Blueprint for a Golden Fund

Blueprint for a golden fund TL; DR — Impact finance today means giving money away, or prioritising market-rate returns. Golden Fund charts a golden mean between the two: patient capital, targeting 6.5% IRR, for ventures that might transform health and education infrastructure in emerging markets. The problem we’re solving: capital on offer today isn’t working, for impact-first founders or funders. Kiko is the Founder of Angaza Elimu, a startup in Kenya transforming how schools in Kenya teach children to read, write and do basic maths. Over breakfast a couple of months ago, he outlined the barbell he faces when it comes to raising capital. On one side of the barbell, he’s trying to access grants from donors or philanthropies, donating their money for social good with no expectation of financial return. Kiko’s had success with this, raising from Gates Foundation and UNICEF. Or on the other, he could seek capital from funders seeking market-rate returns, such as VCs or banks. For Kiko,…