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The MIF Blog

Catalytic Capital Reference Guide & Next Steps

June 30, 2026 — Shannon Thomas

On June 22, MIF partnered with Press Forward for a Funder Briefing exploring their new white paper by Caroline Ross, “Catalytic Capital for Local News: Unlocking New Capital to Strengthen Civic Infrastructure.” Members can revisit the program in our Resource Library.

Based on the presentation and questions asked during the call, we have compiled a quick list of further reading and associated efforts that we are tracking across the public service media sector. If you have something to add to this list, questions, or are interested in continuing this conversation with other members please email shannon@mediafunders.org.

Quick Start – Definitions & FAQs (5-15 min reads)

  • Impact Investing Key Terms: This glossary from the Appalachia Funders Network includes digestible definitions on the key terms that often arise when discussing catalytic capital.
  • Frequently Asked Questions About Catalytic Capital: Published by The Catalytic Capital Consortium (C3), this FAQ covers the basic functions of catalytic capital, appropriate uses, how it relates to other kinds of impact investing and its relationship to philanthropy and traditional grantmaking.
  • Catalytic Capital for Local News: A Guide for Funders: In this introductory guide, Press Forward offers a primer on catalytic capital—what it is, how it works, and how it can directly support the local news ecosystem while unlocking broader social impact investment in the sector.
  • Defying Impact Investing 101 for Foundations:This slide deck from the Mission Investors Exchange will take you through the different forms of impact investing, how they compare and contrast to grants and questions to consider for funders thinking about implementing these kinds of investments.

Deeper Reading – Key Reports (30-45 min reads)

  • Catalytic Capital: Unlocked more investment & impact: In this foundational report from Tideline and the MacArthur Foundation from 2019 goes into much greater detail on the types of catalytic capital, the risks and benefits associated, and includes frameworks and methodologies from pioneers of this work.
  • Addressing Capital Gaps: This report from the C3 builds on the 2019 publication above and offers actionable insights on identifying sectors with capital gaps and barriers, ideas on formulating response to these barriers and finally, and a step-by-step guide to formulating an effective response strategy.

Case Studies

  • Rural News Fund Case Study: Published as part of Press Forward’s suite of materials, this analysis of the Rural New Fund is a brief read on how catalytic capital can function at a regional level.
  • Arts & Cultural Loan Fund Program Evaluation: This analysis of the MacArthur Foundation’s Arts & Culture Loan Fund illustrates the impact catalytic capital had on growing small arts and culture organizations in Chicago.
  • Patient Capital for Press Freedom: MDIF’s Approach to Sustaining Independent Media:  Europe has a long history of capital investment as a strategy to grow independent journalism and media. This interview with Harlan Mandel, the CEO of the Media Development Investment Fund illustrates how their “patient capital” model differs from traditional grantmaking.

Catalytic Capital Active Funds

For those interested in seeing this investment model in action, or participating in pooled efforts, here are some current and ongoing catalytic capital vehicles from MIF members and field partners.

  • Pluralis invests in media companies that provide their audiences with quality, independent, fact-based reporting across Europe.
  • Sundance Catalyst is the film financing arm of the Sundance Institute, and provides learning opportunities for investors and independent filmmakers, with a complimentary investment Forum for accepted projects
  • Sorenson Impact Institute Collaboration Fund is a grants program backed by the Ford Foundation and MacArthur Foundation and designed to support strategic collaboration and consolidation among nonprofit field-building organizations in the impact investing and inclusive capital ecosystems
  • The DRK + NLV Navigation Technology Initiative is a new program for organizations using tech and AI to help low-income Americans. This program offers awards structured as equity investments and extensive in-kind support

About the Author

Shannon Thomas

Shannon Thomas

Manager of Member Engagement
Shannon joins Media Impact Funders as the Manager of Member Engagement after having worked at the Free Library of Philadelphia Foundation producing membership events and at the Science History Institute working across their award programs and lecture series. Prior to this, she worked for Doc Society in New York, first as an operations administrator and then, overseeing the Good Pitch Local program across the US. She holds an M.A in Arts Administration & Cultural Policy from Goldsmiths, University of London and a B.A. in Historical Studies from Bard College. When she’s not at work you can find her reading, chasing her dog around the house, and waking up too early on weekends to watch car racing.