Caption: Sarona and 2X Global teams at the 2X Reception in Toronto, Canada
Sarona Asset Management is an active member of 2X Global, the international membership association dedicated to advancing gender-smart investment. Since 2022, we have embedded the 2X Criteria directly into our investment process — using them to assess, select, and monitor fund managers and portfolio companies across our emerging markets platform.
This white paper presents the results of that assessment: how Sarona as a firm, and our fund manager and company investees, align with the 2X Criteria objectives. Applying the updated 2X Criteria Reference Guide, it offers a transparent, data-driven view of our performance across both the Sarona Global Growth Markets (SGGM) program and the Australian Development Investments (ADI) mandate, where Sarona acts as an investment and Technical Assistance manager.
What the Data Shows
Sarona’s 16 years of gender-integrated investing are reflected in the numbers. Sarona as a firm is 2X aligned under Leadership and Employment criteria. It approaches but does not meet the Entrepreneurship criteria (21 % women ownership vs. 51% target.
Why It Matters
Evidence supporting the business case for gender-lens investing has strengthened significantly since the launch of the 2X Challenge in 2018, with growing research showing that gender diversity in leadership is associated with stronger financial performance. Research from McKinsey shows that companies in the top quartile for board gender diversity are 27% more likely to outperform financially. In private markets, funds with gender-balanced investment committees generate 10–20% higher returns than single-gender teams — and ICs with at least one female member outperform all-male committees by an average 12% IRR. Gender is not just a social metric. It is a financial one.
Overall, Sarona’s 2X standing is strong and has demonstrated meaningful progress since 2022, as evidenced by improvements across key metrics: Women on board representation increased from 33% to 43%, women on the Investment Committee rose from 37% to 46%, and women employees grew from 40% to 58%.
Across our portfolio, progress is clear and measurable:
- 87% of Sarona’s fund managers are 2X Criteria aligned — up from 67% in 2022
- 72% of portfolio companies meet at least one 2X Criteria
- 40% of total portfolio workforce are women,
- Over 80,000 jobs for women have been supported since fund inception — nearly half of all jobs generated across the portfolio
Where Gaps Remain
We want to be honest about what remains unresolved. A “pyramid effect” persists across the portfolio: women are well-represented at workforce level but significantly underrepresented in governance and decision-making roles. Women hold only 17% of board seats at portfolio companies, and Investment Committee representation at fund managers stands at 17% — the most significant governance gap identified.
Supply chain gender integration, women-focused products and services, and gender data quality are also identified as priority areas requiring deeper attention.
The Road Ahead
Sarona’s strategic roadmap sets out concrete steps to close these gaps: strengthening IC diversity, formalizing supply chain gender tracking, expanding women-focused products and services, and embedding 2X Governance & Accountability requirements as a portfolio-wide standard across all new investment products and mandates.
The ADI Technical Assistance program – backed by AUD $15.5 million – serves as a best-practice model, demonstrating how targeted, non-financial support can translate gender commitments into measurable outcomes at both fund manager and portfolio company level.
Download the Paper
The full white paper is available for public distribution. Download here
