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.

- Strengthening the Evidence Base
- SMEs/SGBs
- Africa, Sub-Saharan Africa
From Ashesi University and Impact Investing Ghana, new research details how patient, long-term catalytic capital has been deployed in Ghana’s small and medium enterprises (SME) financing sector. C3 funded this research as part of our Strengthening the Evidence Base workstream.

- Strengthening the Evidence Base
- Racial Equity, Social Justice
- North America
New Growth Innovation Network (NGIN) elevates key insights about racial wealth gaps. Some key takeaways: racialized definitions of risk continue to hold back capital; 2020 financial commitments can mostly be viewed as market corrections rather than catalytic; and there is evidence of catalytic capital investments that can be scaled. C3 funded the research as part of our Strengthening the Evidence Base workstream.

- Investor Networks
- Education, Health
- Europe
EVPA highlights the work of Rethink Ireland, which invests in Irish social enterprises, and its support for Sensational Kids, a nonprofit that provides therapeutic support to children with special educational needs. Rethink Ireland provided funding and organizational development support that built the capacity of Sensational Kids and attracted financing for a new National Child Development Centre.

- Strengthening the Evidence Base
- Agriculture
- Africa, Sub-Saharan Africa
In it’s Year 2 Learning Report, Aceli Africa reflects on its engagement with lenders in support of 713 loans totaling $85 million to agri-SMEs across Kenya, Rwanda, Tanzania, and Uganda. C3 supported this work as part of our Strengthening the Evidence Base workstream.

- Investor Networks
- Education, Energy Efficiency, Multi-Sector Research, Social Justice
- Africa, Asia
The Merry Year Social Company (MYSC) is a South Korea-based impact investor focused on early-stage social venture companies that do not have access to mainstream investors. In a 2023 case study, AVPN offers an overview of the firm’s investments in sectors such as job creation, eldercare, STEM education, and energy innovation in both Asia and Africa.

- Investor Networks
- Entrepreneurs, SMEs/SGBs, Social Justice
- Middle East/North Africa
Convergence, the blended finance network, takes a deep dive into the development of Refugee Impact Bonds by KOIS, a global impact investing firm (and C3 grantee). Proceeds are financing a four-year microenterprise training and grants program focused on businesses for refugees and host communities in Jordan and Lebanon.

- Advancing Practice
- Multi-Sector Research
- Global

- Investor Networks
- Recycling/Upcycling, SMEs/SGBs
- Middle East/North Africa
Alfanar is a venture philanthropy organization working in Egypt, Lebanon and Jordan to advance the work of high-impact organizations. In a 2023 case study, EVPA looks at Alfanar’s support for FabricAid, a social enteprise focused on the apparel industry, which has been able to scale its operations thanks to catalytic capital and management support.

- Strengthening the Evidence Base
- Entrepreneurs
- Sub-Saharan Africa
This joint effort from the Initiative for Blended Finance at the University of Zurich, the Bertha Centre at the University of Cape Town Graduate School of Business, and Roots of Impact analyzes catalytic capital and blended finance from the perspective of the entrepreneur. C3 funded the research as part of our Strengthening the Evidence Base workstream.

- Advancing Practice
- Multi-Sector Research
- Global
This is the first in a series of guidance notes emerging from C3 Learning Labs with seasoned catalytic capital investors. It identifies some of the challenges investors may face when deploying catalytic capital in a “seeding” role and details best practices for the field. The Learning Labs and guidance note is part of C3’s Advancing Practice workstream.

- Advancing Practice
- Multi-Sector Research
- Global
Still wondering about the how, when, and why of catalytic capital? You’re not alone. C3 addresses some of the key questions about the sector and why it is so critical to achieving social and environmental impact.

- Fostering Solutions and Infrastructure
- Urban Informality/Informal Settlements
- Global
More than 1 billion people live in slums and informal settlements across the Global South. In a ground-breaking report, the Global Steering Group for Impact Investment (GSG Impact) makes the case for prioritizing urban informality as a
core area for impact and development and emphasizes the contribution this would make to achieving the UN Sustainable Development Goals.

- Investor Networks
- Climate, Energy Efficiency
- Latin America, South America
Convergence, the blended finance network, analyzed the Government of Uruguay’s 200MW tender program, launched in 2013, to attract private sector participation in the development of solar photovoltaic (PV) power plants and increase the share of renewable energy in Uruguay’s energy matrix. IDB Invest and the Canadian Climate Fund for the Private Sector in the Americas (C2F) addressed the primary market barriers to institutional investor investment in Uruguay’s nascent solar market. Their joint participation reduced counterparty risk and improved project bankability.

- Investor Networks
- Multi-Sector Research
- Global
In a new research brief, Convergence considers how DFIs have made catalytic capital investments to create new commercial markets, leverage additional investors, and achieve other goals, with a particular focus on blended finance transactions. The brief analyzes deployment of capital, provides an overview of DFI co-investors, and reflects on opportunities to invest more catalytic capital going forward.

- Research from the Field
- Multi-Sector Research
- Global
Omidyar Network, a C3 strategic partner, reports on the strategies and perspectives of leading impact investors who have moved beyond polarized debates about “trade-offs” to invest across the returns continuum, including deploying catalytic capital.
Banner Photo: Sustainable forestry, Rwanda/courtesy of Total Impact Capital.