Conducted in the context of the 30th anniversary of the Beijing Declaration and Platform for Action (Beijing+30) and as a follow-up to the Fourth International Conference on Financing for Development (FfD4), this white paper, jointly developed by UN Women China and the China PE ESG Initiative for Dual Carbon Goals (CID), analyses the state of gender lens investing (GLI) in China’s private equity sector. Using both quantitative and qualitative methods, it maps the current landscape, highlights key drivers and challenges, and provides strategic recommendations to advance gender lens investing. This white paper aims to strengthen institutional capacity to mobilise capital in support of Sustainable Development Goal 5: Gender Equality.

Gender lens investing represents an approach to embedding gender considerations throughout the investment process, with three main dimensions: a) capital allocation to gender equality, b) gender-responsive stewardship for portfolio value creation, and c) diverse voices in investment decisions.

Globally, gender lens investment reached USD 67.5 billion in 2024, about 4 per cent of total impact investments. In China, gender lens investing remains at an early stage, largely policy-driven and aligned with national priorities such as common prosperity and rural revitalisation, yet with limited market application and institutional capacity.

Based on a survey of 29 asset managers and asset owners, the study finds practice is highly fragmented: Only a few pioneers systematically apply GLI; most institutions show limited awareness or action. Key drivers for adopters are perceived risk reduction, reputation enhancement, and regulatory alignment. Significant barriers hinder adoption, including a perceived lack of clear financial returns due to data gaps, an absence of unified standards, and a critical lack of demand from Limited Partners (LPs). The study also found low participation of women in investment decisions and limited post-investment gender requirements.

The five-year outlook is conservative, with 41 per cent of the survey respondents expecting slow growth. To unlock gender lens investing's potential, the paper proposes a five-pillar approach: 1) strengthen policy direction on gender-responsive ESG reporting; 2) mobilise capital, leveraging state-owned LPs; 3) develop localised standards; 4) mandate data and disclosure; and 5) build the ecosystem with locally-grounded research to prove the business case.

中国私募股权行业性别视角投资白皮书(2025)

在《北京宣言》和《行动纲领》通过三十周年（北京+30）及第四届发展筹资问题国际会议（FfD4）成果落实的背景下，本白皮书由联合国妇女署中国办公室与私募股权行业ESG倡议（CID）联合编制，系统分析了中国私募股权行业性别视角投资（Gender Lens Investing, GLI）的发展现状。报告采用定量与定性相结合的方法，梳理了市场格局，识别主要驱动因素与挑战，并提出了推进性别视角投资的战略建议。研究旨在加强机构能力建设，动员资本支持联合国可持续发展目标5：性别平等的实现。

性别视角投资是一种将性别因素系统性嵌入投资全过程的策略，主要包括三个维度：a) 以促进性别平等为导向的资本配置；b) 以性别响应为导向的投资管理与价值创造；c) 投资决策中的多元化声音。

全球范围内，截至2024年，性别视角投资资产管理规模已达约675亿美元，占全球影响力投资总额的约4%。在中国，该领域仍处于早期阶段，主要受政策引导推动，与“共同富裕”“乡村振兴”等国家战略高度契合，但市场化应用与机构能力建设仍有待加强。

基于对29家资产管理人与资产所有者的调研，研究发现当前实践呈现高度分散：仅少数机构系统性开展性别视角投资，大多数机构仍处于观望或初步探索阶段。主要驱动力包括风险管理预期、声誉提升及监管导向；主要挑战包括：因性别分解数据不足而被普遍认为难以证明其与财务回报之间的清晰联系，缺乏统一标准和评估工具，以及有限合伙人（LP）需求的缺失。

未来五年，41%的受访机构预计GLI将呈温和增长。为释放其潜力，白皮书提出“五大行动方向”：1) 政策导向——强化ESG框架中的性别信息披露与监管；2) 资本动员——发挥国有LP示范作用；3) 标准建立——制定本土化标准与框架；4) 数据披露——完善性别分类数据体系；5) 生态共建——通过本土研究与案例验证性别视角投资的商业价值。