Three takes on revenue-based financing + A deep-tech bet on cleaner and cheaper cement

Mapping the capital providers betting that the next wave of AI returns will come from making the technology more trustworthy; how the US Development Finance Corp. has shifted its priorities during the second Trump administration; and, two impact finance firms joined forces to give emerging fund managers the back office muscle they need to land bigger investors.

Host Brian Walsh takes up ImpactAlpha’s top stories with editor David Bank. Up this week: Family Office Ceniarth finds that their impact-first portfolio is not making money… but that's been their plan all along; a new Latin American investor rewards founders with better terms when they deliver more impact; And finally a climate justice fund raises $71 million to back clean energy projects the banks won't touch. Story links: “Ceniarth’s impact-first portfolio is not making money. That’s the point,” by Diane Isenberg and Greg Neichin "To upgrade food systems in Latin America, Capibara adds impact incentives for founders, and for itself," by Jessica Pothering “Afterglow Climate Justice Fund raises $71 million to finance community-owned green projects,” by Amy Cortese

Xenia Viragh, head of impact investments at The SCAN Foundation, joins David Bani. The $280 million California-based foundation is adding mission-related investments to their grantmaking around policy and advocacy for older adults. SCAN will be at this month’s Grantmakers in Aging conference in Denver to help other foundations think about adding investments to their philanthropic toolkits. David spoke with Xenia about SCAN’s roughly $13 million carve-out for impact funds and direct deals targeting the affordability, quality and delivery of elder care.

Host Brian Walsh takes up ImpactAlpha’s top stories with editor David Bank. Up this week: From Galveston to Kansas City, overlooked cities are getting organized and making themselves investment ready; investing in the economic determinants of a healthy democracy; And a deal spotlight on Blue Earth Capital, which is unsticking impact capital.

Host Brian Walsh takes up ImpactAlpha’s top stories with editor David Bank. Up this week: As President Trump calls climate change a “con job” at the UN, investors and philanthropies are raising money and building projects anyway; development banks abroad and Asia's asset owners are stepping up on climate finance – is it enough; And this week's deal spotlight shines on Celsius Companies, a Philadelphia-area holding company buying up clean energy contractors to turn their workers into owners. Story links: “Hoax this! Climate Week NYC showcases real solutions to real (really!) climate change,” by Amy Cortese “Development finance institutions rally private climate capital as US threatens multilateral banks,” by Jessica Pothering “As US retreats, Asia's investors take the lead on climate financing,” by Dennis Price “Holding company for clean energy contractors in Philadelphia aims to turn workers into owners,” by Roodgally Senatus