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Heading for Change Scorecard Tool
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Note: Last updated October 2025
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The Heading for Change ("HfC") Scorecard is used as an important Screening and Due Diligence tool to evaluate funds against the key metrics underpinning the HfC investment thesis and investment criteria. It is used throughout the HfC investment process:

(i) To support pipeline mapping and compare multiple funds across similar portfolio criteria or characteristics (i.e. regional or sector-based market mapping), in order to identify the opportunity that best aligns with HfC's strategy and portfolio construction objectives.

(ii) As an initial screening tool to determine whether a pipeline fund meets HfC investment criteria and is eligible for a potential investment, as well as identifying potential areas for further due diligence.

(iii) During due diligence as a final scoring tool to confirm that the fund meets HfC investment criteria (yes/no) and identify possible areas for post-investment support.

The HfC Scorecard is intended to be a directional tool to support investment decision-making, that assesses both quantitative and qualitative metrics. It is one part of HfC's holistic investment and due diligence process (which also inludes HfC's Climate & Gender Due Diligence Questionnaire, fund and financial due diligence, and investor and portfolio company reference calls) and, as such, it is not intended to be used on a stand-alone or absolute basis. The Scorecard builds on the groundwork of many gender and climate leaders in the field - for example, Sweef Capital ROI as it relates to gender and inclusion and Project Drawdown on the climate side. As such, we build our framework upon these well-established tools and approaches, enabling users to assess intentionality, execution, and areas for growth.

This tool is designed to be non-prescriptive, with the intent that users take the aspects which make the most sense for their strategy and process, and use it to enhance existing climate and/or gender analysis with the dimensions of the HfC scorecard that suit their purpose. It has many potential use cases that could enhance investment processes, including screening, due diligence, investment committees and/or portfolio performance monitoring. Users are invited to question, explore, and apply what resonates with their own theory of change, investment thesis, or strategic priorities.

We encourage users to approach the Scorecard with an open, curious, and learning mindset, especially in recognition of the nascent and evolving nature of climate and gender investing. As the field grows and new insights and data become available, we anticipate that the Scorecard will continue to iterate and adapt. In addition, the Scorecard should always be used in context. It is essential to consider regional differences, local nuances, and broader societal structures and biases that may shape how climate and gender dynamics show up in different geographies or sectors. While our aim has been to make the tool as clear, tangible, and objective as possible, there will inevitably be a degree of subjectivity in assessing impact-oriented funds.

Finally, while the Scorecard includes criteria related to Impact Measurement & Management (IMM) — specifically regarding the degree to which a fund creates, measures, reports and acts upon on climate and/or gender impact — please note, that for our process, it is not used as part of a formal IMM system for monitoring portfolio performance post-investment. Its purpose is to inform pre-investment decision-making, rather than serve as a comprehensive impact tracking and management framework.
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Using the Criteria & Scorecard:
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The "Scorecard" tab contains an overview and explanation of each of the HfC criteria across 5 categories:
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1) Climate/Nature & Biodiversity
2) Breadth & Depth of Gender
3) Climate & Gender Integration
4) Organization & Team
5) Fundraising, Fund Terms, Structure & Risk
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Scoring:
The first five categories are scored on a scale of 1 to 5. The minimum score to be eligible for an HfC investment is a 3.

Scoring Guidelines:
Scoring guidelines are provided for most criteria and reflect HfC’s priorities, emphasizing the factors most relevant to the investment thesis, as well as the specific characteristics of funds at the climate and gender nexus that we believe to be most critical for achieving strong impact and financial outcomes (for e.g. place-based teams with local representation advancing fit-for-purpose and gender-smart climate solutions).

Individuals or organizations adopting this scorecard are encouraged to tailor the scoring framework to their own impact goals, return targets, and broader portfolio construction considerations (i.e. North American funds vs Emerging Markets funds).

Scorecard Weighting:
In the scorecard, each score is weighted based on the priorities HfC has identified within a respective section. These weighted scores contribute to the section’s total, which is further weighted in the Scorecard Summary to produce a final overall score. As climate and gender are central to our investment thesis, the collective weight of these dimensions is 70% and forms a major part of our due diligence and analysis. As with the scoring guidelines, users are encouraged to adjust the weights of individual sections and the summary to reflect their specific priorities, impact goals, and investment mandates. Please note that for our scoring purposes scoring begins at 1, rather than 0 therefore non-compliant funds do score 1, once weighting is complete. Weighting systems should be appropriately utilised at section and scorecard level.

How & When to Use the Scorecard:
The scorecard is not intended to provide a definitive “go/no-go” decision on an investment. Instead, it serves as a tool to compare opportunities side-by-side within similar geographies or investment theses, and to provide a high-level snapshot of a fund, highlighting gaps and areas for deeper exploration during due diligence or areas for post-investment support. At HfC we do not use the tool as a baseline for impact measurement and management, but other users could leverage the baseline score and track progress over the lifecycle of the investment, if that aligns better with their processes in place.

It is also important to contextualize the score within the broader cultural, regional, sectoral, or structural backdrop that the fund operates within. We have found that nuance is critical in this space, as is meeting the market where it is, so that we can champion the most catalytic changemakers addressing the unique set of gender and climate challenges of a particular region or sector.
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