ANDE 2018 Impact Survey

ANDE’s Annual Impact Survey is a tool to collect data about the impact its members have made in the previous year. The 2018 survey launched in January 2019 and closed in February 2019, and 120 member organizations completed the survey. We would especially like to thank members who took the time to participate in the survey.

ANDE Investment Vehicle Database

ANDE compiled the data in this section by surveying current ANDE members, collecting public information from fund managers, and partnering with external data collectors and aggregators. Partners include the Global Impact Investing Network’s (GIIN) ImpactBase, the Emerging Markets Private Equity Association (EMPEA), and the Latin American Private Equity and Venture Capital Association (LAVCA). Funds qualified for inclusion in this dataset met three criteria: the investment target included emerging market countries; target deal sizes were from US $20,000 to US $2 million; and the focus was not exclusively on microfinance institutions.

ANDE’s analysis also disaggregated gender-inclusive funds. ANDE considered funds to be gender inclusive if the fund has a stated mandate to invest in women-owned or run businesses, businesses with women on the board, businesses that hire women or incorporate women into supply chains in a beneficial way, or businesses providing a socially beneficial product or service targeting women or girls. The intention to invest in these businesses must go beyond considering these factors in investment decisions, but rather explicitly mandating that the fund make investments into businesses with these characteristics.

Donor Tracking

Data presented in the Donor section comes from two sources: the ANDE analysis of the Organisation for Economic Cooperation and Development (OECD) Creditor Reporting System, a database of commitments and disbursements made by donor countries and multilateral institutions in 2016 constant US Dollars, and the 2019 deep-dive analysis that ANDE conducted of twenty donor institutions in partnership with Devex.

To develop an estimate, ANDE searched the database for key words and codes that most likely relate to the SGB sector, specifically: “entrepreneur,” “SME,” “small business,” “small enterprise,” and “small and growing business.” Any disbursement that was a positive match with one or more of the terms above was categorized as “SME-related.” Those that matched “entrepreneur” were categorized as “entrepreneurship-specific.” We aggregated disbursement amounts for all donors in the database, and we included both overseas development assistance and other official flows. Working with this existing database, ANDE likely underestimates donor support for entrepreneurship and SMEs, but we have opted to risk undercounting to ensure that no disbursements were mistakenly included. This methodology was refined in 2017 to include more SME-related search terms, and to remove “start-up” from the criteria, as it was falsely categorizing some disbursements.

ANDE augmented the OECD data with a deep-dive analysis of twenty donor institutions, conducted in partnership with Devex. For this analysis, funding commitments data from the International Aid Transparency Initiative was used for a first layer of data collection, as most of the donors considered contribute funding data in this data standard to its public databases on a regular basis. In this case, comparable data was sought for calendar year 2017. This was augmented with searches of donor-specific data sources for information not captured by IATI, as well as with interviews with representatives from each donor institution to identify entrepreneurship support projects not captured in public data sources.

Global Accelerator Learning Initiative

Data on accelerators is provided by the Global Accelerator Learning Initiative (GALI), a collaboration between the Aspen Network of Development Entrepreneurs (ANDE) and Emory University. See details on GALI’s methodology at