Heading for Change completes build out of Global Investment Portfolio
Heading for Change is excited and proud to announce the completion of our global investment portfolio. With the approval of the final six investments by our Trustees, we have now brought to life a bold vision: creating a well-diversified, broad and impactful investment portfolio of private market climate and gender funds, which span key regions and sectors critical to the future of our planet and people.
This portfolio is diverse in climate focus, geography, strategy, stage and risk/return profile, with all the funds leveraging a gender lens to unlock deeper impact, greater resilience, and sustained growth. The final six funds that have been approved, bring together a wealth of innovation and impact across Africa, South & Southeast Asia, Latin America, the Middle East and indigenous communities in North America.
We are delighted to celebrate this milestone with the field as we deploy capital toward climate, nature and biodiversity solutions that advance gender equity and uplift women’s leadership and participation.
“This incredible global portfolio illustrates how climate and gender integration is applied across the climate value chain as well as the investment lifecycle. The approaches are diverse, context-specific and cover a breadth of entry points, such as; local, gender-diverse fund managers supporting climate entrepreneurs, to those making investments in regenerative agriculture and nature-based solutions in partnership with Indigenous communities, to investing in climate justice and land rematriation. Collectively, these funds aim to improve adaptive capacity, enhance climate resilience, and promote gender equity.”
Spotlight on the Final Six Investments
Sahara Impact Ventures Fund I (Ghana & Nigeria; Just Transition)
Driving a just transition across Africa’s critical sectors
Sahara Impact Ventures Fund I provides early and growth capital to tech-enabled SMEs building the ‘Just Transition,’ focusing on sustainable food systems, clean energy solutions, and increased access to financial services, healthcare, and education in Ghana and Nigeria.
As an all-African female owned and led team, the fund has an explicit gender lens across both the fund and portfolio company levels.
Sahara Impact Ventures Fund I is highly intentional about recognizing ‘Women as Agents of Change’ across focus sectors and value chains. This lens is embedded throughout the investment process, from sourcing to exit. The fund targets climate-risk sectors where women play key roles but face structural barriers like limited land ownership and finance.
Middle to East Climate Innovation Fund (MENA–Asia corridor, Climate Tech)
Advancing the green transition in climate-vulnerable markets
The Middle to East Climate Innovation Fund is the first fund focused on climate resilience across the MENA-Asia corridor. Led by a culturally and gender diverse, mission-driven, local team, this early-stage venture fund backs local founders who are advancing tech-enabled climate solutions that support the region’s green transition. The fund is co-managed by VentureSouq, a leading thematic early-stage tech investor in the UAE.
The Fund takes an integrated approach to climate and gender, woven throughout its investment process and strategy; for example by encouraging women’s entry into traditionally male-dominated sectors like energy and science. The fund applies an implicit gender lens and brings strong commitment, intentionality, and authenticity to embedding gender and broader DEI considerations at both the fund and portfolio company levels.
NDN Fund (Indian Country; Indigenous Climate Justice)
Investing in Indigenous-led climate justice and land rematriation
NDN Fund is the lending and impact investing arm of the US-based Native Community Development Financial Institution (NCDFI), advancing Indigenous self-determination and climate justice through flexible, regenerative capital. With a braided capital model, it addresses deep challenges caused by centuries of dispossession.
The women-led fund, with an all-female lending team, has directed a third of its loans to Indigenous women-led projects. Grounded in Indigenous values like rematriation of capital and land, the fund prioritizes gender equity, supporting women leaders, tracking their roles across value chains, and recognizing their contributions to Indigenous ecosystems, particularly in building resilience and strengthening communities. Its approach to climate and gender involves centering the vital role of women in Indigenous communities and climate resilience.
“With these final six investments, we’re marking a milestone—and extending an invitation. The portfolio demonstrates just how rich and diverse the climate and gender opportunity set truly is. Through building diligence tools and sharing what we’ve learned, we hope to catalyze even more innovation and inclusion in this growing field. ”
Regenera Ventures I (Mexico; Regenerative Agriculture)
Investing in nature-positive, women-led solutions in Mexico
Regenera Ventures I is a women-led impact investment fund backing the transition to regenerative management and climate adaptation in rural productive ecosystems in Mexico. The fund invests in climate-resilient, nature-positive solutions that restore biodiversity and improve ecosystem health, while prioritizing gender-diverse and inclusive organizations.
Backed by an established and women-led impact advisory partner, the fund is 100% women-led, with 75% of the investment team and a majority of the Investment Committee composed of women. It has an integrated climate and gender analysis embedded in all aspects of their investment strategy and process. Empowering women smallholder farmers and Indigenous communities is core to its mission, supporting their leadership to restore and boost ecosystems, as well as improve climate resilience.
AC Ventures Climate & Sustainability Fund (Southeast Asia; Climate Tech)
Accelerating climate innovation and resilience across Southeast Asia
AC Ventures Climate & Sustainability Fund, managed by AC Ventures, a leading high growth investment firm in Southeast Asia, is the firm’s inaugural climate strategy focused on accelerating decarbonization and climate resilience across Southeast Asia. The fund is local, female-led, with the majority of firm employees identifying as women, and local women representing one-third of its Investment Committee.
The Fund is focused on scalable climate solutions with material impact in highly climate-vulnerable markets such as Indonesia and Southeast Asia. It demonstrates a clear understanding of the disproportionate challenges and barriers women and girls face, as well as the broader risks that arise when gender inclusion is overlooked. They are supporting women as innovators, entrepreneurs, workers, and consumers driving sustainable solutions across climate sectors.
Colossa WomenFirst Fund (India; Climate & Sustainability)
Catalyzing climate and gender equity through women-first investing in India
Colossa WomenFirst Fund is the inaugural early-stage venture fund from Colossa Ventures, a female and fully locally-led team in India. The Fund provides early-stage capital to women-led businesses building a greener and more inclusive future in India and unlocking economic value and achieving inclusive, sustainable growth.
The Fund integrates a dual focus on climate and inclusion, targeting scalable early-stage solutions that benefit climate-vulnerable communities and women. It applies an explicit and embedded gender lens across its investment thesis, strategy, and operations, and sees women not just as participants in economic growth, but as catalysts of systemic change across business, society, and the economy.
In the coming months, we’ll continue sharing deeper stories and voices from across the portfolio, highlighting the changemakers and portfolio companies on the ground who are driving impact at the intersection of climate and gender.