Beyond Earth Ventures CEO Alexandra Vidyuk is one such successful venture capitalist who has consistently delivered results. During an interaction with International Finance, she shared her views on entrepreneurship, the risks involved, and the challenges faced by women founders.

What inspired your journey into venture capital, and how did your personal experiences shape your vision of supporting entrepreneurs?

As a physicist, former entrepreneur, and ex-banker, I’ve always viewed the world through two distinct but complementary lenses: the rigorous truth of fundamental science and the accelerating power of global capital. I realised that to truly maximise my impact, I needed to fuse these two worlds. Transitioning into venture capital wasn’t just an obvious choice; it was a strategic imperative to finance the technologies shaping the next trillion-dollar economy. My vision is to provide founders with more than just capital — I want to offer them the exact strategic architecture I wish I had, helping them build breakthrough innovations that will shape humanity’s future beyond Earth.

Looking back at your career, was there a defining moment when you stepped out of your comfort zone to pursue venture capital, and what did that experience teach you about risk and self-belief?

Transitioning from a highly structured, successful banking career into venture capital felt akin to stepping off a cliff — it demanded a total recalibration of how I perceived risk. In banking, the fundamental goal is often to avoid the false positive; in deep tech VC, you must ruthlessly hunt for the false negative — the world-changing idea that others overlook. While analysing complex patents and engaging with brilliant scientific founders daily is intellectually demanding, it is deeply invigorating. It taught me that true self-belief means betting on your ability to spot paradigm-shifting innovation before the rest of the market catches on.

From your perspective as an investor, what are the biggest challenges women founders face when seeking funding, and what practical steps can help bridge this gap?

The primary challenge is rooted in human psychology: investors naturally gravitate toward funding founders who reflect a younger version of themselves. Because venture capital remains predominantly male at the partnership level, this creates an unconscious bias, rather than a malicious one. To bridge this gap, we need structural shifts. First, we must mandate conscious, data-driven frameworks during the allocation process. Second, we urgently need to place more female leaders on Investment Committees — a mission I advocate for heavily as a leader shaping the future of deep tech investment. Finally, we must actively equip female founders with elite, targeted coaching to navigate the institutional capital-raising landscape.

What structural or cultural barriers still exist for women in entrepreneurship and venture capital, and how can the ecosystem evolve to become more inclusive?

We are still dismantling legacy institutional networks. The venture ecosystem often operates within homogenous echo chambers, and at the highest levels of capital allocation — particularly among traditional Limited Partners and institutional wealth managers — exclusive, legacy networks still dominate. To evolve, the ecosystem must transition from relationship-based capital allocation to data-driven, meritocratic deployment. We need to actively disrupt these closed loops by inviting diverse, proven capital managers into the most exclusive LP/GP dialogues, shifting the culture from exclusivity to high-impact inclusion.

How do women-led investments and women investors influence the broader entrepreneurial ecosystem and community development?

The data is unequivocal. Extensive research from institutions like Harvard consistently demonstrates that female-led businesses and funds deliver superior returns, demonstrate greater capital efficiency, and drive broader societal impact. Yet, there remains a staggering disconnect: the allocator community continues to underfund this demographic. As a fund manager, I view this not just as a parity issue, but as a massive alpha-generation opportunity. Capitalising on diverse leadership is one of the most efficient, data-backed ways to drive both outlier economic returns and meaningful global development.

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But while market growth creates opportunity, it also creates congestion. And in the active ETF space, congestion quickly leads to a more dangerous outcome: commoditisation.

The structural risk of commoditisation

As active ETFs proliferate, meaningful differentiation becomes harder to sustain. Many strategies cluster around similar exposures, with widespread adoption of so-called “shy active” approaches, where portfolios remain closely aligned to benchmarks to limit tracking error, resulting in limited performance dispersion. The ETF structure itself reinforces this dynamic: any short-term advantage can be quickly observed, replicated, and eroded.

Even sophisticated investors analysing performance in detail often find marginal differences and unreliable indicators of future returns. As a result, product features alone rarely determine outcomes. In a crowded market, decision-making inevitably shifts beyond the product.

Why product innovation isn’t enough

Some issuers have pursued structural innovation to preserve differentiation. Fidelity’s semi-transparent ETF structure is a notable example, designed to limit holdings disclosure and protect intellectual property.

