10 Funders to Watch in 2024
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Following a year in which seismic, disruptive change appeared to level off in philanthropy (though looks can be deceiving, as our latest round of Philanthropy Awards amply illustrates), 2024 may well bring us more of the norm-shattering shifts we’ve come to expect from a sector in flux.
After all, philanthropic funders have a lot to contend with. Here in the U.S., the upcoming presidential election promises once again to rock the foundations of a precarious democracy. Abroad, deep-rooted wars and political tensions threaten to spiral out of control. And all the while, stubborn systemic problems, from racial and gender gaps to the civilization-altering threat of climate change, continue to challenge funders’ usual playbooks.
Whether or not they meet the many challenges of 2024 — or even begin to — top philanthropic funders in the country aren’t standing still. From well-established legacy foundations to newer players drawing on some of the largest fortunes in the world, plenty of major U.S. grantmakers are changing with the times.
As we gear up for what’ll likely be another tumultuous, thrilling and frustrating year in the philanthrosphere, here are some of the grantmakers we’re keeping a close eye on.
Ballmer Group
Steve and Connie Ballmer control a truly stupendous fortune: $112 billion at time of writing. That alone would make them donors to watch, but this philanthropic couple is popping up on our radar with some interesting new program or set of grants seemingly all the time. That’s in large part due to their ramped-up giving through the Ballmer Group, with developments coming in fast. The expanding universe of Ballmer philanthropy is notable not only for its scale — $850 million went out the door in 2022, a figure likely surpassed in 2023 — but also for its scope.
The Ballmers are already among the largest antipoverty funders in the U.S., supporting place-based strategies in several key geographies and backing cross-national work. But they’re also making major forays into climate giving with over $650 million in commitments to date, with son Sam Ballmer leading the charge there. Mental health is another area the couple have leaned into lately, and like climate, could certainly do with those Ballmer billions.
Charles Koch’s Stand Together
Charles Koch never stopped bankrolling conservative causes. But his branding has shifted significantly these days, with his wide-ranging network of philanthropic and political entities now headlined by Stand Together, an umbrella organization that pursues “bottom-up” strategies to, essentially, help people help themselves.
Having adopted mantras more often seen in philanthropy’s progressive precincts (“The best solutions often come from those closest to the problem”), Koch’s operation is backing a more diverse array of grantees than his history as a climate-denying libertarian crusader might suggest. All the while, though, Koch funds continue to buttress the neoliberal order in the halls of government. How this plays out in an intensely fraught election year will be interesting to watch.
Ford Foundation
We’re including Ford on this list not just because it’s pretty much the big progressive foundation, but also because its wide-ranging support for social justice will be put to the test in 2024, yet again. As the right looks to take back power in D.C., Ford’s grantees are fighting a reactionary backlash against progressive change in all its forms, on battlegrounds extending from women’s bodies to school libraries and the U.S. Supreme Court. And yes, the ballot box.
The coming election — and its aftermath — will be another make-or-break moment for Ford given its longtime priorities. Will the foundation open up its playbook to unconventional approaches, like it did in 2020 with the $1 billion social bond it raised for grantees in response to the pandemic? Will others follow its lead? Stay tuned.
Hewlett Foundation
Hewlett’s president of 11 years, Larry Kramer, was a major force behind the $13 billion grantmaker's brainy brand of giving. But Kramer’s tenure at the foundation came to a close at the start of 2024, and the search for a successor is still ongoing. While we don’t anticipate a complete shake-up, it remains an open question how Hewlett will evolve under new leadership.
Though Hewlett may be a “legacy” grantmaker, that label risks obscuring its innovative work. A leading player in climate philanthropy, the foundation has also been unafraid to cover ground few other grantmakers tread — like delving into the upstream factors underpinning neoliberalism, or taking on the manifold challenges of cybersecurity. Hewlett’s also had a lot of quiet impact in the influence of its thought leadership on Biden administration policies.
Depending on who the foundation selects as its new leader and how skilled that leader is at steering the nearly 58-year-old battleship, there’s a lot of potential for the Hewlett Foundation to make a big splash this year in any number of critical funding areas.
JPB Foundation
Barbara Picower’s progressive powerhouse is currently in flux. Its founder is stepping down as president this year, having closely overseen the growth of a grantmaker that backs a laundry list of top names in climate resilience, medical research and left-leaning policy and organizing. JPB’s ongoing “period of transformation” has seen Deepak Bhargava, a longtime board member and confidant of Picower, elevated to the top leadership role, which he’ll assume in February. It’s the first-ever change of presidents at the $4 billion foundation.
