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Result
Vox Capital: Pioneering Impact Investing in Brazil (417051)
by
Julie Battilana,
Marissa Kimsey,
Falko Paetzold and
Priscilla Zogbi
- JANUARY 2017 (REVISED NOVEMBER 2018)
Vox Capital was the first impact investing fund in Brazil, if not one of the first venture
capital funds as well. Founded in 2009, Vox provides early-stage capital for companies offering
innovative and scalable solutions to enhance the lives of low-income Brazilians, while aiming to
simultaneously generate attractive market-rate financial returns for investors. This case examines the
evolution of Vox Capital, across understanding the landscape, launching, raising funds, selecting
investees, structuring deals, building investee capacities, tracking performance, developing internal
systems, and advancing the field of impact investing.
Key Themes: Raising and managing an impact fund may require GPs to think differently about key
strategic decisions such as, should you align employee incentives with impact? How
do set fund measures of success? Does LP/GP alignment on impact matter?