Billionaire philanthropists Bill Gates, Jeff Skoll and others joined forces this week to launch Co-Impact, a philanthropic collaborative already committed to investing $500 million in global health, education and economic inequality. The high-profile group, primarily made up of signatories of Gates and Warren Buffett's Giving Pledge, will pool their networks, expertise, and resources to invest in long-term initiatives in the developing world.

The new fund reflects an evolving approach to philanthropy that focuses on collaboration between public and private groups to create larger 'systems change.' Key to the fund's model will be open collaboration between philanthropists and social entrepreneurs, local communities, governments, and non-profits. Grants will commit up to $50 million over five year periods for initiatives that have proven outcomes through independent assessments.

Co-Impact goes hand-in-hand with the Giving Pledge and, fittingly, the pledge's founding director Olivia Leland will serve as the CEO. Leland explained that she was inspired to found the organization after noting the growing number of high net-worth individuals committed to philanthropy, but a lack of infrastructure necessary to turn those commitments into sustainable, scaled investments.

Read the full article by Alexandra Wilson about this philanthropy fund from Forbes