The Rockefeller Foundation has published its Zero Gap Fund: 2024 State of the Portfolio report, showcasing the role of catalytic capital in tackling global challenges. As of December 2024, the Zero Gap Fund (ZGF) had mobilized over $1.05 billion in private capital through 12 high-impact investments. By January 2025, the fund had fully committed its $30 million in capital, with three investments successfully exited.
Launched in 2019 in partnership with the MacArthur Foundation, the ZGF supports innovative, impact-driven financial mechanisms that aim to unlock large-scale private investment aligned with the UN Sustainable Development Goals (SDGs). The fund uses patient, risk-tolerant, and flexible capital to scale transformative solutions addressing complex global issues. Its 2024 report highlights various positive impacts, including the creation of over 1,600 jobs.
Among its investments, LeapFrog’s Emerging Consumer Fund III focuses on growth equity for low-income consumers in Asia and Africa. By 2024, it reached 323 million consumers and supported over 161,000 jobs using blended finance and insurance strategies to mitigate risks.
Lightsmith’s CRAFT fund, centered on climate adaptation, has mobilized capital for technologies that enhance community resilience. CRAFT has created 615 new jobs and benefited over 500,000 people in emerging markets.
Founders First Capital Partners (FFCP), an alternative credit provider, uses revenue-based financing to support underserved service-based businesses. FFCP has disbursed $14.1 million through 52 loans, resulting in the creation of 201 new jobs.
Apis & Heritage’s Legacy Fund I supports employee-led buyouts to transition companies with low- and moderate-income workforces into employee-owned businesses. This fund has helped 442 workers become employee-owners and has generated 110 new jobs.
Seedstars International Ventures II backs early-stage, tech-enabled startups across emerging and frontier markets. It has committed $9.8 million to 45 companies, helping create 614 net new jobs.
Horizon Capital Growth Fund IV (HCGF IV) invests in export-oriented, asset-light tech companies that are resilient to macroeconomic volatility. With over $100 million invested in five companies, the fund supports more than 4,800 jobs.
Blue Forest’s FRB Catalyst Facility accelerates financing for ecological restoration projects using a public-private model. The initiative has launched protection work in five locations and helped avoid over 127,000 metric tons of CO₂-equivalent emissions.
Trailhead Capital Regeneration Fund I invests in early-stage companies focused on regenerative agriculture and food systems. To date, it has supported 29 companies and contributed to avoiding 68,000 tons of CO₂-equivalent emissions.
The 2024 report underscores how catalytic capital can unlock private financing for scalable solutions, driving measurable progress toward sustainable development and climate goals.
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