Sarah Kearney Speaks at Yale Philanthropy Conference
At this year’s Yale Philanthropy Conference, themed “Catalyzing Change,” Prime Coalition’s Executive Director, Sarah Kearney, participated in a panel alongside Sheena Strawter-Anthony, Director of Impact Investment Strategy at the William Caspar Graustein Memorial Fund. Liqian Ma, Global Head of Sustainable and Impact Investing Research at Cambridge Associates and Prime Fund Advisory Committee member, moderated the discussion. The conversation centered on “the evolution and challenges of impact investing in philanthropy.” Together, they explored the promise of catalytic capital—how philanthropists can deploy charitable dollars while offering the possibility of financial recovery—and how it is distinct and also complementary to mission investing among returns-prioritizing investors.
The conversation happened in a packed room at the Yale School of Management, highlighting key considerations for deploying capital to accelerate meaningful change. Liqian began the panel discussion by providing an overview of the background and evolution of impact investing. Sheena and Sarah then discussed how the William Caspar Graustein Memorial Fund and Prime Coalition have adapted their approaches to impact investing as it has transitioned from a niche concept to a mainstream strategy. Sarah reflected on Prime’s evolution over the past decade, highlighting that Prime has mobilized $317MM in catalytic capital, collaborated with over 420 philanthropic partners, supported 39 portfolio companies, and introduced more than 120 first-time catalytic investors to the space. This success highlights the significant impact that can be achieved through catalytic capital. As Sarah noted, “In the right circumstances, catalytic investments can offer three-fold benefits over traditional grantmaking alone: 1) possibly having a larger charitable impact by “crowding in” co-investors and follow-on commercial investors, 2) supporting market-fueled programs that could achieve impact at larger and faster scale, and 3) recovering the original disbursement which can be recycled and redeployed into additional charitable work.”
The panel also covered both sides of the regulatory divide in philanthropy: options for investment officers allocating endowment capital guided by an Investment Policy Statement, as well as infrastructure for grantmakers deploying catalytic capital into charitable interventions. While the latter approach is becoming more popular, cultural and operational barriers hinder its adoption. Sarah highlighted the importance of providing philanthropists with a clear pathway to make grants, recoverable grants, and program-related investments (PRIs).
Despite these challenges, the panel expressed optimism about the growing momentum behind catalytic capital in 2025. They noted that the conference’s existence and panel discussion are a testament to the rising interest and support for impact-focused investment strategies. Prime is grateful to the Yale graduate student organizers who hosted the conference, upskilling the next generation of practitioners to expand philanthropy’s toolkit.
