Thank you to all our friends and partners

Over the past 5 years Pacific RISE has worked with so many amazing partners to connect Pacific social enterprises with investment and fund technical support to businesses to become investment ready. Pacific RISE applied a gender lens on investment approach to all initiatives, and along with partner Criterion Institute advanced the understanding and application of gender lens investing (GLI) in the region.  

Pacific RISE has developed tools for investors and financial intermediaries to think more deeply about the power dynamic between the different parties in making deals, that their internal processes in shaping deals or even where they invest can have a deep impact. We have started conversations about building better financial vehicles for the Pacific in the wake of the COVID-19 pandemic and invited our partners to think creatively about the future of investing in the Pacific. And possibly most importantly we have, in a small way, helped shine a light on some of the incredible work that entrepreneurs, organisations, intermediaries and businesses are doing in Pacific countries. See more of our publications and research here 

This website will continue to be a resource for those interested in learning more about investing in the Pacific and some of the lessons learned along the way. None of this would have been possible without key partners Criterion Institute and Pacific Trade and Invest Australia and funding from the Australian Department of Foreign Affairs and Trade.   

For more information about Pacific RISE please contact

Gender and Power in Pacific Impact Investing: A Gender Lens Investing Case Study

The five-year Pacific RISE program, an initiative of the Australian Department of Foreign Affairs and Trade, is building the impact investment market in the Pacific. The program, which concludes in July 2021, has promoted gender lens investing in partnership with nonprofit think tank Criterion Institute. The program serves as a case study in the “how to” of comprehensive gender lens investing, and has generated influential new insights and valuable resources for gender lens investors worldwide through several core approaches.

1. Developing a Comprehensive Gender Lens – a Pacific-focused Approach

Early in the program, the Pacific RISE team wanted to counter a narrow understanding of gender lens focused solely on women-owned enterprises. The team explored other ways finance could be used to influence women’s economic empowerment, such as supporting menstrual health or water sanitation projects (where women were the primary users or beneficiaries), identifying gender-based violence as a viable investment theme, and embedding gender in the COVID-19 response. This approach challenged local investment players to go beyond ‘box checking’, and built the capacity of intermediaries, investors and donor agencies to get more gender-smart.

The program also included capacity building for investors to better understand gender and for gender and social organisations to understand finance. “We provided Pacific-centric gender data and analysis for intermediaries to use alongside their financial analysis,’ says Amanda Jupp, Pacific RISE facility manager. “We also funded finance training for Pacific women’s and gender organisations to help them better engage with intermediaries and understand the role of capital in achieving outcomes for women.”

2. A Gender Lens Addresses Bias and Power

A comprehensive gender lens pays attention to biases and power dynamics across the investment process, uncovering embedded structures in traditional finance that have influenced impact investing. This insight – once considered fairly radical – is now gaining traction with the gender lens investing community, in large part thanks to Pacific RISE and Criterion Institute’s work.

The program team analysed the Pacific RISE portfolio midway through the program, scrutinising each deal’s core business model, relationship dynamics, risks, due diligence process and red flags. This analysis uncovered dynamics of power that privileged traditional finance models and investors – and which impacted the success of deals.

The most successful deals incorporated trust and strong partnerships between stakeholders, alignment of incentives across businesses and investors, clarity regarding investor and enterprise needs and timeframes, and contextualised expectations and commitments – a more equal dynamic of power across the investment process.

From this analysis the team designed a framework to assess and address dynamics of power within the investment process.

3. Identifying Alternative Financing Approaches

In seeking to address needs on the ground, Pacific RISE found that the greatest demand for capital was coming from smaller Pacific enterprises that were unable to access traditional forms of finance. Investing individually in these businesses, however, was viewed as overly expensive and risky by many investors. As the program progressed, and incorporated increased attention to dynamics of power, it became clear that developing market-focused finance vehicles addressed power imbalances and provided a stronger model than traditional single-investment deals.

Pacific RISE’s portfolio supported promising non-traditional approaches. For example, models designed to distribute funds to smaller enterprises or artisans, pooling funds from multiple investors. The investor profile was broadened to include Australian foundations and family offices and a global pool of crowdfunding donors. The team also identified opportunities to fund the creation of market-focused finance vehicles with a gender lens – for example, exploring where finance can support menstrual health and waste recycling.

