Research & Learning
Search for catalytic capital data, analysis, case studies and market development tools that can help investors identify opportunities for impact around the world.
- Research from the Field
- Multi-Sector Research
- Global
This paper from the United Nations Capital Development Fund (UNCDF) identifies persistent “white spaces” in the development finance ecosystem and argues that bridging them requires a distinct institutional approach—one that embraces patient, risk-tolerant, small-ticket, and blended capital; is embedded in local ecosystems; and invests not just in deals but in market systems.
- Research from the Field
- Multi-Sector Research
- Global
This report from Convergence investigates blended finance trends across the overall market in 2024, including investor and deal trends. It found that blended finance deal flow was higher in 2024 than the market average for the previous four years, with climate deals continuing to dominate the landscape
- Research from the Field
- Multi-Sector Research
- Global
British International Investment (BII) and Boston Consulting Group (BCG) have teamed up to provide practical tools to strengthen the design, assessment, and mobilization of blended finance funds. The tools are based on BII’s experience of deploying nearly $2 billion in blended finance and BCG’s advisory expertise across institutional and impact investors.
- Research from the Field
- Multi-Sector Research
- Global
The Toniic 100 Project collects portfolio data from some of the most experienced active private wealth impact investors in the world. In its 2025 report, Toniic notes that 64% of portfolios in the study contain at least some catalytic investments, and on average, 19% of the investment capital in studied portfolios is allocated toward catalytic capital.
- Research from the Field
- Education, Employment
Tyton Partners, in partnership with World Education Services and Strada Education Foundation, analyzed a critical funding gap that limits scalable innovation in workforce development and makes the case for catalytic capital as a key solution. The findings, discussed in a new report, draw from interviews with leading impact investors and a review of 30+ studies.
- Research from the Field
- Financial Inclusion, Microfinance, SMEs/SGBs
- Africa
This focus note from from CGAP explores innovative financing strategies for reaching inclusive credit fintechs in Africa, particularly those targeting underserved micro and small enterprises (MSEs). These fintechs have the potential to address the estimated US$4.9 trillion global credit gap for MSEs–if they can access suitable funding sources.
- Research from the Field
- SMEs/SGBs
- Africa
In a 2025 report, Investissuers & Partenaires (I&P), a prior C3 grantee, analyzes the fundraising landscape, fund models and return profiles of SME funds across Africa.
- Investor Networks, Strengthening the Evidence Base
- Affordable Housing, Climate, Financial Inclusion, Multi-Sector Research, SMEs/SGBs
- Europe, India, United States
The last in C3’s series of 2024 webinars features research projects that strengthen the evidence base for catalytic capital, answering questions such as when and how catalytic capital is needed, what role it plays, and what impact it can help create.
Hosted with Impact Europe, it includes presenters from India, Southeast Europe, and the U.S., all highlighting action-oriented findings and identifying best practices for investors.
- Investor Networks, Strengthening the Evidence Base
- Agriculture, Climate, Entrepreneurs, Health, Multi-Sector Research, SMEs/SGBs
- Africa
In the second installment of our 2024 webinar series, C3 teams up with African Venture Philanthropy Alliance (AVPA) to bring together leaders from Impact Investing Ghana, Open Capital, I&P, Aceli Africa and the Initiative for Blended Finance to share insights and offer actionable investment strategies for the region, particularly as regards small business growth.
- Investor Networks
- Multi-Sector Research
- Africa, Asia, Europe, Latin America
This report was a collaboration of four regional impact investor networks: AVPA, AVPN, Impact Europe and Latimpacto. It maps the practice of catalytic capital across various thematic areas, and surfaces trends, case examples and lessons from active investors on ways to effectively integrate catalytic capital into investment portfolios.
- Strengthening the Evidence Base
- Agriculture
- Africa
Aceli’s 2024 report shares data and case studies drawn from 1,567 agriculture loans totaling $152 million, more than double the volume captured in the organization’s Y2 report. The analysis includes metrics from Aceli’s financial incentives program, data trends in agri-SME lending across East Africa, and ingredients for sustained lender behavior change. It also explores emerging data on the additionality and impact of loans across different size segments.
- Strengthening the Evidence Base
- Community Development/Place-based Investing
- United States
Nongovernmental investors play a key role in the financial ecosystems of underinvested places. In a new report, Urban Institute analyzes how catalytic capital can impact the flow of financing to these communities, using Cleveland as a case study. It offers recommendations for investors interested in supporting positive, place-based change and identifies challenges that slow progress.
- Investor Networks, Strengthening the Evidence Base
- Community Development/Place-based Investing, Employee Ownership, Entrepreneurs, Indigenous Communities, Racial Equity
- United States
In the first installment of our 2024 webinar series, C3 teams up with Mission Investors Exchange (MIE) to feature insights from four of our Strengthening the Evidence Base grantees on how catalytic capital investments impact racial equity, Indigenous businesses, employee ownership and place-based investing in the United States.
