Organization: CARE Enterprises

Location: Flexible Location (NYC or SF preferred), U.S.

Express Interest

Care Enterprises

About CARE Enterprises:

CARE Enterprises Inc. is at the forefront of creating innovative investment models in the fight against poverty. It is a start-up, for-profit subsidiary of CARE USA, a leading humanitarian aid organization. CARE Enterprises will invest in for-benefit enterprises that are creating transformative economic opportunity for people live in poverty.

It is estimated that $1.4 trillion will be needed each year to achieve the Sustainable Development Goals established by United Nations by the year 2030.  It is well recognized that this cannot be achieved by nonprofit development aid efforts alone.  Engaging the private sector in the fight against poverty is imperative.

While CARE is most widely recognized for its long history of development programs that improve the lives and livelihoods of people around the world, what is less commonly known is that CARE is a pioneer in successfully adopting market-based solutions to combat poverty. Recognizing the need to engage businesses, CARE Enterprises was created to harness the transformative power of the capital markets to transform lives of the poorest people in frontier markets.

Led by Managing Partner Marilia Bezerra and governed by a Board of Directors that includes leaders from global business, financial innovation and social impact, CARE Enterprises announced its first Fund this September at the World Economic Forum, which will be a $30 million 10-year Growth Fund.


To include two billion additional people in the economy, our society must significantly scale up the reach and impact of for-benefit enterprises, primarily in frontier markets where the poorest segments of the global population live.

Combining attributes of traditional for-profit businesses and NGOs, for-benefit enterprises are hybrid business structures whose primary purpose is to deliver social and environmental benefit.  One of the principal unmet needs of these enterprises is access to capital.

Despite a growing call for the mainstreaming of impact investment, only a fraction of impact capital has actually been invested in enterprises that create transformative economic opportunity for those who have been, thus far, left out of the economy.

When it comes to finding successful market-based solutions to highly complex problems like poverty in the developing world, the impact investment community is starting to see that achieving both transformative social impact and market-rate financial returns is the exception, not the norm.  In reality, even the most impactful and successful of social enterprises in emerging economies—even in developed countries—are likely to generate only low-single-digit financial return.

CARE Enterprises’ Approach

CARE Enterprises (CEI) is structuring a $30 million 10-year Growth Fund that will deploy patient capital through flexible deal structures to meet the unique needs of for-benefit entrepreneurs.  Its focus is on transformative impact and molds its return expectations to meet that goal.

Rather than forcing these entrepreneurs into structures that demand profit-maximization, with the Growth Fund, CEI will create a portfolio of transformative “benefit-maximizers” by incentivizing its investees to deliver on their promises of social impact – creating dignified jobs that break cross-generational poverty cycles in marginalized communities.

CARE Enterprise Approach

CEI combines CARE’s deep understanding of the needs of those in poverty and the complex social, political and cultural dynamics unique to each market with its creative financing structures and flexible approaches to unlock the potential of for-benefit enterprises.

It benefits not only from a from a team of business and development experts within CARE’s global network, but also from the institutional knowledge created over decades of designing and implementing earned-income models that create economic opportunity for the underserved.  Furthermore, it will leverage CARE’s global footprint by working directly with CARE staff in the field to identify potential for-benefit portfolio companies and design effective financial products to scale their businesses.

By taking innovative approaches to financing what most other return-focused funds do not consider, CEI is able to invest in proven and scalable for-benefit enterprises and incentivize them to deliver on their promises of social impact through growth that is more consistent with their business models and complex realities.

The Broader Impact of CARE Enterprises

One fund alone will not move the needle.  In addition to the direct outcomes of its work, CEI seeks to be a model for others. By proving that it is possible to prioritize social good while also achieving realistic financial returns in frontier markets, CEI will create the blueprint for other asset managers to follow in its footsteps. Together, this community will come much closer to mobilizing the trillions of dollars needed to achieve the Sustainable Development Goals.

In addition, CARE Enterprises collaborates with other organizations to support and scale for-benefit enterprises. For example, CARE Enterprises is participating in the Fourth Sector Development Initiative (FSDI), a newly formed multi-stakeholder initiative of the World Economic Forum Global Future Council on International Governance, Public-Private Cooperation and Sustainable Development in partnership with the Fourth Sector Group.

FSDI brings together public, private, and philanthropic institutions committed to catalysing trillions of dollars of fourth sector growth by 2030 through fostering the ecosystem required for for-benefit enterprises to flourish. In alignment with the FSDI strategic priorities, CARE Enterprises will help build the fourth sector ecosystem by aligning private capital with nonprofit assets to invest in for-benefit enterprises that have not yet qualified for more conventional investment.

