“Emerging markets will account for 70% of the global population and 50% of the global GDP by 2050. ”
— Eliza Foo
The mainstream investment community has long viewed emerging and frontier markets as high-risk regions fraught with numerous challenges. However, with growing populations and expanding digital access, these regions are poised to become the economic powerhouses of the future.
In this compilation episode, we revisit 3 past conversations from Eliza Foo, Asha Mehta, and Monica Brand Engel, who are leveraging the power of impact investing to drive meaningful change across emerging economies.
Each of these guests shared how they are turning risks into opportunities in emerging markets while earning impressive returns for their investors.
By 2050, these regions will account for 70% of the global population and 50% of global GDP. This statistic alone shows the big opportunities that exist for businesses and investors alike.
But we can’t wish away the risks. Countries within these regions are often marked by political and economic volatility. As we revisit the conversations with Eliza, Asha, and Monica, we’ll discuss how they are evaluating these risks and overcoming challenges through innovative impact investing strategies.
Eliza Foo, Director, Impact Investing, Temasek
Eliza Foo is a leader at Temasek, one of the world’s most prestigious global investment firms, with a portfolio valued at USD $288 billion. Temasek invests across both public and private markets, operating with the flexibility of its own balance sheet, allowing them to pursue diverse opportunities across sectors, geographies, and asset classes.
As the head of Temasek’s Impact Investing team, Eliza plays a big role in the firm’s mission to create value for both current and future generations. Under her leadership, Temasek has championed innovative investments in emerging markets, focusing on critical areas such as financial inclusion, healthcare, agriculture, and climate change.
Eliza’s approach to impact investing integrates financial discipline with measurable social and environmental outcomes. Her team is committed to linking impact metrics directly to financial key performance indicators (KPIs), ensuring that both growth and positive societal outcomes are achieved in tandem.
We also explore Temasek’s strategic collaborations with organizations like LeapFrog Investments and ABC Impact, partnerships that enhance their ability to scale solutions globally.
Full episode here.
Asha Mehta, Managing Partner & CIO, Global Delta Capital
Asha Mehta is a visionary leader at the intersection of impact and investment, with a deep commitment to unlocking the untapped potential in emerging and frontier markets. As the managing partner and CIO of Global Delta Capital, a US-based equity long-only investment manager, Asha and her team harness the power of capital to fuel social and economic development across international, emerging, and frontier markets.
Her work combines systematic investing in publicly listed equities with a strong focus on generating both alpha and measurable impact.
At Global Delta Capital, Asha takes a unique approach to investing by combining systematic stock selection with a fundamental thematic overlay, identifying key opportunities in emerging and frontier markets that are often overlooked. Her strategy is not only focused on high returns but also on leveraging Environmental, Social, and Governance (ESG) data to make a real impact on global financial, environmental, and social systems.
Full episode here.
Monica Brand Engel, Co-Founder and Managing Partner, Quona Capital
Monica is an impact pioneer with a specialized focus on financial inclusion in emerging and frontier markets. Through Quona Capital, she leads investments in micro, small, and medium-sized businesses to drive economic growth and provide solutions to underserved and underbanked communities.
Quona focuses on innovative fintech solutions that bridge the financial infrastructure gap in these regions. By investing in digital payments, tailored lending platforms, accessible insurance, and neo-banking services, Quona enables millions of people to access financial tools previously unavailable to them. Her investments in emerging markets center on creating sustainable financial products that cater to the unique needs of local populations.
Her leadership at Quona emphasizes not just financial returns, but also measurable social impact. The firm’s strategic focus has made a significant impact on financial inclusion while proving that these markets offer strong potential for high returns. Quona’s global expertise, paired with a deep understanding of local contexts, has allowed the firm to grow assets to $760 million, impacting diverse regions with solutions that directly address the financial challenges faced by emerging market populations. Through this approach, Quona Capital is not only driving financial growth but is also reshaping how access to financial services can empower individuals and communities to thrive.
Full episode here.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Castbox, YouTube Music, Amazon Music, or on your favorite podcast platform. You can watch the interview on YouTube here.
What was your favorite quote or lesson from this episode? Please let me know in the comments.
SHOW NOTES:
[00:00] Introduction
[04:54] Theory of change and impact investing in emerging markets
[06:50] Execution and investment process
[12:58] Portfolio diversification and investment strategy
[16:39] Impact screens and investment decisions
[21:22] Case studies and investment impact
[26:45] Investment examples and investment process
[30:39] Global Delta Capital – high-level overview
[33:56] Global Delta Capital’s theory of change
[36:53] Quantamental investing
[51:03] Investment process and measuring impact
[59:39] Saudi Arabia investment case study
[01:07:26] Quona Capital’s financial inclusion focus and theory of change
[01:13:04] Investment process and market criteria
[01:18:47] Correlation between impact and financial returns
[01:24:23] Creditas case study – Quona’s First Investment
[01:28:01] Competitive advantages and risk management
[01:30:20] Global-local approach and localized knowledge
[01:33:45] Similarities and differences across markets
MORE QUOTES FROM THE INTERVIEWS:
“Our belief is that by radically improving access and quality to financial services, we can become the springboard for local economies ”
— Monica Brand Engel
“It’s palpable how mainstream the emerging markets have become in every way except investor allocation. ”
— Asha Mehta