“Our menstrual health trade finance vehicle demonstrated a gendered problem,’ says Jupp. “It’s an example of working with Pacific organisations to create something that’s investable but doesn’t require the businesses to go into debt or to change.”

Ultimately, Pacific RISE sought to identify how investment could address market challenges in addition to business challenges, or, in the words of Joy Anderson, Criterion Institute’s President and Founder, “fix the capital, not the company”. This is a critical shift towards increasing the long-term sustainability and impact of gender lens investments in the region.

“Pacific RISE was looking for the high-growth deals for the first two years. This approach came from the assumption of what impact investing is and what makes it work: finding deals that met the needs of investors,’ says Anderson. “Those assumptions have now been challenged.”

If you’re involved in designing investment vehicles or investing with a gender lens, and would like to learn more about the findings of the Pacific RISE program and the implications for global gender lens investing, register here to attend the workshop on 8 July, 2021.

*this blog originally appeared on the gendersmart website

Pacific Possibilities for Impact Investment

In June, Pacific RISE Financial Analyst Jinita Prasad and Facility Manager Amanda Jupp co-hosted a Digital Talanoa with Pacific Trade and Invest Australia’s Leata Alaimoana-Roberts to discuss the Pacific Possibilities within Impact Investing. The session delved into the impact investing field helping participants to recognise the possibilities within the Pacific that create social change, positive returns and support businesses in the Pacific to grow post COVID-19.

"Impact investment is less complicated than you think, better performing than you believe and more important than you imagine. And the balance of power to really influence sustainability rests with institutional investors."

Read Jinita’s presentation here

Adaptability, Resilience.  Thinking outside the square.

By Belinda Roselli, Mammas Laef Vanuatu.  Photo Credit: Mammas Laef


Adaptability is a skill we all need to learn.  The people of the Pacific are particularly good at this.  Mary from Mammas Laef Vanuatu excels at this!

In early March 2020, the arrival of the COVID-19 pandemic meant there was a shortage of the supplies of medical-grade personal protective equipment (PPE) across the globe.  In Vanuatu, a local doctor thought that fabric face masks, in addition to handwashing, would help improve hygiene habits.  So, with the support of Marc Antoine from V Lab, Mammas Laef under the watchful eye of Mary started a local product of facemasks.

Soon Mammas Laef were producing 100% cotton, 3-layer protective face masks and were selling them at a local store.  The masks packaging includes clear written instructions on how to wear and care for the masks.  There were instructions on how to wash hands properly, further promoting the message of regular handwashing.

Then, with Cyclone Harold hitting Vanuatu’s shores in April, again stepped up to support their community by increasing production of the product they are known best for, their reusable menstrual pads.

Adaptability, Resilience.  Thinking outside the square.

Pacific RISE postscript: Our investment thesis believes that the resilience of the Pacific people is an excellent asset to investors and stories like this from Mammas Laef demonstrate that.

When Pacific RISE was researching its investment thesis, one theme that kept coming up time and time again is the resilience of Pacific islanders and their ability to find new ways to support their communities when new challenges arise.  This is even more relevant now, in this time of COVID.  There is an opportunity for investors to invest in adaption and resilience.


COVID-19 recovery in the Pacific – understanding power dynamics in impact investments

As donors quickly move funds to the Pacific to respond to the health and economic crises brought on by COVID-19, we have an opportunity to rethink how aid functions, and what role impact investment in social enterprises can play in the region’s recovery.

Since 2016, Pacific RISE has been working to attract capital to Pacific social enterprises. In our work at Pacific RISE, we’re consistently finding the need to pay careful attention to power dynamics in social investments, including the gender dimension. Our experience in the Pacific is reinforced by findings from other regions that deeply held cultural values – such as a belief that those who hold the most capital deserve the most power – have a strong influence on which deals are made, and how.

In its recent paper Partnerships for Recovery, the Department of Foreign Affairs and Trade (DFAT) indicates a willingness to partner in new ways with the private sector to assist Pacific businesses in accessing capital and re-establishing markets and value chains.

It’s essential that DFAT and other donors, along with social investors, apply a power and gender lens when financing COVID-19 recovery efforts. Based on our experience, we compiled a number of recommendations for DFAT and other donors as they formulate their approach to helping rebuild Pacific financial and economic systems in response to COVID-19.

In forging innovative partnerships with the private sector, DFAT and other donors should examine the role of power in deciding who is seated at the table, whose knowledge is valued, how negotiations are conducted, and how finance is delivered to support the COVID-19 response and recovery.

