"During my summer with the US International Development Finance Corporation (DFC), I underwrote emerging markets impact investments for DFC’s social enterprise finance team. DFC is a development finance institution and federal government agency that partners with the private sector to finance solutions to critical challenges facing the developing world. The organization invests across energy, health care, food/agriculture, infrastructure, and technology, in addition to providing financing for small businesses and women entrepreneurs.

My work supported several key initiatives at the agency including Project 2X — focused on promoting gender-lens investing in international finance — as well as the Biden administration’s Build Back Better World partnership for post-pandemic recovery. As part of the social enterprise finance team, I worked on investments in businesses that expand access to goods or services for underserved or marginalized communities in emerging markets. These transactions advance DFC’s broader development agenda and mission to deploying capital in support of job creation and economic growth in emerging markets and in alignment with US foreign policy objectives.

Throughout the internship I contributed my expertise in building and reviewing financial models, underwriting mission-driven organizations, and project-managing transactions. I drew on lessons learned in my CBS coursework to inform my investment work during the summer, especially from classes like Investing in Social Ventures, Private Equity in Emerging Markets, and Effective Philanthropy in Urban Communities.

I worked on due diligence for a $50M direct loan to a health care company in India that will close during a critical time for the sector, as it continues to cope with the COVID-19 pandemic. I also assisted in due diligence for an investment in a sustainability bond and a series of listed impact investing instruments funding women’s empowerment in Asia and Africa. This work included participating in due diligence meetings, preparation and review of term sheets and transaction materials, and drafting of investment memos. I also successfully screened an equity investment in a venture capital fund supporting women entrepreneurs in India — where women are not only underrepresented in the workforce but also face significant barriers as founders. In doing so, I supported a pilot project for funding underrepresented fund managers. In addition to working with my team at DFC, I also collaborated closely with DFC’s partner organizations and co-investors, which include commercial/private sector investors, as well as foundations and nonprofits.

Given the circumstances of remote work, I felt limited at times in my ability to organically develop relationships with colleagues, especially those outside of my project teams. However, I believe I was still able to make meaningful contributions to the team and make connections across the organization. Everyone I encountered at DFC was generous with their time and made time for any calls and questions I had related to our work and the broader industry. Until this point in my career, I’ve worked primarily with small and medium private sector organizations so while it was a bit of an adjustment to work for a government agency, I found it to be an incredibly rewarding learning experience.

Through this internship with DFC, I achieved my goal of gaining experience in emerging markets development finance and extended my experience designing and executing new financial products that support underserved communities. I expanded my skillsets in evaluating social ventures and applying a gender lens investing approach, while also deepening my understanding of the tools used in development finance to positively impact the lives of those at the bottom of the economic pyramid. I was also able to learn some important lessons from DFC’s leadership. I learned how to successfully advocate for a stronger focus on social impact while navigating organizational politics and competing priorities. I believe this perspective will prove valuable as I continue to develop my own leadership style and embark on my journey to advocate for social progress throughout my career."