The initiative will enable the New Profit Innovation Fund to provide four grantees of the Gates Foundation's College-Ready Education program with unrestricted multiyear funding and strategic advisory support. Teams from New Profit and Deloitte, the professional services firm, will deliver capacity-building support in collaboration with College-Ready Education program managers; as with its other funding and support relationships, New Profit will take a seat on the boards of each of the grantees.
The College-Ready Education team also will become a core investor and partner in New Profit's Reimagine Learning Focus Fund, a partnership of philanthropists, social entrepreneurs, researchers, and others working to transform learning so that all students are positioned to succeed.
"We are excited to partner with the Gates Foundation, because the hard work of nonprofit capacity building has not traditionally been a focus of large philanthropic funders, even though it can have profoundly positive impact," said Bob Searle, managing partner for portfolio performance and support at New Profit. "We recognize that we are both breaking new ground with this effort, so we're approaching this with a strong learning orientation."