However, such approaches are complex, expensive, and largely confined to the largest players. They can also introduce trade-offs that are less aligned with the simplicity and ease of use investors associate with ETFs. For most issuers, durable product-level differentiation remains out of reach, making brand, rather than structure, the decisive lever for success.

Brand as the decisive lever

In crowded markets where performance, pricing, and structure blur together, brand becomes the primary signal investors rely on. A strong brand does more than create awareness. It establishes trust, clarity, and mental availability at the moment decisions are made.

Brand answers questions that products cannot. Who do I believe? Who feels credible? Who seems meaningfully different? This is where the winners begin to separate from the rest.

Two ways brands win in active ETFs

In practice, the brands that succeed in active ETFs do so by being unmistakably clear in investors’ minds. For some, this clarity is driven by scale and sustained visibility. For others, it comes from a sharply defined point of view. What matters is not size, but coherence.

JPMorgan demonstrates how this works at scale. Backed by early-mover advantage and a long-established reputation, its active ETF franchise is reinforced through disciplined investment in share of voice and tightly aligned messaging. The brand consistently anchors itself around deep research and advanced technology, with flagship ranges such as Research Enhanced Index ETFs acting as clear proof points. The result is sustained mental availability, reflected in JPM’s leading AUM position in actively managed ETFs across EMEA and its ninth-place ranking across ETFs overall.

Smaller issuers achieve the same outcome differently. WisdomTree entered a crowded European ETF market without the legacy recognition of larger competitors, yet established a clear and differentiated position by communicating what it stands for. Built around the idea of thinking differently and uncovering new opportunities, the brand avoided imitation and instead focused on distinctiveness. The campaign line “Who’d want an ordinary ETF?” captured that positioning succinctly, helping propel WisdomTree into the top 15 ETF issuers by AUM in EMEA.

The implication for active ETF brands

As active ETFs continue to grow, success will depend less on incremental product features and more on perception. Investors naturally gravitate towards what feels familiar and credible, yet even the largest brands work continuously to maintain that advantage.

For challengers, the lesson is clear. Neither product innovation, performance data, nor distribution alone will drive sustained success. In a market defined by convergence, brands that are clearly understood, consistently communicated, and meaningfully differentiated will rise. The rest risk blending into the background.

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BlackRock reported a net profit of USD 2.21 billion, or USD 14.06 per share, for the quarter. Its adjusted earnings were USD 12.53 a share, topping analysts’ ⁠expectations by 99 cents. Assets Under Management (AUM) stood at USD 13.89 trillion, up from USD 11.58 trillion a year earlier.

Investment advisory performance fees reached USD 272 million in the first quarter, a significant spike above USD 60 million in the same period in 2025. However, the world’s largest asset manager has a headache to deal with: its stock value is down over 2% in 2026, lagging behind its smaller rival, State Street.

Investors have closely monitored the health of BlackRock’s investments in private credit, an industry that has attracted large amounts of investor capital in recent years but has recently experienced significant outflows from some managers. The 2025 bankruptcies of US auto parts supplier First Brands and car dealership Tricolour highlighted the risks in a sector criticised for a lack of transparency.

BlackRock had USD 320.4 billion in assets in its private markets business in the first quarter, down from USD 322.6 billion at the end of 2025. The figures also included USD 9.1 billion in net inflows and USD 8.5 billion of returns of capital, along with a USD 2 billion drop in market values.

As per CEO Larry Fink, demand for private credit products has remained “structural,” reflecting the retreat of banks from some markets following the 2008 financial crisis and increasing global debt figures.

“While retail investors have pulled back from some private credit funds, institutional demand is accelerating,” Larry Fink said, as the higher returns and low leverage ⁠of private credit offerings have made these entities (the funds) a core part of how investors build portfolios.

“The wider spreads in the market point to shifting short-term sentiment that may create challenges for some providers, a situation that favours BlackRock competitively,” Larry Fink concluded.

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Artisanal mining has been a job generator on a global level, and in Africa, it often operates informally on or near company-run mines, hitting their profits, spreading pollution and depriving nations of revenue. To address this, the proposed “stakeholder prosperity bond,” according to Rob Karpati, Veridicor’s finance director, aims to professionalise artisanal mining.

The instrument will link investor returns to predefined social and environmental outcomes for workers, communities and host economies rather than output.

“The debut issuance would raise between USD 100 ‌million and USD 200 million by ⁠year-end to help ⁠Metalex Commodities integrate artisanal and small-scale miners through regulated offtake agreements as well as shared infrastructure and equipment investment,” Reuters reported.

