IIXer is Passionate, Resilient, Equitable, and
a Maverick. The abbreviation, PREM, means love in
Sanskrit, one of the ancient languages of the world.
Connecting with our employees, it is heartening to see
how many of us share IIX’s mission of climate action,
gender equity, and community resilience. Our
employee engagement agenda for 2023 is driven by
this theme: recognizing every IIXer as Passionate,
Resilient, and Equitable Mavericks striving for a better
world. 2023 introduces a revamped version of our
Beliefs Pyramid (Appendix), the northern star for our
mission-oriented team, to include PREM. Looking to
2023, we are excited by the development pathways we
have seen and for opportunities to continue to engage
with fellow IIXers.
What do we like about IIX?
A word cloud of employee feedback
Hear from our Passionate, Resilient, and Equitable Mavericks
“It is rewarding to work at IIX knowing that our work is reaching and making a true difference to those
who need it. Being able to collaborate with like-minded colleagues is equally inspiring, as is learning
from more experienced mentors who are willing to give their time to teach and share knowledge.”
Eliza Cheah, Research and Advisory - Brunei
“It's amazing to be working on truly innovative products with a leadership team that unites all
stakeholders across the globe in creating an equitable world. It's not everyday that one gets a chance
to work with a company that spearheads the impact investing movement with some of the world’s
firsts. The corresponding recognitions you get from people, great career path, and meaning to the
outputs of the work at IIX are unparalleled.”
Aditya Peri, Impact Partners, Hyderabad - India
“Being a remote employee, I really appreciate the efforts that management and HR took to ensure that
we feel comfortable by seeking regular feedback and implementing required changes to accommodate
our needs. IIX has provided me with a platform to learn, evolve, and constantly evaluate my progress.
The culture is transparent and every employee, irrespective of their position, is given a chance to be
heard. I feel fortunate to be part of an inclusive workplace where the focus is to work towards a bigger
vision together.”
Anjali Thorat, Portfolio Management Team, Mumbai - India
“Working at IIX, every day is different and presents new challenges and opportunities. With the
breadth and depth of work the teams carry out, you will always find yourself learning something new
and developing new skills and experiences that enrich your career and personal development.
Everyone genuinely shares a dedicated passion for our work and it is incredibly rewarding to work with
the diverse team we have to achieve truly innovative impact.”
George Stopczynski, Innovative Finance - Singapore
“I joined IIX just as the WLB5 was kicking off and got the opportunity to experience all the stages of the
Orange Bond from sourcing and due diligence to the closing of the bond. The zeal and enthusiasm of
the management towards gender and climate action is infectious and inspiring. It is enriching to
witness the impact that innovative finance can make. While it is rewarding to be a part of an
organization which empowers women and combats climate change, it is also a great learning
opportunity to work with an energetic team and experienced management.”
Raina Sanghai, Credit Team - Singapore

33
IIX Partner Network
IIX is proud to bring together ecosystem players from across industries and geographies to revolutionize
the finance industry. Our partner network has supported our growth and impact over the years. In
2022, KOICA, US DFC, DFAT, GAC, Enterprise Singapore, and MAS played a significant role in our success.

