Investing in Reproductive Rights: Strategies and Tactics for Impact Investors

Veris and Gratitude Railroad convened an event focused on Investing in Reproductive Rights in Denver in early March of 2025. Stephanie Cohn Rupp, CEO of Veris and Chair of the Board of US SIF, said in her introductory remarks, “In conversations covering women’s health and reproductive rights, policy interventions and grant making opportunities are often highlighted, but we believe it is equally important to discuss the ways that this area of impact is also investible.” 

Our goal for this session was to highlight a spectrum of approaches that investors can take to help expand women’s access to reproductive healthcare. Panelists Ruth Shaber, Rebekah Saul Butler, Erika Seth Davies, and Ronda Dean each brought their own unique perspective to the conversation. Below we share some of the key tactics and action steps suggested by the panelists, as well as a list of recommended resources for further exploration. 

Key Takeaways and Calls to Action

1. Ruth Shaber: Take a Total Portfolio Approach – Invest Across Asset Classes 

Ruth Shaber, an OB/GYN who founded Tara Health Foundation, underscored the impact that can be achieved through a fully mission-aligned portfolio. Using Tara Health Foundation’s 100% mission-aligned approach as an example, Shaber suggests that investors who want to help advance reproductive healthcare accessibility and innovation should seek to invest in reproductive health strategies across asset classes – including private investments, debt instruments, and public equities. 

Call to Action 

“Think about all of your capital – and who is managing your money. If we have more women making these sorts of decisions every day, particularly at the portfolio manager level, not only is your portfolio going to be stronger but those women are closer to the opportunities that we want to see capitalized.” -Ruth Shaber

Action step: Proactively evaluate and engage asset managers and advisors on their commitment to reproductive health issues and the approaches they are taking to drive positive outcomes. 

2. Erika Seth Davies: Shareholder Engagement

Erika Seth Davies, CEO of Rhia Ventures, an organization with a mission to leverage capital to advance reproductive and maternal health equity, discussed how shareholder engagement can be a powerful tool to advance reproductive health and rights. She gave examples of how Rhia Ventures has used corporate engagement strategies seeking to convince companies to update specific policies and data privacy standards that impact employees’ reproductive health. She noted that engagement strategies can also be used to hold companies accountable for their political contributions – calling out specific donations to candidates that do not support the company’s stated values or goals concerning reproductive rights for women, for example.  

Call to Action

“(Support) health equity, venture backed companies that are really trying to move the needle, not just at the top level of women’s health, but actually making sure that we close gaps that exist within women’s health. Health equity is crucial in this moment.” –Erika Seth Davies

Action step: Investors can use shareholder advocacy as a proactive strategy by engaging the companies you are invested in to adopt policies that support reproductive health and data privacy

3. Rebekah Saul Butler: Fund Early-Stage Innovation

Rebekah Saul Butler, a Managing Partner and CEO of Gratitude Railroad, which specializes in investing in innovative early stage companies and new fund managers, emphasized that reproductive health represents an under-invested yet high-potential area within broader women’s health markets. By investing in early-stage companies and emerging fund managers, she suggests investors can spur innovations that widen access to repro care, for example by supporting new ventures addressing the unmet healthcare needs of women who are under-resourced and under-served. 

Call to Action

“It’s important to focus on who’s allocating capital – who has the opportunity to put dollars into companies, and who has the opportunity to start and scale companies to ensure that these under invested sectors get the attention that they deserve, which is good for both reproductive health clients and for investors.” 

– Rebekah Saul Butler

Action step: Invest in emerging managers and early-stage companies that focus explicitly on reproductive health solutions. This approach bridges capital gaps, supports diverse and underserved entrepreneurs, and fosters meaningful innovations.

4. Ronda Dean: Support Public Benefit Corporations

Ronda Dean is CEO and founder of the healthcare enterprise Afaxys, a public benefit corporation which is one of the leading providers of contraceptives to patients served by clinics in the US public health sector for their reproductive health needs. Dean highlighted the importance of investing in enterprises that directly serve patients, particularly within public health and underserved communities. She emphasized investing in public benefit corporations that prioritize patients’ reproductive healthcare access, affordability, and innovation — particularly for contraception.

Call to Action

“Just keep moving forward. Move through the chaos. Don’t panic. And invest in women.” -Ronda Dean

Action step: Look for opportunities to invest in public benefit corporations that directly address critical gaps in reproductive healthcare delivery and innovation, ensuring the direct benefit to women at scale.

The Bottom Line

Reproductive rights investment presents a unique opportunity to combine financial returns with meaningful social impact. By adopting a portfolio-wide, proactive, and patient-centered approach, impact investors can help improve reproductive health outcomes, enhance healthcare equity, and drive meaningful innovation in a field ripe for investment and transformation.

Resources to Learn More

•  The XX Edge (Book By Ruth Shaber and Patience Marime-Ball) 

• Tara Health Foundation Research

• Tara Health Foundation Investments 

• Veris Interview Series: Dr. Ruth Shaber, Gender Lens & Impact Leader

• What Are Your Repro Benefits? 

• Don’t Ban Equality (coalition of large companies ensuring access to abortion care through policies) 

• Rhia Ventures’ Health Equity Assessment and Rating Tool (HEART Framework)

• Ways to work with Gratitude Railroad