- Strengthening the Evidence Base
- Employee Ownership
- United States
Analysis from MSI Integrity finds that employee ownership represents a significant opportunity for catalytic investment across the risk-return spectrum. In a new report, it explains that shifting corporate ownership to employees is a uniquely powerful vehicle to not only reduce wealth inequality, but also to improve the quality of work and build strong businesses.
- Fostering Solutions and Infrastructure
- Community Development/Place-based Investing, SMEs/SGBs, Social Justice
- United States
Pacific Community Ventures (PCV) has developed a new place-based guide to investing in underestimated people and places. The playbook is organized around three pillars: capital structuring, community engagement & trust-based outreach, and data-driven impact optimization. It provides insights and lessons learned from the creation and implementation of the Oakland Fund, a restorative loan fund that provides affordable and patient capital to underserved small businesses—particularly entrepreneurs of color—in Oakland, Calif.
- Fostering Solutions and Infrastructure
- Affordable Housing
- Latin America
This executive summary from Impacto Colombia (formerly NAB Colombia) offers an overview of the organization’s work to create an investment vehicle that will positively impact the housing sector. Impacto Colombia is a member of the Global Steering Group of Impact Investment (GSG Impact), a C3 grantee.
- Strengthening the Evidence Base
- Climate
- Global
Prime Coalition has compiled a resource library on catalytic capital to serve a range of audiences, including philanthropic asset owners, impact-first intermediaries and advisors.
- Fostering Solutions and Infrastructure
- Urban Informality/Informal Settlements
- Europe
Impact Investing Advisory Board, Türkiye (EYDK) takes a look at place-based impact investing, the need for catalytic capital and the use of “urban healing and advancement” as a framework.
EYDK is a member of the Global Steering Group for Impact Investment (GSG Impact), one of C3’s Fostering Solutions and Infrastructure grantees.
- Fostering Solutions and Infrastructure
- Entrepreneurs, Labor Rights/Protections
- India
KOIS teamed up with Haqdarshak to analyze the social protection landscape in India for internal migrants, artisans, aspirational youth, e-rickshaw drivers, and self-employed workers. It is part of KOIS’ work to build the Dignity in Labor platform, an initiative that aims to enable sustainable livelihoods, improve access to formal credit for informal workers and connect them with social security provisions.
- Fostering Solutions and Infrastructure
- Climate, Social Justice
- Global
The Impact Investing Institute has developed a guide that acts as a roadmap for achieving a fair and inclusive transition to net zero in emerging and frontier markets, with a focus on the use of catalytic capital. It offers guidance and case studies for catalytic capital providers, including development finance institutions, governments, philanthropic organizations, private investors, and corporations, to help mobilize private capital that addresses climate action, social justice and local development needs.
- Strengthening the Evidence Base
- SMEs/SGBs
- Africa
A new report from Investisseurs & Partenaires (I&P) showcases the effectiveness of catalytic capital in supporting African SMEs. It evaluates the current financing landscape, including capital gaps, offering an analysis of risks and opportunities for investors, as well as recommendations for expanding the use of catalytic capital to fuel growth among small and medium-sized businesses on the continent. A short video accompanies the detailed report, explaining the value of catalytic capital and key conclusions from I&P’s analysis.
- Investor Networks
- Climate
- Global
This new issue brief from The Global Impact Investing Network (GIIN) provides a framework for private institutional investors who aim to address climate challenges through their capital. “By making use of targeted catalytic capital and other strategies, these investors can help make significant progress towards global decarbonization targets by accelerating the build-out of climate infrastructure in emerging markets,” the authors write.
- Strengthening the Evidence Base
- Multi-Sector Research
- Global
A report from the Impact Finance Research Consortium (IFRC) sheds new light on the features and applications of catalytic capital. A collaboration of the Wharton ESG Initiative, the Harvard Business School Social Impact Collaboratory, and the Rustandy Center for Social Sector Innovation at Chicago Booth, IFRC analyzed when, how, and why impact investors deploy catalytic capital and reports on recommendations for building the field of catalytic capital in the future.
- Investor Networks
- Multi-Sector Research
- Europe
In a new white paper, EVPA, one of C3’s network partners, takes a close look at how impact investors can be more catalytic in their provision of capital, in pursuit of impact for people and planet. “Funding is not flowing to transformational solutions at the accelerated rate most impact capital providers had hoped for; what we’re doing isn’t working fast enough. How can we mobilise more capital to fund a fair and green society that works for all? Can the rate of our transformation match our aspirations?”
Banner Photo: Sustainable forestry, Rwanda/courtesy of Total Impact Capital.