Vox Capital

Vox has not published an explicit exclusion list, but its portfolio construction reveals a deliberate avoidance of sectors with limited direct impact on low-income populations — notably ad-tech, enterprise SaaS sold to large corporates, and capital-intensive infrastructure that does not directly serve base-of-the-pyramid consumers. The firm's mandate effectively screens out ventures that cannot demonstrate a credible pathway to improving outcomes for underserved Brazilians.

Vox operates as a traditional venture capital limited partnership managing blind-pool funds. Its limited partners have included impact-focused institutions such as the Rockefeller Foundation. The firm incorporated impact-aligned governance features — specifically, the 327K carried interest mechanism — into fund documents, binding the partnership to dual-bottom-line accountability at the structural level rather than as a voluntary overlay.