Episode 4: A global investor's journey into impact investment and blended finance with Vikram Gandhi, Senior Lecturer at Harvard Business School

In our fourth episode, we speak to Vikram Gandhi, who wears many hats. After a long and illustrious career in investment banking at Morgan Stanley and Credit Suisse, Vikram co-founded Asha Ventures, an impact VC fund, and Asha Impact, a think tank advocating for structural change for people and the planet through policy, in India, with a focus on giving back to society. He has been a supporter of The Blended Finance Company since its inception, given his belief in the power of blended finance to drive impact at scale. He shares his journey in this space, what he has learned from being on both the commercial and concessional sides of investments, and his wisdom about what's needed further. Time stamps: 2:39: Vikram’s background and what got him interested in blended finance 9:30: The missing middle and how capital access can be instrumental for this segment. Example quoted by Vikram, Brazil’s Estimulo 11:00: Blended finance’s role beyond microfinance in sectors such as climate and how policy can be catalytic to the sector’s growth 14:12: How different capital pools can be used strategically to create leverage and create impact at scale not possible before 17:30: Vikram’s role in incubating TBFC and the hypothesis behind it: learning from experiences with Social Finance and the traditional challenges associated with structuring blended finance transactions  25:10: What will it take for blended finance to succeed in India 29:35: Vikram’s course at HBS on Sustainable Investing and insights from the classroom 37:05: Where can blended finance play the biggest role and where it can’t, with impact being built in business models from the start versus areas where there isn't, with a large section in the middle