Case #2088.0

Vox Capital: Pioneering Impact Investing in Brazil

Publication Date: January 25, 2017
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Vox Capital was the first certified impact investing fund in Brazil. Founded in 2009, it 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.

Learning objective:
Understand what impact investing encompasses. Identify tensions that hybrid organizations like Vox Capital and its investees face in balancing commercial and social objectives, and organizational processes to overcome these tensions. Identify sources of power and roles for enacting social change and scaling innovation.

Other Details

Teaching Plan:
Available with Educator Access
Case Author:
Julie Battilana, Marissa Kimsey, Falko Paetzold, and Priscilla Zogbi
Faculty Lead:
Julie Battilana
Pages (incl. exhibits):
United States
Funding Source:
Harvard Business School