GAWA Capital continues supporting the Spanish Social Investment Task Force.

posted Nov 26, 2018, 5:38 AM by info rmation   [ updated ]


Barcelona – November 2018. In Spain, impact investing has grown by 16.5% in the last two years, standing at EUR 311 million as of dec.-17, according to the Spanish Association of Sustainable Investment (Asociación Española de Inversión Sostenible, Spainsif), a relevant growth, though still far from international volumes (EUR 248 million, 146% growth 2014-2016, led by USA and UK). Impact investment only represents 1% of the volume of socially responsible investment (SRI) at international level. Given the key role of this type of asset for the achievement of the Sustainable Development Goals (SDGs), there is a strong trend to boost impact investment, movement that favours the adhesion of Spain to the Global Steering Group for Impact Investing (GSG).

In this context, Foro Impacto (FI) - promoted by UnLtd Spain, Open Value Foundation and Eurocapital Wealth Management EAFI - is leading the Working Group for Social Impact Investing in Spain, known as the “Spanish Social Investment Task Force”, with the straight support of EY (financial services firm), BBK (financial entity), GAWA Capital, Ship2B and Creas – promotors of entrepreneurship and impact investing. The movement is also supported by several foundations, such as Anesvad, Social Nest, Inuit, Compromiso y Transparencia, and other social initiatives such as Bolsa Social.

After the meetings held in Madrid and Bilbao with the aim of designing the actions on how to boost the “supply” and “demand” of impact investing respectively, “intermediation”, with the role of catalysing this investment between both forces, starred the third plenary session ("Intermediation in Impact Investing") that took place in Barcelona on November 22nd, 2018. The conference represents a call to the business and financial community in Spain to join forces in order to promote the creation of new innovative companies, adapted to market regulation and committed to society and the environment. The movement of FI has expanded along with the sessions progress and global consensus, gathering 60 institutions in Barcelona.

According to the session's participants, the value of business in the future will be equal to the value of the solution they bring to social challenge, since profitability of the businesses will depend on their ability to monetize the social value. Three key challenges were identified:
1. Find and diffuse clear success stories with a broad measurable social impact, and consistent financial return;
2. Impact measurement and management, through a homogeneous consensus methodology;
3. The need to involve institutional investors in the impact assets market.

In words of Amit Bhatia, CEO of the GSG, “The challenge is to determine how we can unlock capital to finance social entrepreneurship in the same way that we did to finance capitalism".
The Task Force's work will end in the adhesion of Spain to the Global Steering Group for Impact Investing in 2019.

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GAWA Capital participates in the First Impact Investment Forum promoted by the Social Nest Foundation.

posted Nov 25, 2018, 1:40 AM by info rmation


Valencia – November 2018. The first impact forum (Fi18) - promoted by “Social Nest” Foundation (sustainable business incubator) and financed by the “Generalitat Valenciana” (local government), “CaixaBank” (service for start-ups and investors) and “Zubi Labs” (co-founder and investor of entities with social and environmental impact) - has taken place in Valencia, becoming a meeting point for investors, entrepreneurs, philanthropists and institutions (national to international), driven by the goal of contributing to a better and more sustainable future.
This Forum aims to become a key catalyst for impact investment in Spain and to approach the economy and entrepreneurship from a new point of view. Through round tables, conversations and pitches, Fi18 activates a community of people and institutions to continue promoting impact investment opportunities, expanding knowledge of global trends in the sector. Speakers included María Ángeles León, co-founder of the Open Value Foundation; Agustín Vitórica, co-founder of GAWA Capital, Iker Marcaide, founder of Zubi Labs, among other.
This meeting has been a clear sign of the importance that socially responsible investment is gaining in Spain, leading to a paradigm shift in the industry, marked by an ever-growing importance of the ESG criteria (environmental, social and good corporate governance).

Click here to view the call for the event.

GAWA Capital awarded by the UN's Global Compact go! ODS initiative, for its role in eradicating poverty.

posted Oct 19, 2018, 11:31 AM by info rmation   [ updated Oct 19, 2018, 11:35 AM ]

Madrid – October 2018. The Spanish Network for the Global Compact - the most important private sector initiative for sustainability, fostered by the United Nations - and the “Rafael del Pino Foundation” have awarded 17 business and social initiatives (already up-and-running, with proven results) for their innovative contribution to the UN's Sustainable Development Goals (SDGs) - one award for each Goal.
Amongst the winners stand out programs promoting infant nutrition and vaccination; alternative energy generation or projects for the repopulation of rural areas; initiatives related to entrepreneurship and job creation; road safety and circular economies. The initiative against Female Genital Mutilation, "Alternative Rite of Passage", launched by “Amref Salud África”, received a special mention from the jury. GAWA Capital was awarded for its contribution to the SDG #1, eradication of poverty, due to its social impact in developing countries via microfinance-promoted economic growth.
The projects have been proposed by some of the entities driving these awards, with a focus on sustainable innovation (such as Accenture, “Acción contra el hambre”, Ashoka, European Commission, ESADE, Ferrovial, Fundación Repsol, Global Incubator, Iberdrola, IE Business School, Impact Hub, Ineco, IS Global, Obra Social “la Caixa”, Ship2B, Telefónica, etc.). A jury comprised of renowned experts in sustainability and innovation, from the academic, business and public sectors (international organisations) was established to select the winners.
The award ceremony was chaired by Cristina Gallach, High Commissioner for the 2030 Agenda of the Government of Spain.

