Verod, a leading African investment management firm, is proud to announce it has become the first PE fund worldwide to achieve 2X Certified ‘Best-in-Class’ status, the top tier category. This independently verified recognition is a testament to Verod’s commitment to gender-lens investing, and its historical and continued efforts towards empowering women within its investment portfolio and through its organisational practices.

The ‘Best-in-Class’ 2X Certification is awarded to entities that actively empower women as entrepreneurs, leaders, consumers, and workers. The Best-in-Class tier is reserved for organisations that have fulfilled all 2X ESG requirements, the governance and accountability standards, and all required thresholds across the updated and strengthened 2X Criteria and dimensions and themes framework, as published mid 2024. Verod has demonstrated a profound commitment to these criteria by championing women in leadership roles within our partner companies, investing in businesses that enhance women's economic participation, and implementing policies and governance standards that support workplace equity. This certification marks a significant milestone in Verod's journey of driving sustainable economic growth and social impact.

Nieros, Partner & COO at Verod, commented, “Achieving the top tier of 2X Certification - and being the first PE fund to do so - is a proud moment for our firm, and the result of a decade and a half of dedication to investing for profit while impacting for good. It reflects the intensity of efforts invested in formalising our approach to gender-smart investing and operations, supported with critical TA support from our investors. And it is an encouraging step forward in our mission to integrate impactful investment practices that foster inclusive and sustainable growth. We are dedicated to continuing our work to generate substantial financial returns while ensuring profound social impact across the communities in which we operate.”

Verod worked in partnership with Sagana, a global impact investment advisory firm, on its gender lens investment strategy and its 2X Certification. Shweta Poddar, Senior Consulting Director at Sagana and project lead, commented on the news, "Verod demonstrated that gender-smart investments weren't just for impact funds or those focused on women-led businesses. By upholding best-in-class standards and driving diversity through proactive portfolio management, Verod showed how commercial fund managers could integrate gender and equity into their operations. This approach not only fostered positive change but also enhanced business outcomes. We were proud to have been Verod's partner in its journey to integrate diversity and equity into its operations and investment decisions, setting a powerful example for other commercial fund managers."

The Best-in-Class Certification is a significant milestone for Verod, reflecting its strategic focus on fostering inclusive growth and creating value through responsible investment practices. This recognition positions Verod as a pioneer and leader in the field, setting a benchmark for other fund managers globally. Verod's recently published Impact Report showcases the firm's efforts to drive meaningful change through its investments, with a strong focus on gender equality. The report outlines various initiatives and outcomes that align with the 2X Criteria, further cementing Verod's position as a leader in gender-smart investing. Key highlights include the implementation of gender-lens due diligence, the establishment of gender equity targets, and ongoing support for portfolio companies via bespoke gender action plans, to enhance gender diversity at all levels.

Verod remains committed to its role as a catalyst for transformative change across Africa. By aligning with the 2024 revised and updated 2X Criteria and framework, Verod is poised to contribute even more significantly to the region's socio-economic development, promoting gender equity and empowerment at every level of its operations.

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About Verod

Verod is a premier African investment management firm specialising in private equity, focusing on high-growth consumer driven businesses in West Africa. The firm also manages a venture capital strategy, Verod-Kepple Africa Ventures, which invests in early-stage tech-enabled businesses across the African continent, driving transformative change. Since its inception, Verod has raised over $400m and has invested in more than 30 companies.

For further information, contact:

Karabo Maelane

investorrelations@verod.com