Macquarie injects $1m into impact fund for women-led SMEs

Yasmine Raso

Senior Journalist

26 February 2026

The Macquarie Group Foundation has flagged its support of financing women-led, Asia-Pacific based micro, small and medium enterprises (MSMEs) with a $1 million injection into Good Return’s Impact Investment Fund II.

With the Foundation’s investment, total capital committed to the evergreen fund now stands at $2.15 million, joining other company, foundation and individual investors to deliver “high-impact finance” to women entrepreneurs most affected by “gender and climate inequality”.

The fund, which is designed to “recycle capital continuously”, seeks to deliver an estimated $50 million in financing every five years by partnering with financial services providers and institutions to generate “systemic, positive change in gender equality and climate resilience” for both the APAC finance industry and the MSMEs they help.

The $10 million fund follows in the wake of the successful $1 million pilot Fund I, which resulted in $5.06 million in financing to 602 MSMEs, 90 per cent of which were women-led.

“We’re excited to continue supporting the growth of Good Return, which increases access to finance and employment opportunities for people facing systemic barriers,” Lisa George, Global Head at Macquarie Group Foundation, said.

“This work aligns with the Macquarie Group Foundation’s funding focus area and we’ve seen many of our employees provide further support through fundraising, volunteering and pro bono initiatives.”

Fund II leverages a dual approach to its financing, focusing on both women-led MSMEs and “climate-smart” solutions such as bio‑fertilisers, adaptive agri‑finance products and digital tools that stabilise incomes and reduce vulnerability to climate shocks.

Shane Nichols, Good Return’s chief executive, said the strong interest from investors in Fund II indicates the capability of the evergreen structure “to mobilise larger volumes of capital into underserved markets”.

“The Macquarie Group Foundation’s significant investment marks an important milestone for Good Return and our Impact Investment Fund II,” he said.

“With the Foundation as an investor, we can scale our work and deepen our partnerships across the region, providing employment for more women and their families, strengthening communities and building resilient local economies.”