This case study commissioned by Tote Board focuses on Impact Investment Exchange’s (IIX) journey of developing the Women’s Livelihood Bond (WLB) – an innovative financial instrument that raised private investment capital for a group of microfinance institutions and impact enterprises to advance sustainable livelihoods for low-income women in Southeast Asia. The case study explores how IIX conceived of the WLB to meet key gaps in the impact investing market and had to be flexible in its design and marketing strategies in response to changing circumstances. The case study also highlights the need for impact investing intermediaries like IIX to collaborate with diverse and committed stakeholders across the public and private sectors to drive innovation for social change.