One place where power dynamics are clearly evident is at the negotiating table in capital investments. In late 2019, we partnered with the Criterion Institute – a global think tank focused on using finance for social change – to analyse power dynamics in 14 Pacific RISE deals at various stages of the investment process. The deals used a variety of social finance models and capital types in framing impact investments in the Pacific.

Our analysis demonstrated seven clear power dynamics at play between investors, intermediaries and businesses that influenced the overall success of the investments:

  1. Knowledge – which skills and experience are valued?
  2. Access – who is considered ‘worthy’ to access capital and resources?
  3. Decision-making – who holds power across each phase and process?
  4. Timing – whose timeframe matters most and sets the pace?
  5. Transparency – who gets to know what, when?
  6. Risk sharing – whose risks are prioritised and mitigated?
  7. Alignment/incentives – who is structurally incentivised to do what?

Our findings reinforced the view that traditional finance models are underpinned by a deeply held cultural value that those who hold the most capital are deserving of the most power and influence:

  • Investor risks are privileged over entrepreneur and community risk.
  • A preference for high-growth scalable equity opportunities is the norm.
  • Deal terms are often sourced from finance-first models rather than being contextualised, and can be inappropriate in social investment contexts.

In conversations with investors, we also found additional bias against impact investments in the Pacific specifically. Investors’ concerns about ease of doing business, repatriation of funds, and general inconsistency of tax and regulatory frameworks in the region lead to stricter scrutiny and evaluation.

We found that organisations that shifted away from traditional finance models made more equitable and more successful deals.

Pacific RISE is paying deliberate attention to power dynamics – including women’s economic empowerment – during our due diligence process, which is in turn influencing investors to explore alternative investment vehicles to finance Pacific businesses.

Partnering with Pacific Trade Invest Australia, we’re working with Pacific diaspora group Pacific Business Sport and Entrepreneurs (PBSE) to design an investment fund that will include mentoring and finance for Pacific small and medium-sized enterprises (SMEs). We’re also working with Good Return to design an impact investment model that matches SMEs with the resources they need to grow their business, and connects them with the partners best placed to help, including Pacific financial service providers.

Partners such as Pacific Trade Invest Australia, PBSE and Good Return take the time to understand the Pacific context and the SMEs. They value knowledge of the Pacific context in designing their investment vehicles, and work in strategic partnerships with a range of Pacific organisations. They offer context-specific financial products alongside other resources to grow businesses, such as training and mentoring.

The power dynamics that we found in our analysis of the Pacific investment deals reflect what is happening in other parts of the world: investors and capital holders have more influence than the entrepreneurs. Investors are also affected by their unconscious biases, such as who is seen as being ‘worthy’ of having access to capital. As traditional investors face greater pressure to incorporate social investments into their portfolios, it’s important that we learn the lessons from programs, such as Pacific RISE, and other analyses.

DFAT’s Partnership for Recovery policy rightly includes exploring how non-grant finance instruments – including loans, guarantees, equity investments and impact investing – can play an important role in supporting long-term economic recovery.

Post-COVID, the shift globally must be toward businesses that are building stronger resilience. How successful the recovery is, and what it looks like, will be strongly influenced by who receives support during the response and on what terms – decisions that are being made now.

As donors and investors look toward future investments, the recovery of Pacific businesses and economies will ideally create both social and financial returns. For those returns to be realised, however, we need to place equity and power front and centre in impact investing.

Investing in women’s economic empowerment is essential for COVID-19 recovery

Photo credit: Good Return

Women are key economic drivers in the Region, contributing to economies across the Pacific in a range of important ways.

The advancement of women’s economic empowerment will be essential to leading a fast recovery from the impact of COVID-19, and to building a more resilient and equitable future for everyone.

To date, COVID-19 has forced many European and Northern American economies to a halt. There is talk of a deep global recession, with significant job losses in the formal sector. Families and communities are already finding it challenging to support basic needs.

In the Pacific, the tourism industry, which is a significant contributor to employment, is already reeling from cancellations.

But with the number of COVID-19 cases still relatively small across the Pacific, and with some countries reporting zero infections, now is the time to act. It is necessary to build resilience now to ensure women can emerge from the impact of COVID-19 as strong business ambassadors.

