Billionaire Philanthropists To Launch $500M Co-Impact Fund, Aimed At Creating Collaborative ‘Systems Change’
Financial Times: Billionaire donors agree to pool philanthropic resources
“Several of the billionaire philanthropists who signed Bill Gates and Warren Buffett’s ‘Giving Pledge,’ in which they promise to devote at least half of their fortune to charity, have agreed to pool some of their resources and develop new ideas for giving their money away. The new venture, called Co-Impact and launching on Wednesday, reflects the changing nature of billionaire philanthropy, as donors increasingly set their sights on ambitious ‘systems change’ that typically requires collaborating with governments and international agencies. … It promises to funnel an initial $500m to innovative projects tackling problems in global health, education, and inequality…” (Foley, 11/17).
Forbes: How Billionaires Are Pooling Assets For A New Philanthropic Fund
“…The new fund reflects an evolving approach to philanthropy that focuses on collaboration between public and private groups to create larger ‘systems change.’ Key to the fund’s model will be open collaboration between philanthropists and social entrepreneurs, local communities, governments, and non-profits. Grants will commit up to $50 million over five year periods for initiatives that have proven outcomes through independent assessments…” (Wilson, 11/17).