CARE Enterprises expects future collaboration with other entities like FSDI.

For additional information about CARE Enterprise, please click here.

The Opportunity:

At this critical moment, we are seeking a driven, dynamic Managing Partner to lead CARE Enterprises in partnership with the other Managing Partner.  This is an opportunity to build a new fund model and contribute to growing the ecosystem of for-benefit enterprises to achieve broader impact and create an alternative mechanism in the fight against poverty for the world’s poorest people.

The successful candidate with be an investment professional who bring substantial portfolio management and fundraising experience combined with experience in the deal sourcing process. S/he will also be committed to investing as a vehicle for driving change and have a passion for working to lift people out of poverty.

The Managing Partner’s primary responsibilities will include:

Fund Management

  • Refine the investment approach for the fund including the sectors, geographies, size/stage of investments, and growth/impact/employment potential;
  • Help develop methodologies for diligence, terms and governance at the individual deal level;
  • Work with CEI’s team to create financial, impact, strategic and operational planning and reporting of portfolio investments;
  • Advise portfolio enterprises on financial and business management; and
  • Lead CEI’s own financial management and reporting.


  • Contribute to the development of the fundraising strategy;
  • Help develop a strong and diverse pipeline of potential investors and strategic partners; and
  • Cultivate, pitch to and lead the closing of Limited Partners in partnership with the other Managing Partner.

Deal Flow

  • Build, and/or bring a diverse network of relationships to contribute to the pipeline development;
  • Help develop partnerships with earlier-stage, regional fund managers, entrepreneur platforms and other impact investment networks to help source deals; and
  • Co-develop pipeline management system to continuously ensure mission and financial value alignment.

Candidate Profile:

As a new fund manager, CARE Enterprises has the opportunity to learn from the successes and failures of first generation impact funds and adopt leading-edge approaches to realize transformative impact.

The successful candidate will have the following professional and personal qualities and characteristics:

Portfolio Management Experience

The successful candidate will have strong portfolio management experience in managing an investment fund including fundraising, communicating with the limited partners, making investment decisions and reporting.  Either serving as the lead partner or in a role where success is attributed to the candidate, s/he will have a track record of ‘doing deals’ with a history of initiating and of closing agreements with other parties where significant dollars and/or other value have been exchanged.  With a strong business and financial acumen, s/he will be experienced in conducting due diligence in portfolio companies, ideally in growth stage ventures in frontier markets. This executive will also bring or have access to a network with resources available to add value including legal, financial and operational expertise.

An ‘Ambassador’

The Managing Partner will be an inspirational leader who will serve as an external spokesperson for CARE Enterprises and its broader impact. S/he will bring outstanding communication and presentation skills and mission-driven presence and be able to promote and articulate CARE Enterprises’ mission to a diverse range of constituents, including for-benefit enterprises, investors and strategic partners, to inspire trust, action and participation. As a fundraiser, s/he will have demonstrated experience in raising capital from investors. Knowledgeable in impact measurement and conversant in double or triple bottom line investing, s/he will excel at working in collaboration with the other Managing Partner and the Board to contribute to the thought leadership in the field to create broader impact.

Entrepreneurial Spirit   

Embodying an entrepreneurial spirit with a passion for building an operation from scratch, the ideal candidate will excel at turning ideas into reality, co-creating the strategy, refinement and execution of the Fund.  A tactical colleague, s/he will demonstrate the ability to successfully execute on projects and assignments with little or no direction. S/he will engage with others to test ideas and find opportunities for continuous improvement and making course corrections as needed, taking appropriate risks and sharing lessons learned along the way. S/he will be comfortable seeking strategic partnership and collaboration to enhance impact in the field and leading efforts to excite focus on solving problems.

Passion for the Mission

Fully embracing the mission of CARE Enterprises, the Managing Partner will have a strong understanding of the full potential, power and impact of investing in “benefit-maximizers” to deliver on their promises of social impact. The Managing Partner will be committed to working in partnership with his/her counterpart and the Board to ensure the success of the Fund and its broader goals. Intellectually curious, s/he will investigate ideas that challenge the status quo and develop creative solutions to solving problems. The ideal candidate is an individual with demonstrated core values of collaboration, transparency and integrity.

Candidates who have investment experience in the developing world and experience on the ground with businesses in our target markets would be ideal.


Koya Leadership Partners, a national retained executive search firm that works with mission-driven clients, has been exclusively retained for this search. To make recommendations on candidates or express interest in the opportunity, please email Anny K. Chou and Alison P. Ranney at All inquiries and discussions will be considered strictly confidential.