Click here to read the full article.

Magallanes and GAWA Capital deliberate about Social Profitability at Capital Radio.

posted Oct 19, 2018, 11:25 AM by info rmation   [ updated Oct 19, 2018, 11:32 AM ]

Madrid – October 2018. The manager Magallanes Value Investors has explained in Capital Radio the features of its new fund “Magallanes Impacto”, a unique product in Spain, which combines social and economic profitability, advised by GAWA Capital.
It invests in social entities that grant microcredits to vulnerable populations in developing countries. This methodology allows them to promote financial inclusion through a productive activity that improves living conditions. The fund’s performance is uncorrelated with the economic cycle and with the rest of assets.
Agustín Vitórica, co-founder and co-CEO of GAWA Capital, explains that this product is designed to help poor people. He assures that the social impact is measurable and that it is quarterly reviewed and audited so that the investor is aware of the social impact achieved. In Spain, impact investment is still a small market, but it is increasingly gaining demand from institutional investors.

Click here to listen to the full interview.

Magallanes and Gawa Capital launch a microcredit fund in developing countries

posted Oct 1, 2018, 9:59 AM by info rmation   [ updated Oct 1, 2018, 10:04 AM ]

Madrid – October 2018. Magallanes Value Investors, the fund manager co-founded by Iván Martín and Blanca Hernández, and Gawa Capital, an impact investment advisory firm co-founded by Agustín Vitórica and Luca Torre, have joined forces to promote economic development through a social impact hedge fund, which seeks to break the spiral of poverty suffered by the financially excluded population in developing countries. 
The product, called “Magallanes Impacto”, is an open-ended investment fund - with an initial minimum investment of EUR 100,000 and quarterly liquidity - in unlisted debt from social microfinance institutions (MFIs) that provide micro-loans to disadvantaged people in poor or developing countries. The investments (initial target of 6 to 10 assets) will, at first, be focused in Latin America (Mexico, Nicaragua, Chile, Peru or Ecuador) and Asia (India or Sri Lanka, among other countries), areas where Gawa has already identified projects. In Africa it is more complicated to find MFIs that meet all GAWA’s Due Diligence requirements, but the region is not ruled out in the future.
The fund is constituted with a double purpose of profitability and social impact. Profitability is expected to reach 1% to 4%, to offer an alternative to liquidity in an environment of negative rates. Its social nature is manifested in the resignation of the management fee (1.5% -1.75% per investment range) by Magalles and Gawa Capital, if the impact score is below the minimum criteria.

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GAWA Capital, pioneer at including the SDGs in the asset allocation of Spanish investors

posted Sep 28, 2018, 5:01 AM by info rmation

Madrid – September 2018. Twelve years remain to fulfil the Sustainable Development Goals (SDG) of the United Nations. With its fulfilment we will achieve by 2030 an inclusive world, without extreme poverty, without discrimination, with accessible health and education for all, and respectful with our planet. Nevertheless, this objective is not easy. The World Economic Forum quantifies the investment needed to meet the SDGs at USD 3.9 trillion annually. So far, we are committing USD 1.4 trillion p.a., implying annual USD 2.5 trillion shortage. How can each country contribute to this end?
At this stage, social impact investment may adopt a key role. G8 countries, like the United Kingdom, Germany or France, have managed to build a well-developed impact investment sector, with proven financial returns, and strongly supported by public and private investors. This group has joined to create the “Global Steering Group for Impact Investing” (GSG), target at its promotion.
Spain laid behind until May 2018, when it launched the “Working Group to Promote Impact Investment”, sponsored by Unltd Spain, Eurocapital EAFI and Open Value Foundation. This initiative has been supported by the rest of the Spanish impact investment players. The first plenary session of the Group (July 2018) brought together capital providers managing over EUR 165 billion, ranging from public entities, to family offices, private banks, institutional investors and foundations. This is a first great step on a path that will lead Spain to demonstrate its commitment and take a relevant role in the achievement of an inclusive world by 2030.

