IMPACTASSETS 50™

An Annual Showcase of Impact Investment Fund Managers

IA-50-2023-logo

An Annual Showcase of Impact Investment Fund Managers

ImpactAssets 50 Help Topics
CLOSE
Filtering:
Use the filter categories on the left to narrow down your results. You can switch years via the dropdown menu. The numbers next to each filter represent the number of results available given your current selection. If you'd like to start over, simply click the 'Reset All Filters'� link.
Sorting:
Use the dropdown menu found in the top right to arrange your current set of results. Select your preferred sorting option and wait for the results to refresh.
Printing:
Use the print button to print the current page contents. This works for both the summary view and the full Fund Manager detail view.
ImpactAssets 50: A Global Landscape of Impact Investment Fund Managers
The ImpactAssets 50 (IA 50) is the first open-source, publicly published database of experienced private debt and equity impact investment fund managers.
https://www.impactassets.org/impactassets-50

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

IA 50 2024 PROFILE

Vox Capital Gestão de
Recursos LTda

Total Assets Under Management: $100 – 499M
Asset Class: Public Debt, Real Estate, Private Equity
Primary UN Sustainable Development Goal: 3 – Good Health & Well-Being
Clean Technology, Alternative Energy & Climate Change
Microfinance, low-income financial services & micro-insurance
Global Health

Firm Overview

Category: Venture Capital - Late Stage (Series A/B) - Emerging Markets

Vox Capital is the first impact investment asset in Brazil. We are pioneers in bringing the intentionality of positive impact to the financial market. For 14 years, we have been initiating the reconstruction of a healthy money flow. We finance positive-impact businesses for people and the planet. VOX is the only Brazilian asset manager with a diversity of asset classes that adds a positive impact lens to all investment decisions and product structuring including vehicles such as Venture Capital (6 funds), Credit Fund (2 funds) , and Agribusiness Fund (1 fund).

Firm Headquarters: Latin America/Caribbean
Years of Operation: 10 years or more
Total Assets Under Management:
$100 – 499M
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: 25% – 49%
Investment Thesis:

(1) We want everyone to be fulfilled; (2) We want equity and institutions that represent us; (3) We want cities where we love to live; (4) We want to relearn how to live on the planet. 

Investment Overview:

We have a thesis focused on the vision of a 100% regenerated world that unfolds into four ambitions and their verticals. They are: (1) We want everyone to be fulfilled, encompassing the verticals of Financial Inclusion, Income Generation, Health, Education, Food, and Housing; (2) We want equity and institutions that represent us, through Digital Inclusion, Empowerment of Minoritized Groups, Public System Efficiency, and Information Flow; (3) We want cities where we love to live, with a focus on Mobility, Sanitation, Circular Economy, Recreation, and Culture; and (4) We want to relearn how to live on the planet, considering Climate, Pollution Reduction, Forests, Sustainable Agriculture, and Accessible and Clean Energy. 

Company Differentiator:

We are pioneers in Brazil in bringing the intentionality of positive impact to the financial market, and the only Brazilian asset manager with a diverse range of asset classes that adds the positive impact lens to all investment decisions and product structuring. We align all our fund’s carry with financial and impact performance and have a robust impact thesis and IMM practices. VOX is a B company since 2018 and the first asset manager in Latin America to be verified by BlueMark Tideline (BlueMark, 2023) using a methodology that assesses its adherence to the Operating Principles for Impact Management (OPIM).  

Investment Example

In one of our seed-stage investment funds, we evaluated and invested in a government technology (govtech) software company specializing in public administration. The company is dedicated to enhancing the efficiency of various public services through a modular platform that can be customized to the specific needs of different municipalities. What set this company apart was its distinctive approach, placing citizens at the forefront. It provides services that streamline their lives, encourage participation in public governance, and improve transparency in the utilization of public resources. The company's theory of change illustrated its potential to advance our pursuit of Equity and Representative Institutions. 