What remains to be seen is what this’ll mean for where JPB’s grants go. Given that so many progressive groups have come to depend on and celebrate the foundation’s approach to giving, all eyes are going to be on its next moves. In an interview with IP last fall, Bhargava highlighted “continuity” but also hinted at an evolution in the foundation’s work, toward a greater emphasis on movement-building and less distinct division between topical programs. A “focus not on issues, but who has power in society, is a shift,” he said. What that will look like in terms of programmatic structures and actual grantmaking remains “a work in progress.”
MacArthur Foundation
There’s a lot going on at this bellwether among well-established legacy foundations. Under former President Julia Stasch, MacArthur pared back its sprawling programming to focus on a handful of intentionally time-limited, substantial “Big Bets.” Those bets are beginning to wind down, meaning the foundation is not only phasing out major commitments such as its nuclear security program, but it’s also rethinking its future giving.
As in the case of Hewlett, there’s a good chance that major funding priorities and existing grantees survive the transition, but we’re likely to see some big changes at the foundation. MacArthur has repeatedly demonstrated its appetite for ambitious undertakings, including its newly unveiled $500 million Press Forward partnership, the massive grant competition 100&Change, and the offshoot grant challenge hub Lever for Change. Under John Palfrey, its president since 2019, the foundation has also taken steps toward greater diversity and responsiveness to grantees. Mac’s next steps will have a big impact in the fields it currently supports — and wherever it heads next.
Omidyar Network
The giving of the eBay founder and his wife has long defied easy categorization, taking many forms under the umbrella of the Omidyar Network and other entities. It’s a good bet that Omidyar philanthropy will continue to evolve in interesting ways in 2024, having run the gamut from standing up media and democracy initiatives to fighting human trafficking and “reimagining capitalism” — all the while extending into political advocacy and social enterprises. Pierre Omidyar notably remains one of the few billionaire tech donors who seems comfortable challenging the economic system that made him so profoundly wealthy.
Last year, the couple added bridging divides to their repertoire with a new Omidyar Network focus area, “Building Cultures of Belonging.” That work may sit comfortably next to other civic initiatives under the Omidyar umbrella, but it also represents a fraught space for philanthropic involvement, with some in the sector questioning the impulse to seek common ground with bad-faith ideological opponents. That’s part of what makes Omidyar giving worth watching closely in 2024 — it’s never shied away from thoughtfully engaging with difficult topics and new approaches to giving.
Open Society Foundations
OSF’s overhaul continues this year, and at breakneck speed. Known for its inspired though polarizing founder, George Soros, its globe-spanning mission to promote liberal values, and its legendary organizational complexity, the grantmaker’s ongoing “transformation” has now seen it take on new leadership.
Soros’ son Alexander, still in his 30s, has officially taken the reins as board chair. Under Alex, the changes at OSF appear to be accelerating. Having overhauled and consolidated what was once a decentralized governance structure into something better resembling a traditional board, OSF has also embraced vigorous downsizing in many areas, including via staff cuts and regional office closures. Will a leaner, pared-down operation under a young board chair be better or worse at delivering on George Soros’ dream of an open society? Time will tell.
Waverley Street Foundation
Laurene Powell Jobs’ climate outfit intends to move upward of $3 billion to climate causes by 2035 — not quite in Bezos Earth Fund territory, but in the ballpark. Waverley is one of a growing array of climate funders bankrolled by top billionaires, many of which could also have secured a spot on this list — like hedge funder C. Frederick Taylor’s Sequoia Climate Foundation, Lukas Walton’s Builders Initiative, and others.
Powell Jobs remains one of the most important megadonors around, and we’ve been watching closely as her new foundation has staffed up and come out of its shell. As it gets its operation further into gear, there have been some growing pains, suggesting that the outfit is still finding its footing. What’s clear is that as Waverley and these other big-dollar climate newcomers ramp up, they’ll be rivaling or even surpassing established top green grantmakers — providing much-needed funding that’ll nonetheless further cement the influence of mega-wealthy funders in the climate giving arena.
The Unknown Election Donor(s)
The 2024 election will very likely bring with it at least one surprise donor — or several — making an eleventh-hour effort to prop up a faltering American democracy. Case in point, in the last election, Mark Zuckerberg and Priscilla Chan donated $350 million to provide nonpartisan grants that would help administrators carry out a difficult election during the COVID pandemic. That was a unique case, but this election promises to be another weird and wild one. While most private dollars shaping this election will come in the form of political donations, there’s plenty of legal space for high-dollar philanthropy to play an important role. Then again, given the endless opportunities to obscure their activity, we may never find out who these mystery donor(s) are.