“Potential investors include European sustainability bond funds, impact and ‌mining investors, banks and wealthy individuals focused on sustainability,” ⁠the firms said.

“Zambia, Africa’s second-largest copper producer, hosts tens of thousands of artisanal miners, including around Metalex’s northwestern permit. Large mines tend to be the anchor of these because it’s got to go on someone’s balance sheet,” Karpati said.

“They end up gaining financially because they get offtake from it, and the artisanal miners gain financially because it’s a fair price, not some predatory intermediate,” the official added.

“Industrial mines would sit at the centre of each bond structure to support repayment, while sustainability-linked terms would adjust interest rates based ‌on social and environmental performance,” Karpati remarked.

Metalex founder and chief executive Ayo Sopitan said the bond would allow the company to run large programmes that integrate artisanal miners into its supply chain.

“We plan to source around 30% of our ore from trained, licensed local miners. The bond lets us do that at a much ‌larger scale than our balance sheet alone would allow,” he said.

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“The month saw a staggering USD 12 billion exit, marking the largest monthly outflow on record. Despite the turbulence, the market managed to secure its seventh consecutive quarter of net inflows, with total assets under management reaching USD 606 billion,” the report stated.

In contrast to North America’s sell-off, Asian markets experienced unprecedented inflows. In Q1 2026, the region witnessed its strongest influx ever, adding USD 14 billion, driven mainly by China’s safe-haven demand amid declining local equities and a weakening currency. Indian investors came second, bringing their quarterly total to USD 3 billion. In March, there was a significant USD 2 billion addition for Asian gold ETFs, making the quarter the most robust one on record.

The World Gold Council report also cites a combination of risk-off conditions in North America, including investors’ tendency to liquidate profitable gold positions, as the reason for the ETF outflows.

“The stronger US dollar and stagnant interest rate projections through September 2027 further impacted demand. Notably, prolonged inflow periods like this were historically only seen during major financial crises, followed by sharp market reversals,” the report remarked.

North America’s monumental USD 13 billion outflow in March was a significant event, ending a nine-month streak of ETF inflows and making it the sole region to witness net outflows in Q1. European funds, on the other hand, experienced modest outflows of USD 154 million, trimming the region’s quarterly inflow to a mere USD 27 million. The continent’s sales, driven by Germany, Italy, and France, closely correlated with price shifts.

While the European Central Bank’s (ECB) hawkish tone and increasing regional yields augmented local investors’ opportunity costs, euro depreciation intensified Swiss losses.

However, the overall global market liquidity remained solid; March’s daily trading volumes averaged USD 525 billion, a 11% rise from February. Over-the-counter transactions soared 13% to USD 272 billion daily, outpacing the 2025 average.

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The strategy, named CI Morningstar International Value Index ETF (VXM), uses a factor-based approach to invest in undervalued companies in developed markets outside the United States and Canada.

“The ETF has a strong track record, ranking number one out of all mutual funds and ETFs in the Morningstar International Equity Category based on total returns over the one, five and 10-year periods ending February 28, 2026. The ETF is offered in Canadian dollar Hedged Common Units and Unhedged Common Units,” CI GAM said.

The ETF is currently available in formats like a mutual fund (CI Morningstar International Value Hedged Index Fund, which invests in Hedged Common Units of the ETF and is available in mutual fund Series A, F, I and P units) and ETF series (Unhedged USD Common Units, which have started trading on the Toronto Stock Exchange).

“Market developments over the past 15 months have underscored the importance of diversifying investor portfolios beyond the United States and Canada. CI Morningstar International Value Index ETF is a compelling choice for investors seeking robust international content for their portfolios due to its well-constructed, multi-factor approach and exceptional long-term outperformance. The ETF’s value orientation also makes it a solid complement to growth-oriented US portfolios,” said Jennifer Sinopoli, Executive Vice-President and Head of Distribution for CI GAM.

“By providing expanded access to this proven strategy, we’re giving Canadian investors more options to build resilient portfolios,” the official added.

“The VXM strategy focuses on undervalued international companies by providing diversification across regions and investment styles. A value-based international portfolio provides an excellent diversifier for growth-oriented North American large-caps. It further capitalises on current attractive valuations of select companies in international markets,” CI GAM noted.

