About the fund
The Women’s Livelihood Bond™ (WLB™) Series is a series of innovative listed debt securities designed to channel private sector capital toward high-impact enterprises that empower underserved women and girls in emerging and frontier markets. Each issuance in the WLB Series is structured as a bond security listed on a public exchange (notably the Singapore Exchange) that meets established financial return criteria while delivering measurable social outcomes tied to gender equality and inclusive economic opportunity.
Launched in 2017 with the US$8.5 million WLB1—the world’s first gender-lens impact investing security listed on a stock exchange—the Series has since grown through multiple issuances (e.g., WLB2, WLB3, WLB4Climate, WLB5, WLB6 and WLB7). Together, the Series has mobilised approximately US$288 million of private capital, empowering over 3.3 million women and girls via investments in a diversified portfolio of impact enterprises spanning multiple sectors and countries.
The WLB Series uses a blended finance structure to balance risk, return and impact: senior bond tranches are offered to institutional and accredited investors, often supported by partial guarantees and subordinated capital to de-risk the portfolio, while proceeds are deployed through loans and credit facilities to enterprises that expand access to finance, jobs, essential services and sustainable livelihoods for women. Many bond tranches also align with Orange Bond Principles™, Sustainability Bond Guidelines and gender-lens criteria, reflecting their dual commitment to gender equity (SDG 5) and broader sustainable development outcomes, including climate action (SDG 13).
Korean International Cooperation Agency (KOICA)
