The landscape of global development is shifting—shrinking aid budgets, emerging funding models, and evolving priorities are forcing philanthropic capital to move faster, take greater risks, and fill critical gaps left by governments and multilateral institutions. What should the role of philanthropy look like? In this time of disruption, philanthropic donors are also presented with an opportunity to rethink, identify and remove barriers, and consider what changes can be truly game-changing. In this episode, I speak with Katrina Sill, Global Health and Development Lead at Founders Pledge, about their newly launched Catalytic Impact Fund. We discuss risk, impact, evidence, and how philanthropic entities can balance responding to immediate needs and foster resilient systems for the future.