The VXM strategy also uses a systematic factor-based approach that screens for traditional value metrics while avoiding value traps (firms with weakening fundamentals), apart from providing a portfolio well diversified by country, sector and market cap, as it includes small and medium-sized companies, along with large caps.

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BRVM, a stock exchange headquartered in Abidjan, Ivory Coast, is a member of the World Federation of Exchanges (WFE), apart from being a participant in the African Exchanges Linkage Project (AELP). It is also the world’s first fully integrated regional stock exchange, serving the eight member states of the West African Economic and Monetary Union (WAEMU): Benin, Burkina Faso, Cote d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.

According to BRVM, “As global capital looks beyond traditional markets, the West African Economic and Monetary Union (WAEMU) is fast emerging as a credible destination for diversified, growth-oriented investment. BRVM Investment Days brings together policymakers, issuers and investors, offering a clear view of capital markets and portfolio opportunities across the region. The BRVM enters 2026 on the back of sustained momentum. Over the past five years, the BRVM Composite Index has nearly doubled, rising by 99.15%, with a further 25.26% gain in 2025 despite global uncertainty. Market capitalisation has reached CFA 24,781 billion (approximately $40 billion), representing 18.37% of WAEMU GDP. Returns remain above 8% on equities and around 6% on bonds. WAEMU’s economic growth, estimated at 6.7% in 2025, combined with a reduction in budget deficits, creates a favourable macroeconomic environment. This stability, coupled with a dynamic and well-regulated financial market, offers US investors a unique opportunity to gain exposure to one of Africa’s most promising regions.”

“The BRVM is no longer a frontier story — it is a market delivering consistent performance with expanding access. For investors looking beyond traditional markets, WAEMU offers a rare combination of growth, returns and increasing liquidity,” said Dr. Edoh Kossi Amenounve, Chief Executive Officer (CEO) of the BRVM.

He listed out recent developments around BRVM, including new listings like the Banque Internationale pour l’Industrie et le Commerce du Benin (BIIC), enhanced disclosure standards and the rollout of new instruments such as derivatives, ETFs and ESG-linked indices, that have consolidated the stock exchange’s already dominated position further. Sustainable finance is also gaining traction, with five green bond issuances raising close to CFA 170 billion.

Dr. Amenounve continued, “At the same time, the BRVM is expanding access through its participation in the African Exchanges Linkage Project (AELP), improving cross-border market access and broadening investor reach across African markets. BRVM Investment Days offers investors direct access to the institutions and issuers shaping the region’s markets. It is an opportunity to gain a deeper understanding of the fundamentals and see where capital can be best deployed with confidence.”

BRVM Investment Days 2026 will bring together institutional investors, investment advisors, corporate advisors, bankers, policymakers and market participants from across WAEMU and the diaspora. The previous successful editions in London, Paris, New York, Dubai and Johannesburg attracted over 100 investors and financiers (in each city).

The New York chapter will host prominent events such as a panel discussion on ’WAEMU Economic Outlook — Integration, Industrialisation & Investment Opportunities,’ which will cover the West African region’s macroeconomic outlook, fiscal and monetary frameworks, and investment priorities.

Also, banking executives will discuss their approach to sourcing capital for regional issuers, apart from outlining the sectors and types of securities presenting investment opportunities, and sharing their perspectives on how local capital markets are developing and becoming increasingly attractive to international investors.

Another panel discussion, titled ’Capital Markets & Financial Innovation — Green Finance & Infrastructure Instruments’, will explore emerging asset classes and financial instruments supporting infrastructure and sustainable investment across WAEMU. Speakers will discuss opportunities for international investors, including infrastructure financing vehicles, green finance instruments, and cross-border investment structures.

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The Wall Street brokerage, as per the reports, has cut its rating on global equities to “equal weight” from “overweight”, while raising US Treasuries and cash to “overweight” from “equal weight.”

“Uncertainty around magnitude and duration of oil supply disruption means outcomes for risk assets have become increasingly asymmetrical,” Morgan Stanley strategists said.

Brent has soared 59% in March 2026, ⁠its steepest monthly jump, even exceeding gains seen during the 1990 Gulf War, as the Strait of Hormuz remains choked, affecting the flow of 20%–25% of global seaborne oil and 20% of LNG trade. Futures have already climbed above USD 116 a barrel.

