How foundations used pandemic-era bonds to catalyze capital for social infrastructure. Faced with 2020’s extraordinary set of crises, from a global pandemic to a racial-justice reckoning, most philanthropies went into self-preservation mode. In contrast, Ford, Rockefeller, MacArthur and at least six other foundations moved to increase giving to meet what Ford's Darren Walker called "an existential challenge to the future of the nonprofit sector." The foundations issued "social bonds" and other debt worth almost $3 billion and, in some cases, doubled their grant funding. Two years on, the eight foundations stand by the unprecedented decision, according to the Associated Press. "If we can’t swing for the fences at a time like this and use every aspect of our resources to try to make a difference in an existential moment, what are we here for?" Ford's Hillary Pennington told the AP.
Dealflow: Future of Work
Village Capital and Moody’s accelerate 45 startups shaping the future of work in Africa. The median age in Africa is 19 years, making it by far the world’s youngest continent. At least 10 million young Africans enter the labor market each year. Village Capital and Moody’s second Future of Work Africa accelerator is supporting 45 startups boosting education and employment prospects for young people across the continent. Many are online job and gig platforms. “Meaningful employment for African youth is foundational to improving financial health and driving a strong economy,” said Village Capital’s Audrey Mate. “There’s a great need to strengthen models that bridge the skills gap, enhance employability, and prepare job candidates for the shifting job landscape.”
Agents of Impact: Follow the Talent
San Francisco's Department of the Environment seeks a racial equity senior coordinator… Galvanize Climate Solutions is hiring a vice president of science and technology in New York or San Francisco… The city of Asheville, N.C. is recruiting a sustainability coordinator… Nedbank is looking for a senior analyst of sustainability and ESG in Johannesburg… Ownership Works is hiring for several roles in New York, including a marketing analyst, a director of data and research, and a director of culture and employee engagement.
Editor’s note: This article is sponsored by Johnson & Johnson Impact Ventures, which supports ImpactAlpha’s Investing in Health coverage. In partnership with J&J Impact Ventures, ImpactAlpha is exploring the …