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Resources created and curated to support the growth of impact investing, for those new to the field and for experienced practitioners.

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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.

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

Vox Capital

Total Assets Under Management: $50 – 99M
Asset Class: Private Equity
Education and Charter Schools
Microfinance/Insurance & Financial Services
Global Health

Firm Overview

Category: (None)
Brazil's leading impact investing fund, Vox Capital believes in a World where businesses are catalysts for positive social change. We do this by managing impact funds, supporting the local impact investing ecosystem and inspiring people to join the sector. Founded in 2009, Vox Capital currently manages two funds and has invested in over 20 impactful companies over time.
Firm Headquarters: Latin America
Years of Operation: 5 – 9 years
Total Assets Under Management:
$50 – 99M
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: 25% – 49%
Investment Thesis:
Vox Capital invests in scalable start-ups using technology to deliver solutions in healthcare, education and financial services to the Brazilian low-income population. We seek both financial return and positive social impact on our portfolio. We do equity investments with ticket sizes ranging from USD 1mm to USD 3mm per round.
Investment Overview:

Investment Example

Magnamed is a medical devices company developing proprietary IP to offer solutions to improve the productivity of intensive care units in developing markets. Its first product, for example, is a respiratory ventilator that is easier to use, lighter and with a larger battery life than the global market leader. It currently has more than 40% of the Brazilian market (including public hospitals) and is being sold to 30 different developing countries. In 2016 Magnamed's revenue will be of USD 15 million.

Leadership and Team

Cumulative Leadership Experience in Investing:
30 years or more
Cumulative Impact Experience of Top Three Firm Leaders:
10 – 19 years
Daniel Izzo – Partner and Executive Director 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.

Antonio Moraes Neto – Partner and Co-Founder More Info

Antonio is passionate about the idea that the private sector can deliver a large positive impact to the World. He began his entrepreneurial path selling sandwiches at school, to pay for prom without asking his parents for money. He was highlighted one of Brazil’s most influential people by Exame in 2011 and by the Financial Times in 2013. He is a board member of the World Economic Forum in Latin America and also integrates the Social Finance Task Force. He got a degree in Public Administration at EAESP-FGV and studied at UC Berkeley and Babson College. Obsessed with Rachmaninoff, Antonio believes his new-born daughter is probably one of the people that has most listened to Rachmaninoff’s 3rd Concerto at her age.

Gilberto Ribeiro – Partner and CFO More Info

Gilberto has experience in finance, consulting, project management and organizational development in companies such as PwC and Vale. He joined Vox in 2011, shortly after leaving Moatize, a small village in Mozambique, where he worked in the mining company’s (Vale) first coal greenfield operation. Gilberto has a degree in Business Management from FEA-USP but should also be certified as Vox’s handyman. In his spare time, he enjoys cycling and is one of the few Brazilian players of Ultimate Frisbee.

Erik Cavalcante – Partner and Portfolio Manager More Info

Erik has been stirring the Brazilian entrepreneurial scene since last century. He had the pleasure of cofounding and exiting a tech company, where, for over 10 years, he was involved on all its development stages. Nowadays, he wholeheartedly supports, and takes part in, Brazilian entrepreneurial programs and experiences. In 2012 he met Vox: an environment deeply aligned with his purposes; filled with a motivated team; expertise in technology; and a genuine desire to solve Brazil’s greatest issues. Erik holds a degree in Electrical Engineering from EE-UFMG, and completed his executive education at Babson College. He is addicted to the movies, and won’t go a day without exercise, so he can continue eating plenty of cake, like any good “mineiro”.

Percentage of Investment Professionals who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
25% to less than 50%
Percentage of Management Team who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
25% to less than 50%

Financial Performance

Target Financial Returns Relative to Benchmark:
Market Rates
Actual Performance Relative to Target Financial Returns in the Past Three Years:
In line with initial target returns
Financial Reporting Frequency to Investors or Donors

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
Primary Impact Outcomes:
Increasing access to education and improving educational outcomes
Increasing access to financial services
Increasing access to healthcare services and improving health
Value-added Services Offered:
Access to markets
Business and legal training
Financial literacy training

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:
All our portfolio companies go through an impact assessment and have their theory of change developed by the Vox Capital team in partnership with their founding team during the due diligence process. A company can only receive investment from our fund if it: a) fits our investment thesis of delivering solutions that improve the lives of low-income clients and b) has a compelling theory of change

Impact Tracking and Monitoring

Impact is Tracked:
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes - on regular basis (annual or quarterly)
Third Party Validations:
Participant on steering committees or leadership roles within impact industry associations
Publisher or contributor to industry white paper or other research in impact investing

Learn More

Key Contact Name: Daniel Izzo
Phone: 551130344555
Mailing Address:
Rua Madalena, 94 - Vila Madalena, São Paulo - SP, 05434-010, Brazil

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