Teaching Case - Vox Capital: Pioneering Impact Investing in Brazil

Vox Capital: Pioneering Impact Investing in Brazil


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  • Product Description

    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

    Publication Date: January 25, 2017
    Teaching Plan: Available with Educator Access
    HKS Case Number: 2088.0
    Case Author: Julie Battilana, Marissa Kimsey, Falko Paetzold, and Priscilla Zogbi
    Faculty Lead: Julie Battilana
    Pages (incl. exhibits): 23
    Setting: United States
    Language: English
    Funding Source: Harvard Business School
    _year: 2016-2017
    _pages: 16-25
    _geography: US & Canada
  • Warranty Information

    /review/2088.0.EducatorCopy.pdf, /teachingplan/2088_2.pdf