Catalytic Capital Course

Welcome to the Toniic training course on catalytic capital. This course is designed for investors and philanthropist interested in deploying risk tolerant and sub commercial capital in order to generate positive impact and enable third-party investment that otherwise would not be possible.

Toniic has undertaken a three-year project to support the deployment of “catalytic capital” among High Net Wealth Individuals (HNIs) and Family Offices.  This work is supported by the Catalytic Capital Consortium (“C3”), a donor collaborative working to broaden the use of catalytic capital among a wide range of investors.  Our project began with understanding the attitudes of our target demographic towards catalytic capital, investigated the barriers towards greater deployment, and resulted in this training course that provides both an overview of catalytic capital as well as practical information, including case studies of investments and catalytic capital portfolios. 



Building on Toniic’s understanding of the motivations HNIs and Family Offices have for deploying catalytic capital, Module 1 is designed to inspire you to open up more of your portfolio to investments with the potential to generate positive impact that would otherwise not be possible.
Case studies and “real-life” examples form an important part of this module. Throughout the lessons, we demonstrate the power of catalytic capital to address social and environmental challenges ignored by conventional capital.
At the end of this module, we hope you will identify and articulate your own motivations for deploying more catalytic capital.

Module One

  • Welcome to the introduction of Module 1 of the Catalytic Capital Training
What is Catalytic Capital?
  • In Lesson 1 we will define catalytic capital, describe what it is and when it is used, and finally why investors include catalytic capital in their portfolios.
Why Deploy Catalytic Capital?
  • In this lesson, we describe the forms of catalytic capital, and for each of these forms, we will present two case studies.
Learning from Others
  • In this lesson, we describe in brief the history of Catalytic Capital, the size of the gap it seeks to fill, the role of the Catalytic Capital Consortium, and how it enabled Toniic to investigate the motivations around the deployment of catalytic capital that we are sharing here.
How Catalytic Capital Enables Impact?
  • In this Lesson, we will unpack the various mechanisms by which catalytic capital enables outsized impact.
Perceived Barriers and How to Overcome Them
  • Although many HNIs and Family Offices are interested in deploying catalytic capital, our internal research has uncovered barriers to doing so more than they do. In this lesson, we will explore those barriers and how to overcome them.
  • Thanks for watching our first module of the catalytic capital training course



This module presents various approaches to investing catalytic capital, with the aim of helping you experience the various ways to be a catalyst and target capital gaps. 
The lessons provide examples where investors have accepted longer time horizons, taken on more risk for the same expected return, or agreed to lower / uncertain returns for the same risk as commercial investors.

Module Two

  • Welcome to the introduction of Module 2 of the Catalytic Capital Training
 Defining Catalytic Capital
  • In this lesson, we will very briefly remind you about the definition of catalytic capital, and then introduce the main gaps that catalytic capital addresses to explain when it is used.
Forms of Catalytic Capital
  • In this lesson, we describe the forms of catalytic capital, and for each of these forms, we will present two case studies.
Roles and Stages of Catalytic Capital
  • In this lesson, we will cover the Roles and stages of Catalytic Capital. In other words, Where and When is Catalytic Capital Needed?
Challenges of the Seeding Stage of Catalytic Capital
  • In our experience at Tonic, HNI and Family office investors tend to be more active, especially in the seeding stage of deploying catalytic capital. As a matter of fact, they can often take more risks than institutional investors and their due diligence process is more nimble, allowing them to have lower transaction costs and justifying smaller-size investments that have the greatest potential in the seeding stage.
    To maximize this unique ability of HNI and Family Office investors, in this lesson, we will try to address some of the major challenges of the seeding stage of catalytic capital.
  • Thanks for watching our second module of the catalytic capital training course.



The module describes alternative approaches followed by HNI and Family Offices catalytic capital investors with real-life examples.
It also provides you with examples of how to integrate catalytic capital in your investment policy statement if you are working with an advisor, and an investment decision model to assess whether catalytic capital is needed for a specific investment.
Finally, the module provides additional resources for catalytic capital investors.

Module Three

  • Welcome to the introduction of Module 3 of the Catalytic Capital Training
 Investor Case Study 1: Ceniarth
  • So let’s start with the first case study by Greg Neichin, managing director at Ceniarth. a single-family office focused on funding market-based solutions that benefit underserved communities.
    Greg will share the catalytic capital investment thesis of Ceniarth, portfolio, team, and overall approach.
Investor Case Study 2: Amy Brakeman
  • The next case study is by an individual investor working toward a just and sustainable economy, Amy Brakeman. She will present her thesis, examples, and how she manages her asset allocation and catalytic portfolio.
 Integrating Catalytic Capital in your Investment Policy Statement
  • This lesson presents learning and approaches describing how Catalytic Capital can be integrated in an Investment Policy Statement based of an analysis of Investment Policy Statements of Impact Investors.
Assessing the Need for Catalytic Capital
  • This lesson presents a model to help you evaluate the appropriateness of providing catalytic capital in a particular investment.  The model starts with the assumption that it is better, if possible, to create the same impact with commercial rather than catalytic capital, since commercial capital is much more plentiful and thus easier to raise.
Resources for Catalytic Capital Investors
  • The last Lesson of this module focuses on additional resources for catalytic investors. We are sharing these resources in case you wish to continue learning about catalytic capital after this training.
  • Thanks for watching our third and final module of the catalytic capital training course.