Good Return secures $1 million investment from Macquarie Group Foundation to boost women-led enterprises

By Newsdesk

February 26 2026
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In a significant development for women-led enterprises across the Asia-Pacific region, Good Return has announced a $1 million investment from the Macquarie Group Foundation into its Impact Investment Fund II (Fund II). This investment marks a pivotal moment in Good Return’s mission to expand access to finance for underserved women-led businesses, particularly those grappling with gender and climate inequalities.

Good Return secures $1 million investment from Macquarie Group Foundation to boost women-led enterprises

The Foundation’s commitment brings the total capital for Fund II to $2.15 million, a substantial boost that will accelerate fundraising efforts and facilitate the flow of capital to entrepreneurs most in need. The Fund's investor base is diverse, comprising companies, foundations, and individual investors, all contributing to attract additional private investment for high-impact finance initiatives.

Innovative Evergreen Fund Structure

Good Return’s Fund II is designed as an evergreen fund, a structure that allows for the continuous recycling of capital. This model is expected to unlock approximately $50 million in finance for underserved micro, small, and medium enterprises (MSMEs) every five years through partnerships with financial service providers. The $10 million evergreen structure is open to investors worldwide, aiming to foster systemic, positive change in gender equality and climate resilience within the financial sector and the MSMEs they support.

This innovative approach builds on the success of Fund I, an award-winning pilot fund that catalysed $5.06 million in lending to 602 MSMEs, 90% of which were women-led. One notable success story is that of Ms Yin and her husband, Mr Chantha, entrepreneurial farmers from Battambang Province, Cambodia. Their small business, initially operating with just two greenhouses, expanded into a thriving agricultural enterprise with the help of a 20 million Riel ($7,500) loan from Wing Bank, backed by Fund I. This loan enabled them to grow their operation to five greenhouses.

Shane Nichols, CEO of Good Return, expressed his enthusiasm for the new partnership, stating, "The Macquarie Group Foundation's significant investment marks an important milestone for Good Return and our Impact Investment Fund II. 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."

Focus on Gender Equality and Climate Resilience

In developing the fund structure, Good Return engaged with women entrepreneurs in Cambodia and Fiji to gain insights into what meaningful success entails beyond financial returns. Leaders like Ms Nazeen, CEO of Aromas Fiji, contributed to shaping the impact metrics and flexible capital approach of Fund II, highlighting priorities such as autonomy, caregiving balance, and environmentally sustainable business practices.

Fund II not only finances MSMEs but also invests in climate-smart solutions, such as bio-fertilisers, adaptive agri-finance products, and digital tools designed to stabilise incomes and reduce vulnerability to climate shocks. This blended approach of flexible finance and technical assistance aims to transform business models and risk appetites within local financial systems.

Lisa George, Global Head of the Macquarie Group Foundation, underscored the alignment of this initiative with the Foundation’s goals, stating, “We’re excited to continue supporting the growth of Good Return, which increases access to finance and employment opportunities for people facing systemic barriers. 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.”

Growing Investor Appetite for Scalable Impact

The investment in Fund II reflects growing confidence in Good Return’s impact-first approach and the potential of the evergreen fund model to mobilise larger volumes of capital into underserved markets. The fund's first-loss structure and diversified investor base are designed to attract new mission-aligned investors seeking both measurable impact and disciplined financial management.

By anchoring the Fund’s early growth, initial investors are helping to create a scalable platform poised for expansion over time. Good Return anticipates further opportunities to deepen partnerships with investors and extend support to thousands more across the Asia-Pacific region, reinforcing its commitment to fostering sustainable economic growth and gender equality.

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