Capital Aggregation

Capital Aggregation

Growth capital aggregation is a form of coordinated, collaborative investment that amasses private resources and unites grantees and philanthropists behind the goal of expanding evidence-based programs while ensuring their quality. 

Since 2007, EMCF has pioneered growth capital aggregation and made it integral to our investment approach. Although many of its features are not without precedent, we believe their combination is unusual and holds great promise for disadvantaged youth and great advantages for the investors and nonprofits who champion them. We also hope it offers philanthropy and public policy a model for channeling capital more effectively to scale programs that work. 

Key elements of capital aggregation: 

  • Provides upfront all the capital an effective nonprofit needs to fully fund its growth plan with confidence;
  • A single set of investment terms and reporting requirements that unites grantees and funders behind common objectives, and reduces the burden of reporting to multiple investors;
  • Performance milestones for which a grantee holds itself accountable, and on which payout is contingent; and
  • Greater impact through aggregated resources than any one funder could achieve by operating individually.

EMCF currently supports capital aggregation on behalf of grantees through several strategies:


Blue Meridian Partners is a new partnership of ten initial co-investors, incubated at EMCF and launched in 2016, that shares governance and decision-making. It plans to invest at least $1 billion to expand programs shown empirically to lift the life prospects of disadvantaged children and youth. Among the areas it will focus on are early childhood, child welfare and foster care, and K-12 education.


The True North Fund is a collaboration of 14 co-investors organized by EMCF in 2012 to help programs supported by the Foundation and the Social Innovation Fund achieve their growth and evaluation goals and meet their federal match requirements.


EMCF is also participating in two aggregated investments supporting single organizations:

  • Harlem Children’s Zone, a comprehensive set of programs extending from the cradle to college that provide a safe learning environment and positive opportunities for children and families in 97 blocks of New York’s Central Harlem; and

  • Youth Villages, a national nonprofit that helps troubled youth, often involved in the child welfare and juvenile justice systems, reach healthy, productive adulthood.

Since 2007, EMCF has leveraged $155 million of our own resources to help 16 grantees secure nearly $487 million in additional private and public funding.

To learn more about the origins and evolution of capital aggregation, see Growth Capital Aggregation Pilot.