Measuring and monitoring is vital to evaluating progress and strengthens accountability for implementing goals. Tracking and assessing on a regularly basis, typically quarterly or annually, helps indicate which outputs are performing well and which may need to be adjusted and refined for improvement. Such intermittent assessment helps ensure that long-term targets are achieved.

Fund managers can require investees to report on gender metrics, which is important to understand where gender impact may be progressing or regressing. In some cases, reporting on gender metrics may be essential to the structure of the deal. GPs also may have obligations to LPs and other key stakeholders to report on gender metrics across their portfolios.

Tracking and assessing impact on a regularly basis, typically quarterly or annually, helps indicate which outputs are performing well and which may need to be adjusted and refined for improvement. This in turn helps ensure that long-term targets are achieved. The GAP monitoring template is a tool that can be used to measure and monitor activities outlined in a GAP. It helps to define a baseline for metrics as well as track quantifiable outputs and outcomes that contribute to impact. This can be used for the duration of the timeline set out in the GAP.

At the portfolio level, there is a growing set of harmonised gender indicators that can be collected across all investees. These indicators have been set forth by the 2X Challenge criteria, and align with IRIS+ and HIPSO metrics. At least 15 development finance institutions (DFIs) have adopted these indicators, in a move to standardise the field, ease the reporting burden on investees, and enable data aggregation at a multilateral scale. CDC asks all portfolio funds and companies to report on these metrics on an annual basis.


 2X Indicator IRIS Equivalent Indicator
Entrepreneurship    Percent of female ownership Percent Female Ownership (OI2840)  
Percent of company founder(s) who are female[1]Founders: Female (OI8197)
Founders: Total (OI2209)    
Leadership Percent of senior management who are femaleFull-time Employees: Female Managers (OI1571)
Full-time Employees: Managers (OI8251)  
Percent of board / IC who are female Board of Directors: Female (OI8118)
Board of Directors: Total (OI1075)
Investment Committee Members: Female (OI8709)
Investment Committee Members: Total (OI7829)
Employment    Number and percent of employees (FTE) that are female Permanent Employees: Total (OI8869)
Permanent Employees: Female (OI2444)
Investee has initiative in place to specifically advance women in workforce (Y/N).
Provide details.
Women’s Career Advancement Initiative (OD4232) + one or more from list below of existing IRIS metrics:
Diverse Representation Policy (OI9485)
Flexible Work Arrangements (OI7983)
Sexual Harassment Policy (OI9088)
Employment Benefits (OI2742)
Fair Compensation Policy (OI3819)
Fair Career Advancement Policy (OI4884)
Anti-Discrimination Policy (OI9331)
Consumption Investee’s product or service specifically or disproportionately benefit women (Y/N).  
Provide details.
Product Targeted to Women (PD5677) + one or more from list below of existing IRIS metrics:
Stakeholder Engagement (OI7914)
Client Savings Premium (PI1748)
Client Individuals: Provided New Access (PI2822)
Client Feedback System (OI5049)
Percent of female customersClient Individuals: Female (PI8330)    

1 And who maintain an active role. An active role may include acting in an advisory capacity for key decisions, and does not necessarily require a full-time role at the organization

The guide How to Measure the Gender Impact of Investments: Using the 2X Challenge Indicators in Alignment with IRIS+ provides practical guidance for impact measurement practitioners on the application of these indicators, including definitions and steps for gathering and measuring.

The 2X Challenge Fund Tracker is an easy-to-use table to track 2X Challenge indicators across a fund and assess 2X qualification.

More gender indicators are listed in the Appendix: Deal Level Indicators in Private Equity and Value Creation: A Fund Manager’s Guide to Gender-smart Investing.