Editor's Note: This article, first published in print and online in 2022, has been republished by The Foundation Review with minor updates. Any discussion of foundations embracing impact investing must include some discussion of one of the largest — and growing — sources of philanthropic capital: donor-advised funds. These philanthropic accounts allow donors of all sizes to access many of the functions of a private foundation, including the potential to invest for impact. Sponsors of these funds, however, face unique challenges in catalyzing impact investments.
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Sam Marks (2024) studied this question.
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