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Terms of Reference – Short-Time Consultant

Senior Researcher for Indonesia Market Landscape Study

Impact Investment Readiness in Indonesia Program

1. About Impact Investment Exchange

Impact Investment Exchange (IIX) is a leader in the global impact investing movement, dedicated to reshaping the financial landscape to prioritize sustainable development and inclusive growth. Over more than 17 years, the organization has systematically built the sustainable investing market by mobilizing nearly US$500 million in private-sector capital, notably through innovative instruments like the Women’s Livelihood Bond™ Series. This capital mobilization is bolstered by comprehensive enterprise technical assistance across Asia, Africa, and the Pacific, alongside the use of IIX Values™, a sophisticated technology solution for impact verification and data collection. Through global advocacy and initiatives such as the Orange Movement™, IIX continues to drive systemic change by integrating gender equality and climate action directly into financial markets.

The scale of IIX’s work is reflected in its significant empirical footprint, having collected over 90,000 data points on sustainable MSMEs to deepen the availability of high-quality market intelligence. This data-driven approach has resulted in a tangible social and environmental legacy, positively impacting the lives of over 160 million people and avoiding more than 1.9 million metric tons of carbon emissions. By bridging the gap between underserved "backstreet" communities and global "Wall Streets," IIX empowers women-led and climate-smart enterprises to thrive, directly contributing to the UN Sustainable Development Goals and fostering long-term resilience in emerging markets.

2. Background

The Impact Investment Readiness in Indonesia (IIRI) project is a five-year initiative funded by Global Affairs Canada (GAC) and implemented by Impact Investment Exchange (IIX). The program aims to strengthen Indonesia’s gender-responsive and climate-smart impact investing ecosystem, with a specific focus on unlocking private capital for women-owned, women-led, and women-benefitting Micro, Small, Medium Enterprises, collectively referred throughout this document as Women-focused MSMEs (WMSMEs), in underserved and outer-island provinces.

As part of the program, IIX is seeking a Senior Researcher to serve as the technical lead for the Market Landscape Study, responsible for orchestrating the transition from raw data to strategic insights and roadmap. The Senior Researcher will provide technical oversight and quality assurance for the external consultancy firm during the Phase 2 empirical fieldwork. Following the fieldwork, the Senior Researcher will lead the analysis and design phases to synthesize findings into a comprehensive roadmap, authoring the final Market Landscape reports and overseeing the completion of GBA+ and Environmental Sustainability reports that will serve as the foundational evidence for IIRI’s 2025–2030 interventions.

The Market Landscape Study is a foundational diagnostic activity for the IIRI program. It assesses the current state of Indonesia’s impact investing ecosystem to identify priority interventions and narrow down priority provinces for the program implementation period. The study is organized into five distinct phases:

• Phase 1: Conceptual Phase – Research framework and desk review.
• Phase 2: Empirical Phase – Primary and secondary data collection (fieldwork).
• Phase 3: Analytics Phase – Data synthesis and gap analysis.
• Phase 4: Design Phase – Programmatic recommendations and roadmap formulation.
• Phase 5: Dissemination Phase – Knowledge consolidation and stakeholder unveiling.

3. Scope of Work & Key Deliverables

The Senior Researcher will serve as the technical architect and project manager for the study. The role is responsible for the direct execution of Phases 3, 4, and 5, while concurrently providing technical oversight and management of the external consultancy firm responsible for Phase 2 (Fieldwork).

3.1 Technical Oversight & Quality Assurance (Phase 2 Management) - up to 15 days

• Consultancy Management: Supervise the external consultant/enumerator team to ensure high-quality data collection across the four fieldwork provinces: South Sulawesi, East Java, North Sumatra, and NTT.
• Deliverable Review: Review and validate all field data collection reports and baseline values, provincial insights, and preliminary synthesis outputs to ensure alignment with IIRI's GBA+ and environmental lenses.

3.2 Analytics & Synthesis (Phase 3 Lead) - up to 15 days

• Market Segmentation: Categorize WMSMEs along the investment readiness spectrum, from grant-dependent to investment-ready.
• Capital Gap Analysis: Map capital provider appetite against enterprise needs to identify persistent financing mismatches.
• Policy Deep-Dive: Assess how national and provincial regulations shape the enabling environment for inclusive finance

3.3 Programmatic Design & Roadmap (Phase 4 Lead) - up to 20 days

• Strategic Recommendations: Formulate actionable strategies for demand-side strengthening (capacity building) and supply-side engagement and mobilization through tailored gender-lens and impact investing content.
• IIRI Roadmap: Develop a sequenced implementation roadmap for the 2025–2030 period, including proposed contributions from IIRI partners.

3.4 Final Reporting & Dissemination (Phase 5 Lead) - up to 20 days

• Authoring: Draft the final Market Landscape Study Report, alongside overseeing the completion of Gender-Based Analysis Plus (GBA+) and Environmental Sustainability Strategy (ESS) reports.
• Stakeholder Engagement: Present key findings to Canadian partners, Indonesian government stakeholders (e.g., OJK, Bappenas), and the broader investment ecosystem.

4. Required Qualifications & Experience

Education

• Advanced degree in Economics, Finance, Development Studies, or a related field.
• Master's degree is an advantage but not required

Experience

• Minimum 10 years of experience in market research, development finance, or MSME advisory in Indonesia.

Skills & Competencies

• Strong research, analytical, and organizational skills
• Understanding of Gender-Based Analysis Plus (GBA+) and Gender Lens Investing (GLI).
• Understanding of climate vulnerability and environmental risk assessment (ESS)
• Strong familiarity with Indonesia’s sustainable finance regulations and MSME policy landscape.
• Proven track record in managing external research teams and coordinating complex, multi-stakeholder projects.
• Exceptional report-writing skills in English, with the ability to translate technical data into strategic insights.
• Proficiency in data management tools (e.g., Excel, Airtable, Google Sheets, or similar)
• Ability to work independently, manage time effectively, and meet deadlines
• Attention to detail and commitment to data accuracy

5. How to Apply

Interested candidates are invited to submit the following to Breezy (link to be added) by 17 May 2026, 05.00 PM (GMT+7):

• Updated CV/Resume
• Brief cover letter (maximum 1 page) outlining relevant experience and motivation
• A sample of previous work related to stakeholder mapping, database development, or research (if available)
• Expected daily rate or financial proposal

Only shortlisted candidates will be contacted. IIRI encourages applications from diverse candidates.

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