34
IIX Impact Committee
In the spirit of transparency and accountability, our Impact Report has been reviewed by an
independent external committee of industry leaders in corporate governance, economic development,
finance, and human relations.
Please read about our distinguished impact committee members below.
Serge Devieux is currently Principal at WHATiF 88 LLC, where he provides social impact, corporate
governance, due diligence, and advisory services. Prior to WHATiF 88 LLC, Serge had worked at the IFC for
more than 17 years where he was the Head of Business Origination with a focus on Africa, Co-Head of IFC
Financial Institutions Group Funds and the IFC Director for South Asia.
Genevieve Godwin has over two decades of international experience in human resources across a diverse
set of industries including technology, advertising and communications. As Chief People Officer at
Propertyguru, Genevieve leads the human resource function for over 1600 employees across Singapore,
Malaysia, Thailand, Indonesia, Vietnam and India.
Radhika Phillip is a Partner at PA Consulting supporting clients on engagements in transactional change,
workforce readiness for transformation and COVID-19, and culture and employee experience. She is an
Organizational and Talent Strategy expert with over twenty-five years of experience advising on the people
aspects of transactions (M&A, alliance, divestures) and organizational transformations.
Mani Sabapathi is a senior investment executive who has overseen investments and risk across a
number of asset classes. He spent over 25 years at Prudential, culminating his career as a senior
portfolio manager for PGIM Fixed Income's Global Team. In 2008, Mani was named one of 3 finalists
for “Investor of the Year” by Total Securitization magazine, a division of Institutional Investor. He
served on the Board of Directors for the American Securitization Forum (ASF) from 2006 through 2011.
Ms. Edna Wong is a media and marketing professional and is a former Senior Consultant at Informa
Markets, where she served as publisher of their flagship publication for the jewelry trade and later helped
launch Asia’s most prestigious awards event in the international jewelry and gemstone industry. Prior to
Informa Markets, she held various business positions, including Management Consultant at Mitchell
Madison Group in New York, Marketing Manager at American Express in Hong Kong, and Director of
Business Development of a tech start-up. She started her career in advertising at D’ Arcy Masius Benton &
Bowles in New York.
Joseph Yurcik is the founder of Yurcik & Co. Previously, he was the COO & CFO at TheaterMania.com
through its merger with AudienceView. Joe was a founding partner of Groton Partners, a merchant bank; the
Managing Director and Head of Transaction Execution at Wasserstein Perella; and a senior member of the
TMT and Merger and Acquisition Groups at Lehman Brothers.

39
IIX Values Scoring
Values allocates points to certain positive answers, and every point reflects incremental positive impact.
The Impact score weighs positive impact and the ESG+ score weighs compliance with ESG standards or
sub-standards.
Score 0 <——————————————————————> 10
Impact
Impact
Mission (20%),
Practices (30%),
and Outputs &
Outcomes (50%)
A traditional business that does not
create any social and/ or
environmental change
An all-rounded impact enterprise
creating maximum social and
environmental impact
Risk Mitigation
Exposure to
Harm (50%) and
Coping Capacity
(50%)
The organization’s operation does not
contribute towards risk reduction
Maximum risk mitigation: the
organization is reducing exposure to
harm and increasing coping capacity in
most, if not all, aspects
ESG+
Unsatisfactory ESG performance, no
ESG standards are incorporated and
that the organization is not aligned to
key ESG criteria
Aligned with majority of ESG standards
and criteria, has satisfactory ESG
performance, incorporated the required
ESG policies, activities, roles &
responsibilities and risk management
strategies to do good environmentally
IIX Values—Data Analytics Platform
Innovative Data-Driven Analytics
• 45,000+ data points (and growing)
across impact and ESG
• A holistic proprietary data set
• Critical data on Gender, Climate,
and Underserved
• Country and sector level
comparison
• Portfolio-level comparison &
bench-marking
Risk-Impact Correlation Over Time
• Organizational level Impact/Risk/
ESG scores
• Time-series Risk-Impact profile of
organizations
Qualitative Context
• Add customer stories to verify
impact
• Attribute impact to investment
Flexible
• Combines or Dis-aggregated
Impact data metrics
• Customizable visual tool
Key Feature

40
IIX Sustainability Pyramid
IIX’s Sustainability Pyramid is the framework that guides our thinking about how investments can
ultimately create sustainable and scalable impact. The first step to creating impact is to acknowledge
impact creation as part of the organization’s mission. After that, the business needs to be
operationalized in a way that is financially viable and has the potential to grow. This allows the
organization to achieve its specific micro-level social and/or environmental impact goals, which then
catalyses broader macro-level impact for the community. The interconnectivity between financial
viability and impact creation illustrates that decision making for investing in impact needs to be rigorous
and thorough. This framework is the core of IIX’s operating ethos.
Fundamental integration of
impact creation in enterprise
mission
Operationalize business for
financial viability and growth
Execute on specific impact
goals to catalyze macro-impact
for the community
AS
MAVERICKS
WORKING TOWARD AN
EQUITABLE
WORLD
RESILIENCE
AND
PASSION
ABOVE ALL
WITH
IIX’s mission is to create an inclusive financial system where women, the environment and disadvantaged
communities are valued and have a voice.
Our vision is to connect the back streets to the Wall Streets of the world through innovative, equitable
solutions, and impact over 500 million lives by 2030.
IIX Beliefs Pyramid

IIX-Impact-Report-2022.pdf

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