The brokerage warned that if oil prices stay at around USD 150-USD 180 per barrel, global equity valuations could shrink nearly 25%. It has also ‌trimmed its overall ⁠equity exposure ⁠through a downgrade in the United States, apart from terming Japanese stocks to “equal weight” from “overweight.”

“We turn equal weight on Japanese stocks given negative tail risks as we ‌expect them to come under pressure from ⁠supply chains and global recessionary impacts in a scenario where the Strait of Hormuz remains closed for longer,” Morgan Stanley strategists said, while advocating a preference for American stocks compared to other regions, given higher earnings-per-share growth.

In 2025, investors shunned their United States-based assets due to tariff-related uncertainties and ended up rotating cash to European, Japanese and emerging ‌markets.

However, in 2026, there has been a behavioural shift, about which Morgan Stanley stated, “Fund flows to US equities and bonds have ⁠overtaken the rest of the world since the Middle East conflict began last month, with investors looking to US assets as a more defensive market again.”

“In an oil supply shock, US Treasuries offer better diversification ‌as the country is less energy import-dependent than Europe,” ⁠the venture concluded.

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Through the sandbox, the Egyptian government wants to promote the widespread adoption of fintech, expanding digital services in non-banking financial activities. Lumin Soft specialises in digital identity solutions, electronic verification and digital contracting technologies. It recently submitted a project that would verify the identity of non-Egyptians using electronic passports (e-passports) through Near Field Communication (NFC) technology, enabling the creation of an integrated digital pathway for identity verification via smartphone devices.

Islam Azzam, Chairperson of the FRA, told the Daily News Egypt that such digital mechanisms represent an important step toward facilitating the entry of foreign investors into the North African country’s market, enabling them to access non-banking financial services.

“Simplifying procedures for identifying and verifying investors’ identities through secure digital channels would help strengthen foreign investment flows into Egypt,” the senior official stated further.

Lumin Soft’s project relies on reading and verifying e-passport data in accordance with the International Civil Aviation Organisation Public Key Directory (PKD) standards, ensuring both data security and reliability throughout the verification process.

Azzam further added that adopting advanced technological solutions in financial services aligns with the government’s broader strategy to position Egypt as a regional fintech hub.

“Supporting digital innovation and strengthening the technological infrastructure of the financial sector will enhance the competitiveness of the Egyptian market and attract more fintech companies,” he noted.

The regulatory sandbox launched by the FRA serves as a key regulatory tool, not only in terms of supporting innovation in the financial sector and providing a supervised testing environment that allows companies to trial innovative business models and technological solutions before bringing them to the market.

“Through its participation in the sandbox, Lumin Soft will be able to conduct live testing of its business model within the regulatory framework. This includes creating digital identities using e-passports and integrating with the Azimut Investments Egypt platform, enabling investors to access financial products within a regulated supervisory environment,” Daily News Egypt reported.

Ahmed Khalifa, Executive Director of the FRA’s regulatory sandbox, said the project will help non-Egyptians access investment services across various asset classes in the Egyptian market while enhancing the efficiency and competitiveness of the non-banking financial sector (NBFC).

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“Vanguard Investor Choice continues to help improve the corporate governance ecosystem by ensuring the voices of more investors can be heard. We are proud to continue to pioneer proxy voting choice for index fund investors, empowering them to more directly express their proxy voting preferences for their proportionate share of the funds,” John Galloway, Global Head of Investor Engagement at Vanguard, said.

“In 2025, we more than doubled participation in Investor Choice, reflecting strong – and increasing – investor interest in proxy voting. Going forward, we plan to continue to make it easier for all investors in our US equity index funds to participate,” said David Reiner, Head of Investor Choice at Vanguard.

Meanwhile, the value of assets that Vanguard manages outside the United States has surpassed USD 1 trillion, with the company now planning a significant global expansion, with the goal of doubling the number of clients and assets in its portfolio in five years.

Salim Ramji, the chief executive of the world’s second-largest asset manager, told the Financial Times (FT) that globally, there would be “unbelievable opportunities” as governments seek to encourage millions of savers to put their excess cash into investments.

He said the United Kingdom and Europe were “overexposed to cash and cash deposits,” partly because investing is “too expensive, too complex, and there are lots of barriers in the way to helping people make good long-term investments.”

Vanguard, which oversees assets worth more than USD 12 trillion globally, specialises in low-cost products and offers ready-made investment funds for “DIY” investors. The company aims to more than double its 17 million international clients within the next five years to nearly 40 million.

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