Leadership and Team

Cumulative Leadership Experience in Impact Investing:
30 years or more
Cumulative Impact Experience of Top Three Firm Leaders:
30 years or more
Daniel Izzo – CEO More Info

With over 20 years of working experience, Daniel has participated on the start-up phase of the e-commerce company Submarino between 2000 and 2001 and has been working with initiaves for the low-income population since 2007, when he was an “intrapreneur” at Johnson & Johnson Brazil and an angel investor in a few companies. He is co-founder and Executive Director for Vox Capital since its inception in 2009. To support the impact investing ecosystem in Brazil, he helped launch the ANDE (Aspen Network of Develoment Entrepreneurs) Brazil Chapter and writes several articles about the sector.
Gilberto Ribeiro – CIO More Info

Gilberto Ribeiro, VOX CIO, and responsible for all the Investment Team, is an Administrator by FEA-USP and has a Master's in Economics from Insper. Has more than 17 years of professional experience in the areas of finance, consulting and project management in companies such as Caixa, PwC, and Vale. He joined VOX in 2011, shortly after leaving the village of Moatize in the interior of Mozambique, where he worked on the Brazilian mining company's first greenfield coal operation. He currently leads the investment strategy at VOX.
Daniel Brandão – Impact Director More Info

Drawing on his extensive background in impact investing, organizational development, philanthropy, evaluation, and agronomy, Daniel Brandão is spearheading the Nature-Based Solutions (NBS) division at Vox Capital. His leadership aims to deliver environmentally and socially friendly financial solutions, with the overarching goal of contributing to mitigating global warming and fostering positive outcomes for people and communities.
Percentage of Investment Professionals who identify as women:
50% or more
Percentage of Investment Professionals who identify as people of color:*
Less than 25%
Percentage of Senior Management Team who identify as women:
25% to less than 50%
Percentage of Senior Management Team who identify as people of color:*
Less than 25%
*People of color include: Black, Latinx, Asian, Native American/Alaskan Native, Pacific Islander, Middle Easterm and multi-racial Americans

Financial Performance

Target Financial Returns Relative to Benchmark:
Above Market Rates
Actual Performance of Impact Products/Funds Relative to Target Financial Returns in the Past Three Years:
In line with initial target returns
Financial Reporting Frequency to Investors or Donors
Quarterly

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
100%
Primary Impact Outcomes:
Increasing access to healthcare services and improving health
Secondary Impact Outcomes:
Conserving land, oceans, ecosystems and natural resources
Increasing access to workforce development services, job skilling and retraining
Creating jobs
Increasing access to financial services
Value-added Services Offered:
Access to markets
Business and legal training
Financial literacy training
Other: Impact measurement and management; Strategy development and coaching

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:

Impact is always an integral part of our due diligence process when investing in a company. We have a robust impact thesis and all companies invested and its products/services need to be aligned with it. To ensure that, we hold an impact opinion (structured interview conducted by our impact and management team, focused on identifying the companies intentionality and impact risks of the businesses), Theory of Change (TdM), and produce a case study guided by the 5 dimensions of impact for the Investment Committee.  

Investments systematically include social and environmental sustainability practices in the due diligence process:

We conduct inquiries with companies regarding their ESG (Environmental, Social, and Governance) aspects during our Impact Opinion process, and the information we gather significantly influences our investment decisions. Once a company is part of our portfolio, we regularly monitor Diversity, Equity, and Inclusion (DEI) metrics on a quarterly basis. Additionally, we conduct the B Impact Assessment (BIA) to evaluate our investees's ESG practices in key areas, including governance, labor practices, community engagement, environmental responsibility, and customer relations. Our BIA process undergoes external auditing to ensure transparency and accuracy.   

Impact Tracking and Monitoring

Impact is Tracked:
Yes
Impact Verified by an Independent Third-Party:
No
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes – to the public
View Impact Report
Third Party Validations:
GIIRS-rated fund
B-Corp certified firm
Participant in Global Reporting Initiative
Signatory of the United Principles for Responsible Investing
Member of Impact Capital Managers
Impact Frontiers Cohort Participant
Implement recommendations from Task Force on Climate Related-Financial Disclosure
Net Zero Assets Managers Initiative
Utilizes standardized impact metrics (e.g. IRIS+, GIIRS, etc.)
Listed on ImpactBase
Participant on steering committees or leadership roles within impact industry associations
Publisher or contributor to industry white paper or other research in impact investing
Participant in the Impact Management Project
Signatory of the Operating Principles for Impact Management

Learn More

Key Contact Name: Daniel Izzo
Phone: 11 996595244
Website: https://voxcapital.com.br/
Mailing Address:

Rua Fradique Coutinho 212 - cj 14, São Paulo SP 5416000 Brasil

Apply for the IA 50 2022

The application period to become an ImpactAssets 50 2022 Fund Manager will open in September 2021!
To stay informed on the application process, sign up here.

IA 50 2025: Apply for Consideration

The application period for the IA 50 2025 will open in September 2024. To stay informed on the application process, sign up here.