The events of the past year have made one thing clear: the systems we’ve relied upon are broken. In the leadership vacuum left by the multi-billion dollar collapse of USAID and subsequent retreat of overseas development aid, impact investing is being forced to radically rethink its role in the world.
Meanwhile, the funding gap for social entrepreneurs remains vast, at $1.13 trillion. As we see in the Miller Center Entrepreneur Network, social enterprises collectively reach millions of lives worldwide in the last mile where traditional aid and commercial models often fail to reach.
The most effective and inclusive solutions come from those closest to the problem. Scaling their work means mobilizing financial resources with speed, innovation, and trust.
From Words to Action
Our fund — Miller Center Capital — is our response: a brick in the foundation of a financial system that could fully support social entrepreneurship. It’s our opportunity to lead with conscience and be the change we want to see.
The fund’s mission is to go first: deploying catalytic capital that places entrepreneurs at the center. As defined by the Catalytic Capital Consortium, “the aim is to unlock impact and additional investment that would not otherwise be possible.”
With 75% of impact investors still chasing risk-adjusted market-rate returns, this aim is more important than ever. The flavor of catalytic capital from Miller Center is patient, flexible, and paired with deep accompaniment. In practice, this takes the form of mentorship, programs, and investment structures designed with the entrepreneur at the center.
This year marked a turning point. At the Clinton Global Initiative, we committed to deploy $20M and catalyze $200M by 2030 for social entrepreneurs belonging to the Miller Center network.
It’s an ambitious goal and one we can’t accomplish alone. Collaborating across the impact ecosystem is key to achieving our goal. Because Miller Center Capital is more than a fund. It’s a laboratory for redesigning impact investing.
Building Community and Systems Change
This year, we hosted a number of field-building listening sessions. We published a bold article in ImpactAlpha calling for a systems approach to closing the funding gap. We proudly joined the Innovative Finance Initiative and launched a collaborative research effort to illuminate the true cost of deploying catalytic capital.
Through trusted partnerships with investors, partners, mentors, and field leaders, we’re building community around this redesign. Because it’s only through radical collaboration that we can collectively reinvent impact investing.
Miller Center Capital is a living branch of Miller Center’s 2030 strategy — growing our impact through catalytic capital and a deep commitment to systems change that clears the path for impact-first ventures to thrive.
We’re not just here to do deals. We’re here to change the way that deals are done.
Rooted at Santa Clara University
And we’re proud to do it from Santa Clara University, where our efforts support the four pillars of SCU’s Impact 2030 strategy: Reach on a Global Scale; Solutions for the Universal Good; Opportunity for all Talented Students; and Belonging for All Broncos.
Our undergraduate internship and fellowship programs bring these values to life, providing students with direct, professional exposure to global challenges and a sense of belonging in a world of purpose. Because our shared future needs bold, brilliant changemakers — and we’re cultivating a thriving community here at Santa Clara.
Looking Ahead
Much is changing in the world. We are meeting that change head-on. We invite you to walk with us — to keep innovating, challenging, and leading — especially when it’s difficult.
