Gender-lens investing has become one of the most consequential shifts in Africa’s private equity space, embedding inclusion metrics into how capital is allocated and performance is judged. Its long-term legitimacy, however, will depend on whether these frameworks can consistently translate gender outcomes into commercial value creation for investors.
The momentum behind gender-focused investing
Africa’s private capital market is recalibrating after years of slower fundraising and muted exits. In this environment, gender-lens investing (GLI) has moved from rhetorical aspiration to measurable standard. The 2X Criteria, developed by DFIs and institutional investors, now define what qualifies as a gender-smart investment across leadership, employment, entrepreneurship, consumption, and enabling services. Between 2018 and 2023, the 2X Challenge globally mobilised more than $33.6 billion, and its updated 2024 framework has given African general partners (GPs) clearer benchmarks for screening deals and reporting outcomes.
Yet 2X is only part of the story. The surge in gender-focused investing also reflects three broader
