What does the capital landscape look like from your vantage point right now across philanthropy, impact investing and institutional capital? What's actually moving and what's sitting still? Most of

my day job these days sits squarely in the philanthropy universe, so I can certainly share what we tend to see as an evolving set of trends.

It's been a very disruptive period, unsurprisingly, for philanthropic capital, in particular for philanthropic capital that is looking for ways to support international development programming, which is sort of the sub-nation, which I said professionally, simply because of global politics at the moment and this huge pullback in both Europe and the US when it comes to official development assistance, which was always would always dwarf the volumes of philanthropic capital, but sort of worked and often traveled in lockstep with with philanthropy.

And so with the dismantling of USAID in the US and major government cuts and pullbacks and a number of European countries around the world.

It's been a big challenge.

And I think the response initially from philanthropy was some amount of sort of paralysis and trying to figure out what the heck the new normal or the new abnormal looked like.

And that was really the first six months of 2015.

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