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2X aligned Gender-Smart Framework for Openspace Capital

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We developed a 2X Certification aligned Gender-Smart Framework for Openspace Capital.

Openspace Capital, a multi-strategy investor focused on Southeast Asia, engaged Steward Redqueen to support Openspace Growth Fund II preparation for 2X Certification. Building on the firm’s existing HR, ESG and impact practices, we helped translate its approach into a practical, gender-smart investment framework, aligned with the newly developed 2X Certification guidance. 

Our support consisted of three steps: 

  • Assessing alignment. We reviewed the firm’s and fund’s processes and documentation against the 2X Certification requirements, identifying opportunities for improvement. 
  • Sharpening the existing gender-smart approach. Building on the assessment, we helped Openspace Capital set their ambition and define a gender-smart approach across the firm, its portfolio, and the wider ecosystem. This included guiding principles, and stage-appropriate expectations for portfolio companies, focusing on material gender-related risks and opportunities. 
  • Developing practical implementation tools. We then translated the strategy into portfolio-facing tools and guidance. These materials support engagement during due diligence, investment review, monitoring, and exit, including an engagement roadmap to support founders move beyond generic gender commitments to identify practical, business-relevant actions that align with both their growth priorities and the 2X Criteria.  

Rather than creating a standalone gender strategy, we focused on integrating gender-smart investing into Openspace Capital’s existing way of working. Certification gaps were closed through targeted enhancements of established processes and documentation. 

This new framework supports Openspace Capital in engaging and supporting companies to act on gender-related risks and opportunities. It also set the foundation for the Openspace Growth II fund to achieve 2X Certification, which the fund has since achieved. This milestone makes the fund the first in Asia Pacific to be certified by 2X, reinforcing Openspace Capital’s position as a sustainability leader. 

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ESG management, Finance, Gender & Inclusion
Steward Redqueen brought a combination of technical rigor and practical judgment to this project. They made a genuine effort to understand and align any proposals to our existing processes and were proactive throughout in flagging gaps and opportunities we hadn't considered ourselves, resulting in a framework tailored to how we actually work rather than a one-size-fits-all template. Their knowledge of the 2X Criteria and gender-lens investing more broadly gave us confidence in the approach, and the tools we developed together are now part of how we engage founders throughout the investment lifecycle. We're grateful for Steward Redqueen's partnership in helping Openspace Growth II become the first fund in Asia Pacific to achieve 2X Certification.

Vanessa Teo

Director, Legal & Head of ESG