Living Cities and Known are proud to celebrate a decade of impact through the Blended Catalyst Fund (BCF)—a bold experiment in impact investing that has demonstrated how aligning capital with values can be a powerful force for economic justice.
Launched in 2015, the Blended Catalyst Fund invested in entrepreneurs, fund managers, and financial innovations driving inclusive economic growth in America’s cities. In its final impact report, Living Cities reflects on the Fund’s partnerships, lessons, and measurable outcomes that together shaped a vision for inclusive prosperity and economic equity.
“When I stepped into the role of President and CEO in 2021, our country was in the throes of a pandemic and a racial reckoning,” said Joe Scantlebury, President & CEO of Living Cities. “The urgency of that moment demanded more than words—it demanded action. Living Cities responded by deepening our commitment to closing racial income and wealth gaps, not just through philanthropy, but through capital deployed to challenge the status quo. From the support of our investors to the joint venture with Known, we built structures that center community, mitigate risk, and unlock innovation. The lessons of BCF—its successes, challenges, and stories—point the way forward.”
Reflecting on the fund’s evolution, Thaddeus Fair, Managing Director of Private Alternative Investments at Known and Fund Manager of the Blended Catalyst Fund, added: “During its decade-long lifecycle, the Blended Catalyst Fund weathered social, political, and economic inflection points—from civil unrest to a global pandemic—and remained true to its mission of closing the racial wealth gap. One lesson stands out: partnership goes beyond just capital. Our greatest wins came when we served as true partners to our investees—supporting them beyond the wire transfer. The fund proved that inclusive investment and disciplined fiduciary responsibility can, and must, coexist.”
The final report captures ten years of collaboration and field-building, offering insights for the next generation of investors seeking to deploy capital to generate economic opportunity for all.
Read the 2025 Final Report: https://livingcities.org/resource/living-cities-blended-catalyst-fund-2025-final-report/
About Living Cities
Founded in 1991, Living Cities seeks to improve outcomes in U.S. cities so that all people can be economically secure, building wealth, and living abundant, dignified, and connected lives. Living Cities has invested almost $1B in affordable housing and the creation of economic opportunity across the US. To learn more about Living Cities and its member institutions, visit www.livingcities.org.