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
Convergence examines the state of the blended finance market and the outlook for scaling investment in emerging markets and developing economies (EMDEs). Among other things, the report includes a market overview; information on country, currency, credit and climate risks; and analysis of deal trends.
- Research from the Field
- Multi-Sector Research
- Global
BCG surveyed more than 100 foundations, family offices, private wealth holders and their advisors to understand what’s blocking impact-first investing and where the multiplier effect works. In a new report, it describes what different actors across the ecosystem want and where they are getting stuck; in what sectors they anticipate increasing their work, including climate and health; and how more capital can be mobilized to tackle some of society’s thorniest challenges.
- Outcomes Analysis
- Multi-Sector Research
- Global
Harvey Koh analyzes the impact of C3’s Fostering Solutions and Infrastructure workstream, which includes 12 projects that designed, tested and deployed a range of innovations in the catalytic capital investing ecosystem—including new vehicles, platforms, campaigns and tools.
- Research from the Field
- Multi-Sector Research
- Australia
This report from the Paul Ramsay Foundation and GoodWolf Partners looks at impact investing markets in Australia to examine the specific
role of catalytic capital to unlock and incentivize greater participation from a particular pool of private investors and trusts and foundations.
- Field Partners
- Multi-Sector Research
- Global
C3 and the MacArthur Foundation hosted a 2026 webinar featuring asset managers that have successfully deployed catalytic capital and scaled into follow-on funds. The 90-minute session includes practitioner-led insights and actionable lessons for those raising, structuring or investing in catalytic capital strategies.
- Research from the Field
- Multi-Sector Research
- Europe
This report from Impact Finance Belgium draws on research from C3 and others in the field to explore what catalytic capital is, why it matters, how it can be structured, and the unique role it can play within the Belgian impact investing ecosystem.
- Research from the Field
- SMEs/SGBs
- Africa
Impact Investing Ghana (IIGh), in partnership with Savannah Impact Advisory (SIA), issued a summary report on lessons learned from Ci Gaba, Ghana’s first pension-backed fund of funds. The fund achieved a first close of GH¢380 million, with a target of GH¢1 billion. A related piece, Framework for Domestic Capital Mobilisation in Emerging Markets, outlines the conditions needed for domestic pension capital to flow into productive investment.
- Research from the Field
- Local Media
- United States
This 2026 report analyzes how catalytic capital can be deployed to support strong, independent local news organizations that have investable business models, while staying aligned with community values and public purpose. The report includes recommendations for philanthropy, investors, policymakers, and local leaders working to build a robust catalytic capital market for local news.
- Research from the Field
- Multi-Sector Research
- Global
Drawing on one of the first collaborative cost studies of its kind, The Miller Center for Global Impact at Santa Clara University takes a close look at the efficiency of impact-first funds, finding that these funds completed more deals per year than comparable traditional funds while operating at a lower average cost per investment. It makes the case that catalytic philanthropy is not simply funding impact but building markets by enabling capital to reach overlooked enterprises, recycle successful investments, and generate lasting social and environmental returns.
- Research from the Field
- Agriculture, Entrepreneurs
- Africa
This outcomes report from Aceli Africa shares data and case studies drawn from more than 5,500 loans to demonstrate how incentives are shifting lending activity in Africa to reach high-impact and underserved agricultural enterprises.
- Research from the Field
- Multi-Sector Research
- Asia, Global
Convergence and UNDP Climate Finance Network issued a framework to help governments systematically strengthen the enabling environment for blended finance, with a focus on emerging economies in South and Southeast Asia.
- Research from the Field
- Multi-Sector Research
- United States
Michael Brown from the Wharton School teamed up with the Social Finance Institute to analyze key aspects of PRI strategies and outcomes.
- Advancing Practice
- Entrepreneurs, SMEs/SGBs
- Africa
This 2026 study is a joint effort between C3 and All for Impact that maps existing and emerging catalytic capital for African SME intermediaries and identifies pathways to mobilize and scale it. The report draws on 35+ case studies and spotlights 15 initiatives as concrete partnership opportunities to unlock catalytic capital. “The next step is to build on this shared understanding to strengthen dialogue, foster partnerships, and translate emerging practices into coordinated action,” the authors explain.
- Research from the Field
- Climate, Gender Equity
- Africa
I&P Ecosystems, in partnership with the Catalytic Climate Facility Learning Hub, explores how blended finance transforms the trajectories of gender–climate nexus funds below $100 million in size. The report draws on a comprehensive literature review, a database sample of 46 funds, three fund case studies and more than 30 interviews with fund managers and fund investors.
- Case Study
- Agriculture
- Africa
Impact Europe published a case study on One Acre Fund’s strategy to support smallholder farm families in Rwanda. The initiative aims to strengthen the value chain by tackling weak demand, high export rejection rates, and limited SME capacity in parallel.
- Investor Networks
- Multi-Sector Research
- Europe
Impact Europe is studying how different types of actors and capital can align to drive impact that goes beyond projects, toward long-term, systems change solutions. This report captures the perspectives of practitioners who are experimenting with innovative ways to deploy capital together, across philanthropy, public institutions and private sector.
- Field Partners
- Multi-Sector Research
- Global
The C3 initiative includes a portfolio of Field Partnership investments made by the John D. and Catherine T. MacArthur Foundation to support 15 funds focused on a range of geographies and sectors, including climate, social justice, health, and economic opportunity. In a 2026 report, the foundation explains that these investments are performing well from both a financial and impact perspective, while offering powerful examples of the use of catalytic capital.
- Investor Networks
- Climate
- Latin America
Latimpacto teamed up with Convergence to summarize key findings and recommendations on how catalytic capital and blended finance can help bridge the climate–biodiversity financing gap in Latin America.
- Research from the Field
- Multi-Sector Research
- Africa
This report from NABII Zambia outlines rapid growth in Zambia’s impact investing ecosystem, while also noting some imbalance—with capital concentrated in growth-stage and infrastructure deals. It cites strong opportunities in energy, fintech, agriculture and climate-related sectors.
- Advancing Practice
- Multi-Sector Research
- Global
This new guide, authored by C3’s Harvey Koh, lays out a framework for investors to take a more strategic approach to catalytic capital deployment, by deeply understanding the capital gaps they seek to address. It draws on real-world cases and examples developed in collaboration with experienced practitioners.
- Case Study, Investor Networks
- Multi-Sector Research
- Global
Convergence assesses the historical engagement of philanthropic investors and DFIs in blended finance and proposes a series of pathways for more systematic collaboration between these groups to sustain the allocation of catalytic resources to developing countries. The brief follows an earlier Convergence paper, How DFIs Deploy Catalytic Capital.
- Research from the Field
- Multi-Sector Research
- Global
The TransCap Initiative convened experts from the fields of investment management, philanthropy, academia, and systems innovation to collectively explore and develop the concept of capital orchestration as a critical function in enabling systems transformation.
- 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
Banner Photo: Sustainable forestry, Rwanda/courtesy of Total Impact Capital.