Case Studies
Corporate Impact Investing Strategy Development
Better Finance was engaged by one of the largest global technology companies to develop an impact investing strategy differentiated from its competitors, supported by stakeholders across functions, and aligned to the core business and sustainability reporting. The result was an evergreen structure that could deploy a variety of instruments into managers delivering outsized impacts in human rights and future-proofing supply chains. Skills were built in-house including on impact management and measurement, and a sound governance protocol was enabled. Gender and climate lenses were used.
ESG and Impact Due Diligence
Better Finance conducted an ESG and impact due diligence for an aluminum recycling SME in Nigeria on behalf of an investment fund. The due diligence process evaluated the SME’s environmental impact, such as carbon emissions reduction through recycling, as well as the social benefits of (quality) job creation in local communities, and analysing optimal governance structures that could encourage employee retention. Integrity checks were conducted with third parties. The outcome was a robust report assessing stakeholder feedback, and highlighting both sustainability risks and opportunities, which played a key role in the fund’s investment decision, and led to further analysis in order to ensure the project’s alignment with long-term ESG goals. An ESG Action Plan was created alongside the recommendations, which resulted in conditions precedent for the investment.
ESG Advisory for a European Infrastructure Fund, including PRI Submissions
Better Finance provided strategic ESG advisory services to a European infrastructure fund, helping integrate ESG factors into their investment processes. This advisory work included revising the due diligence questionnaire, identifying relevant industry associations for the fund to join, trainings on ESG trends and regulatory requirements, preparing submissions for the Principles for Responsible Investment (PRI) to enhance the fund’s commitment to sustainable investing. By aligning their ESG strategy with global standards, the fund was able to improve its transparency and accountability, bolstering its appeal to socially responsible investors.
Innovative Structuring for the Rhinoceros Bond
Better Finance collaborated with ZSL (Zoological Society of London) on the structuring of the Rhinoceros Bond, a wildlife conservation bond issued by the World Bank. Better Finance’s Tenke Zoltani was the first financial advisor on the initiative, and brought other relevant counterparties on board to support the implementation, including Conservation Capital, Conservation Alpha, and Credit Suisse (distribution). This innovative financial product tied returns to the successful conservation of black rhinoceros populations in South Africa. Better Finance worked closely with stakeholders to ensure the bond’s structure effectively balanced financial returns with measurable conservation outcomes, offering a pioneering model for future wildlife conservation finance.
Outsourced Chief Impact Officer for UK/African Private Credit Manager
TLG Capital appointed Tenke Zoltani as their outsourced Chief Impact Officer, responsible for driving the firm's impact strategy and ESG integration across its investment portfolio. Zoltani’s role involved sitting on the Investment Committee and Advisory Board, setting impact targets, developing frameworks to measure success, training GP level and portfolio companies on gender lens investing, IFC-aligned risk management, supporting diligence by potential investors, and ensuring that TLG Capital’s investments aligned with both financial and impact goals. Through ongoing oversight and reporting, Better Finance helped TLG enhance its reputation as a leader in impact-driven investments in frontier markets, and attract more capital, especially from DFIs.
Thematic Bond Development for Corporate and Sovereign Issuances, like the Fiji Blue Bond
Through her advisory role at UNDP, Tenke Zoltani supported the issuance of $30 billion in debt for sovereign entities, with a focus on developing thematic bonds like the Fiji Blue Bond or sovereign green sukuks. Drawing on the success of Fiji’s bond, which targeted marine conservation and climate resilience, this service line means helping other sovereign issuers structure bonds that aimed to address critical environmental and social challenges, targeting the SDGs. These bonds attracted ESG-focused investors, driving significant capital towards sustainable development initiatives, and demonstrably lowered the cost of capital for issuers, and diversified the investor base.
Trusted Family Office Investment and Impact Advisory
Better Finance has been a trusted investment director for an impact-focused Portuguese family office, who launched a holding company to buy and build promising early stage ventures across Europe and Israel. An IPS was crafted and a thoughtful VC portfolio built over time, with the role of Better Finance to diligence, negotiate, portfolio monitor, and support growing businesses through strategic advice and operational involvement. A lean team model meant that the Better Finance role grew over time, to be a trusted part of the group, self-starting and taking initiative to improve financial and impact performance. Investor relations and Board seats were part of the scope of work. Annual impact reporting was provided.
Peace-positive Investor Convenings
A thought leader for the impact and ESG spaces, Better Finance was tasked with bringing together renewable energy investors to opine and advise on the future of peace-positive investing in fragile and conflict-affected states. The mandate was to identify best practices (what should due diligence look like), understand double materiality, highlight challenges, and propose solutions to ultimately help channel more private sector financing into geographies facing instability, conflict and other challenges. Transition financing, the future of rare minerals and the EV industry, and derisking and credit enhancements were all considered in the initiative.