Currently, in the Pacific men outnumber women 2-1 in formal paid employment (outside the agricultural sector), however, women make up most of the important informal financial sector, earning the income critical to meeting a family’s basic needs.

In Solomon Islands, the annual turnover at the Honiara Central Market is between USD10–16 million, with women responsible for about 90 per cent of activity as both bulk buyers and retailers. In Samoa, 80 per cent of the private sector is comprised of micro businesses, of which women are estimated to lead over 40 per cent.1

Research shows that if women had the same access to credit, markets and technology, the ability to increase returns, particularly in the informal sector, would significantly increase.

From our existing work in the Region there are important lessons learnt about effective ways of achieving this outcome.

Pacific RISE, an innovative pilot of the Australian Government Department of Foreign Affairs and Trade (DFAT), supports finance organisations to use gender analysis alongside financial analysis in the design of financing mechanisms and tools.

The Program’s partners such as Good Return, an Australian not-for-profit, are empowering communities and businesses through increased access to responsible, inclusive financial education and finance. Good Return launched an impact investment program in 2017 – first in Solomon Islands and then in Tonga – supported by Pacific RISE and Pacific Trade Invest Australia.

Good Return works with financial service providers to de-risk loans to businesses, including women’s businesses that may otherwise fall short of accessing commercial capital. The organisation typically does this through building the capacity of a business and providing a loan guarantee – reducing the risk to the financial service provider.

Importantly, Good Return uses a gender lens and conducts gender market assessments to identify sectors where investments are optimal, while working with financial service providers to build awareness and address barriers to access to finance (particularly for women) as well as improve products and services which respond to both women’s and men’s needs.2

Pacific RISE’s partners have also launched new financing facilities such as IIX’s Emergency Financing Facility, a revolving facility providing refundable grants and working capital loans to select high-impact SMEs, creating livelihoods more than 70,000 over the next 5 years. The Facility provides grant capital and concessional loans to SMEs creating a positive social and/or environmental impact in South and Southeast Asia and the Pacific to help them survive through the COVID-19 crisis. All repayments received from enterprises are re-lent to new businesses in need, magnifying the impact of each dollar by x3.

Programs like Pacific RISE are well placed to support women’s businesses to quickly re-establish post COVID-19. Pacific RISE works closely with financial stakeholders to reframe their understanding and consideration of women’s financial needs by integrating a gender lens across investing practices and process and including a strong focus on coaching and mentoring.

As a result, there are now structures and pathways in place that make it possible for financial actors to come into the Region and support women in a more effective way. Lessons from initiatives such as Pacific RISE, can and should be applied as part of an effective COVID-19 response.


This blog was originally posted on the Tetra Tech International Development website:

Empowering Tongan Business through Impact Investment

As first published on the Pacific Trade Invest, Australia website. Photo credit: Pacific Trade Invest, Australia.

With extensive networks in the Pacific business community, PTI Australia collaborated with Pacific Readiness for Investment in Social Enterprise (Pacific RISE) to connect Tongan businesses to a new impact investment fund – supporting economic development and helping to stem the flow of people and skills from the region.

Good Return has been working in the Pacific since 2005, empowering communities and businesses through increasing access to responsible, inclusive financial education. Over the last two years, having identified a ‘missing middle’ in the business community — those too large for microfinance but unable to obtain commercial lending due to structural barriers and capacity building needs — Good Return launched its first impact investment program first in Solomon Islands and then in Tonga.

In the program, Good Return works with financial service providers to de-risk loans to businesses that may otherwise fall short of accessing this commercial capital. The organisation typically does this through building enterprises’ capacity and providing a loan guarantee – reducing the risk to the financial service provider.

Over time, it is anticipated that increasing investment in these under-served businesses, supported by Good Return’s loan guarantee scheme, will help to influence future risk assessments and remove the need for Good Return’s loan guarantee.

Gender lens investing is integral to Good Return’s impact investment program and it works with financial service providers to build awareness and address barriers to access (particularly for women) and improve products and services which respond to both women’s and men’s needs and preferences.

In Tonga, Good Return partnered with the Tonga Chamber of Commerce and Industry to support the vanilla farmers of ‘Eua Island to enhance their financial skills – running training sessions with both husband and wife on cash flow, forecasting and budget management and providing coaching with the farming couples to develop their business plans before they applied for a loan.

