"To meet the challenges of our time, foundations must deploy resources across the full spectrum of capital, including grants, catalytic capital, and endowment investments that align with mission and values," John Palfrey, president of the John D.
MacArthur Foundation, says in a press release.
"I look forward to working with the Alliance to continue expanding the reach and effectiveness of impact investing toward a more equitable, inclusive, and sustainable world."
Palfrey is taking on a new role as chair of the US Impact Investing Alliance, an organization "dedicated to building the impact investing ecosystem," per a press release.
The Alliance aims to "place measurable social, economic, and environmental impact alongside financial return and risk at the center of every investment decision," per the Alliance's website.
Palfrey will take over for Darren Walker, president of the Ford Foundation, who has led the Alliance since its founding in 2016.
Walker says in the press release that "the impact investing movement is reshaping our economy and working to deliver a more just and equitable society."
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One of the most significant challenges to social entrepreneurship and innovation is ensuring a diversity of approaches and participants in the movement. To truly deliver meaningful social change the leaders of the effort must share perspectives of the challenges faced by communities across the U.S. that can most appropriately come from members of those communities. Ashoka, through its All America initiative seeks to increase the diversity of social entrepreneurship practitioners.