I read an interview this week that I have not been able to put down.
It was with Alexander Berger, who runs Coefficient Giving – the organisation many of us still think of as open philanthropy. The headline news was growth. They crossed a billion dollars in annual giving last year, and they expect to grow by half again this year and half again the year after.
But the number is not the part that stayed with me.
“When capital takes long bets, it rewards institutions that can hold a steady story across years, not just deliver a project across a quarter.”
What lingered in my mind was the transformation of money. Not just how much there is, but how it is starting to behave.
For most of my career, global development capital has moved in a fairly familiar way. A large funder decides on a priority. The priority becomes
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