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The EU approves the first blending project of Cofides, to be advised by GAWA Capital

posted Aug 22, 2018, 9:40 AM by info rmation

Madrid – August 2018. The European Commission has accredited COFIDES, the Spanish Company of Development Financing, as manager of the first blending project in Spain. The project will materialize in the constitution of an investment fund, called Huruma, which has the aim of improving access to financing and financial offerings for small or excluded farmers in developing countries, mainly in the regions of Latin America, the Caribbean and sub-Saharan Africa.

As a blending initiative, the EU will contribute public EUR 20 million to the fund – EUR 10 million in the form of initial loss and EUR 10 million as technical assistance (consulting and training support) – while Cofides will try to attract additional EUR 70 million from private investors (family offices, pensions funds, private banking).

GAWA Capital will be the fund’s advisor, in charge of selecting the target eligible 25 projects (EUR 2-6 million) that must have a significant impact in the developing country business network, cause greater tax collection and favour a transfer of technology to the beneficiaries of the loans.

Click here to read the full article.

Spain promotes its integration in the GSG global network for impact investment, with GAWA Capital as a partner

posted Aug 22, 2018, 1:38 AM by info rmation   [ updated Aug 22, 2018, 1:46 AM ]

Madrid – July 2018. UnLtd Spain (with the support of Rothschild Foundations), Open Value Foundation and Eurocapital Wealth Management EAFI have created the Secretariat (“Impact Forum”) of the Spanish Working Group with the goal of adhering Spain to the Global Steering Group for Impact Investment (GSG) in 2019. GSG is an international organization that promotes impact investing, already joined by 18 countries, that has made important advances regarding legislation and the revitalization of the private sector. This initiative – encouraged by partners like GAWA Capital, Ship2B and CREAS – will be structured around three working commissions on supply, demand and intermediation. 
Impact Forum (Jose Luis Ruiz de Munain) is trying to attract social impact investors with the aim of increasing impact financing in Spain and consolidating collaboration in the sector. Accordingly, the “Supply Commission” has been integrated by top-tier Spanish entities, representing main categories of impact capital providers, including private banks, insurers, family offices, the public sector, foundations and institutional investors.
In line with this, Impact Forum has held in Cuatrecasas headquarters (Madrid) the workshop “The path of Spain towards the GSG and its Impact Capital Offer: a growing segment”. The event was presented by top sector players, like Big Society Capital (CEO Prior Cliff), the biggest public-private fund of funds in the UK, with £600 million under management, and leader of the global GSC initiative in charge of promoting this financing strategy in other countries.
Other participants (panel discussion) were Magallanes Value Investors (Blanca Hernández), Seed Capital Bizcaia promoted by the Provincial Council of Bizkaia (Oscar Ugarte), the foundation Anesvad (Isabel Goiri) and GAWA Capital Partners (Agustín Vitórica), pioneering impact intermediation investors in the private, public and NGO sectors.
Throughout 2018, the supply, demand and intermediation commissions will meet to work on a set of recommendations that will guide Spain’s candidacy to formally adhere the GSG. The next meeting will be held by the “Demand Commission” in Bilbao in October 2018.

Click here to read the full article.

GAWA Capital participates as an expert in Smallholder Agriculture in GIIN's new Navigating Impact Tool

posted Aug 16, 2018, 3:07 AM by info rmation   [ updated Aug 22, 2018, 10:08 AM ]

New York – August 2018. The Navigating Impact project provides investment themes through which to explore possible impact approaches. Each impact strategy includes an overview of the strategy, an evidence map, a core set of metrics that are shown to indicate progress toward that strategy’s objectives, and curated resources that can help measure and manage toward the strategy. GAWA Capital shared its experience in Smallholder Agriculture along with other top impact entities including Root Capital, One Acre Fund and Alterfin.

Click here to read the full article.

A coalition of global fintech investors, including GAWA Capital, team up to promote responsible digital finance

posted Jun 23, 2018, 3:00 AM by info rmation   [ updated Jun 23, 2018, 3:15 AM ]

The Netherlands – June 2018. A unique alliance of 50 leading organizations – including GAWA Capital among other investment funds, family offices, development banks and debt fund managers – has teamed up to develop the “Guidelines for Investing in Responsible Digital Financial Services”.

These consist of 10 touch points for financial investors and their fintech investees to identify opportunities and mitigate investment risks. The professional guidelines are not binding but allow all signatories to promote a more responsible and inclusive digital finance ecosystem by implementing principles such as the prevention of clients’ over-indebtedness, more transparent pricing, and the creation of financial literacy programs.

The initiative was sponsored by prestigious institutions such as the IFC (part of the World Bank), Goodwell Investments, and the Dutch Ministry of Foreign Affairs. GAWA Capital is part of the 50 signatories which come from Europe, the US, Africa, China and India. The guidelines also benefit from the support of Queen Maxima of the Netherlands, United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA). 

Click here to read the full article.

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