If it’s not ethical it’s not scalable

”We fundamentally believe that working actively with sustainability and ESG matters is key to high and sustainable value creation”

VEF’s mission is to create long-term sustainable value for our shareholders by investing in the future of finance across emerging markets. We believe our sustainable investment approach creates value both for the communities we invest in and for investors. Our key value and guidance in our investments is our ever-present mantra, “if it’s not ethical, it’s not scalable”.


Since the beginning, we have worked on integrating sustainability matters into our business. As a company, we have prioritized robust governance practices and being a diverse and inclusive company. As an investor, our focus has been on having a sustainability focused investment process. We have always been of the view that ensuring solid governance practices and addressing social matters is key to creating long-term value for our own investors as this is a precondition for growth in emerging markets. By minimizing risk and creating conditions to reap opportunities, it supports growth for VEF as an investment company and for the investments we make and manage.


Active ownership and Sustainable investing

VEF takes pride in the truly active ownership approach to investing we have. Our investment decision-making process is based on two core beliefs:

1. the power of active shareholding, to ensure strong governance and responsible business practices; and

2. sustainability as a fundamental part of business.

Sustainable portfolio management starts with a robust investment process and even before we invest. We have an investment process backed by thorough sustainability and impact analysis and the investment team and Head of Sustainability work together on all investments to ensure that they live up to our sustainability standards both before we invest but also throughout the lifetime of the investment.

With our active ownership approach, we seize the opportunity to be a sustainability partner to our portfolio companies and ensure that our values and ethical principles are trickled down to them. We have set a minimum standard for all our portfolio companies with the VEF ESG Principles and VEF Responsible Finance Principles and require all portfolio companies to formally commit to these.

Impact - fintech as a force for good

VEF’s largest and most meaningful contribution to emerging markets is the positive impact the portfolio companies can have on society by providing access to financial products to consumers and MSMEs in these markets. VEF can make a difference by allocating capital to companies that contribute to development of society and the lives of consumers and MSMEs in the emerging world.


The Board of Directors of VEF adopts multiple policies on a yearly basis to ensure that the way we conduct business remains sustainable. Management has further implemented guidelines and practices to ensure compliance with VEF’s various policies and sustainability principles. The relevant policies, guidelines and internal practices have been comprised into one Sustainability Policy and a Responsible Investment and Shareholding Policy that you can find here:


VEF is committed to be a company with highest business ethical standards. We expect all employees, as well as relevant third parties who deal with VEF, to come forward and voice all serious concerns about any aspect of VEF’s business. Anyone with a complaint can make an anonymous report here. Such report will be received by VEF’s legal and compliance function and will be forwarded to the Chairman of the Board or the CEO as appropriate. All reports will be handled confidentially. If you have any questions or would like to report orally, please contact legal@vef.vc.

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