PTI Australia introduced the Good Return team to Heilala Vanilla – the largest buyer of vanilla in Tonga. With Heilala Vanilla as a guaranteed buyer, Good Return and Tonga Chamber of Commerce and Industry were able to support three ‘Eua vanilla farming couples to develop their financial skills and business plans to successfully access finance through the Tonga Development Bank.

To date, these loans have been used to buy fencing and other farming tools – helping farmers increase productivity by protecting their crops from theft and roaming livestock.

Although Good Return’s impact investment program is new, this increased productivity with Heilala Vanilla as a guaranteed buyer of the crops could lead to increased demand for seasonal workers on ‘Eua Island and may give farmers the opportunity to acquire more land through increased business profits.

More broadly, these changes could help stem the flow of people and skills leaving Tonga, and reduce reliance on remittances.

Pacific Regional Manager at Good Return, Jessie Fisher, said “The real goal for our impact investment program is to support job growth in rural and remote communities so people don’t need to migrate to find work, by supporting businesses to innovate and grow into the future.”

“We’re growing this program and learning a lot. Having partners like PTI Australia and Pacific RISE is very important because they’re so engaged in the Pacific and have incredible networks.”

“It’s a collaborative, open relationship where all sides are working to get the best for Pacific entrepreneurs – whatever stage they are at.”

World-first tool to assess the investment risk of GBV

Pacific RISE partnered with the Criterion Institute to design a world-first investment due-diligence tool for gender-based violence (GBV). Many studies detail the cost of violence for Pacific communities and businesses, but little is known of how these economic and social impacts pose a risk to investments.

This GBV due diligence tool analyses four existing due diligence categories of political, regulatory, operational and reputational risks and shows how these can be affected by gender-based violence.  The tool is specific to the Pacific region but acknowledges that this is an issue that all regions face globally and builds upon due diligence processes that are standard worldwide. Leading impact investors and gender-based violence organisations provided feedback and guidance on the tool’s development.

Pacific RISE and Criterion were proud to distribute it at the Impact Investment SummitAsia Pacific, and received great feedback from investors and other representatives. Access it as an interactive PDF here on the Pacific RISE website.

More investments in the Pacific

More investments in the Pacific  

Good Return recently announced that they have been able to support four loans to vanilla farmers in Tonga working with the social enterprise Heilala Vanilla. What started as a program to support vanilla farmers in Tonga after a cyclone, the Heilala Foundation supports sustainable farming of vanilla in the Kingdom.

Using their blended finance model, Good Return partnered with the Tonga Development Bank to provide subsidized commercial loans to the vanilla farmers that supply Heilala with vanilla.  The loans will fund fences to protect the spice from animals and also production materials to make the farming process more efficient.

These four loans can demonstrate to other farmers that it is possible to access bank finance at a competitive rate and can lead to more farmers taking up this opportunity in the future.

Good Return is working closely with Tonga Chamber of Commerce, which will continue with financial training and is also working with Heilala to apply a gender lens across their business and investments.

REAL Impact has supported a further two loans to creative artisans in Papua New Guinea by crowdfunding source, KIVA.

Marjorie and Thomas from Pacific Primitive Arts successfully raised USD 10,000 in KIVA finance to produce new styles of tapa cloth weaving to sell to an established US market.  Virginia and the team from REAL Impact facilitated the loan as well as the market access for them to sell this new style of traditional craftsmanship.  Marjorie and Thomas are from the Trobriand Islands of Papua New Guinea, and the loan will facilitate the teaching of other Trobriand Islanders how to weave and carve, as well as buy materials and business establishment costs.

In addition to Marjorie and Thomas’ loans, REAL Impact has also facilitated a loan of USD 5,000 for Gilbert who is based in Port Moresby and has established a handicraft trading business called MAS APMA Carvers. Gilbert is currently buying and selling Ialibu woven baskets. He will use the loan to realise his vision of providing economic and social development opportunities for master weavers from his home in and around Wewak, East Sepik Province, PNG.

Sharing the lessons from 2016-2019

Pacific RISE has been extended until June 2021.  This extension will allow Pacific RISE to continue working on the investment pipeline that has been established in the first three years of operation.

Pacific RISE recently completed a report that captured the achievements and lessons of Pacific RISE during the first three years of operation from August 2016 to July 2019.  You can access this on the website.

Also, our Fact Sheet has been updated to reflect the goal of attracting AUD $10 million of new investment in the Pacific and some of the opportunities available on our investment pipeline.  This is available on this website.