The Ceniarth Foundation

Quick Stats

• Annual Giving: £113,152 (2023); £1,152 (2024) - Note: Foundation is in transition
• Success Rate: Not publicly disclosed
• Decision Time: Not publicly disclosed
• Grant Range: Variable - primarily strategic, opportunistic grants
• Geographic Focus: Global (focus on marginalized and vulnerable communities)
• Application Process: Currently not accepting new enquiries (realigning mission)

Contact Details

The Ceniarth Foundation (UK Charity 1112313)

• Address: Ceniarth Forge, Machynlleth, SY20 8RR, Wales, UK
• Phone: 01654 702282
• Website: https://ceniarthllc.com/
• Contact Page: https://ceniarthllc.com/about-us/contact/

US Operations (Ceniarth LLC)

• Offices in London, San Francisco, and New York
• Note: The UK charity is the registered charitable entity; Ceniarth LLC is the associated single-family office

Overview

The Ceniarth Foundation is a UK registered charity (established 2005) that operates as part of the wider Ceniarth ecosystem—the single-family office of Diane Isenberg founded in 2013. The Foundation undertakes its charitable activities through grantmaking to various charities and organisations, though it represents a unique approach to philanthropy. Unlike traditional grant-making foundations, Ceniarth fulfills the vast majority of its philanthropic distribution requirement through Programme-Related Investments (PRIs) rather than conventional grants, with its £650 million portfolio focused on impact-first investments in marginalized and vulnerable communities globally.

The Foundation is currently in a transitional phase, with trustees realigning its mission. As of 2024, they are near capacity with ongoing commitments and not reviewing new enquiries. The Foundation's approach is explicitly “impact-first” rather than “finance-first,” prioritizing meaningful social impact over maximum financial returns while maintaining capital preservation in real terms.

Recent strategic activities include joining the MacArthur Foundation and six other funding partners to support the Catalytic Capital Consortium (C3), marking a rare field-building grant from an organization that predominantly uses investment vehicles for its philanthropic work.

Funding Priorities

Grant Programs

The Ceniarth Foundation does not operate traditional grant programs with fixed application cycles or funding tiers. Instead, they make highly selective, strategic grants in two main categories:

1. Opportunistic Strategic Grants

• Made only when highly aligned with Ceniarth's mission
• Generally reserved for opportunities to catalyze additional capital or accelerate high-impact models
• No fixed grant amounts—determined case-by-case
• Rare and selective

2. Field-Building Grants

• Support initiatives that advance the impact investing ecosystem
• Example: Catalytic Capital Consortium (C3) multi-year commitment with MacArthur Foundation and six other partners (total $4.3 million consortium funding)
• Example: 60Decibels Microfinance Index support
• Example: Council on Smallholder Agricultural Finance (CSAF) partnership

Investment Focus (PRIs - Programme-Related Investments)

The Foundation's primary philanthropic mechanism is through PRIs:

• Average investment size: USD $2-5 million
• Portfolio focus: Financial inclusion, smallholder agriculture, affordable housing, climate justice
• Geography: Global, with emphasis on challenging markets and marginalized communities
• Target return: 2-10% depending on deal structure, with portfolio blended return of 4-5%
• Portfolio size: Approximately 115 investments including funds and direct investments

Priority Areas

• Rural livelihoods improvement through additional income generation
• Marginalized and vulnerable communities globally
• Sectors: Agriculture, affordable housing, financial inclusion, climate justice
• Financial instruments: Support for first-time/smaller funds, early-stage pilots, high-risk market entry
• Catalytic capital deployment that accepts disproportionate risk for positive impact
• Gender-smart investing supporting women and girls in underserved communities

What They Don't Fund

• Initiatives not aligned with rural livelihoods or marginalized community impact
• Projects seeking primarily market-rate returns
• Organizations in active conflict zones
• Grant requests that could be structured as investments (PRIs)
• General operating support without clear catalytic impact
• Projects outside their core geographic and thematic focus areas

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Governance and Leadership

Key Personnel

Diane Isenberg - Founder and Managing Director

• Founded Ceniarth in 2013 after career in international development
• Background in Bangladesh working in family planning and maternal child health
• Known for public commitment to impact-first investing approach
• Quote: “If I knew back in 2013 what I know now, we would have taken an impact-first approach from day one at Ceniarth.”

Greg Neichin - Head of Investments and Co-Managing Director

• Board Member
• Based in New York
• Leads Catalytic Capital Dealmakers Roundtable
• Active voice in impact investing field

Stefan Freeman - Senior Manager and Co-Managing Director

• Board Member
• Based in New York
• Handles day-to-day investment committee engagement

Team Structure

• Team of 16 people including 3 partners
• London-based with remote employees in the US
• All investment research, sourcing, diligence, and monitoring handled in-house
• 2 Trustees for the UK registered charity
• No trustee remuneration

Application Process and Timeline

How to Apply

Current Status: NOT ACCEPTING NEW ENQUIRIES

The Ceniarth Foundation trustees are currently realigning the Foundation's mission and are near capacity with ongoing commitments. They are not reviewing new enquiries as of 2024-2025.

When accepting applications, Ceniarth:

• Sources most investees through partner networks and referral introductions
• Is open to reviewing unsolicited opportunities (when not in transition)
• Recommends reviewing their FAQ page to ensure fit before contacting
• Emphasizes that they are “explicitly not a grant-making foundation” and rarely make grants

Getting on Their Radar

Catalytic Capital Dealmakers Roundtable

• Ceniarth leads and facilitates this quarterly forum (launched January 2024)
• Limited to select practitioners deploying meaningful sums of catalytic capital
• Participants share deal pipeline requiring additional investors
• Access requires active transaction history and meaningful capital deployment

Strategic Partnerships and Networks

• Council on Smallholder Agricultural Finance (CSAF) - long-time field-building partner
• Catalytic Capital Consortium (C3) - active collaborator and funder
• Mission Investors Exchange - member organization
• Global Impact Investing Network (GIIN) - member

Conference and Speaking Engagements

• Leadership regularly speaks at impact investing conferences
• Shares thought leadership through their website blog and annual reports
• Participates in gender-smart investing initiatives (2X Global)

Decision Timeline

Not publicly disclosed. As an organization that doesn't operate fixed grant cycles and is currently in transition, decision timelines vary significantly based on strategic fit and internal capacity.

Success Rates

Not publicly disclosed. Given their highly selective approach and current closure to new enquiries, success rates for unsolicited approaches are likely very low.

Reapplication Policy

Not specified. Given the current moratorium on new enquiries and highly selective strategic approach, traditional reapplication policies do not apply.

Application Success Factors

What Ceniarth Looks For

1. Impact-First Alignment

Ceniarth is explicit about differentiating “impact-first” from “finance-first” impact investing. They seek partners who:

• Prioritize social impact over maximum financial returns
• Remain focused on the neediest customers/communities
• Accept potential tradeoffs between impact and returns
• Quote from Ceniarth: “We will always remain believers that large scale, meaningful, even if incremental, improvements to livelihoods is a worthy goal.”

2. Catalytic Potential

• Opportunities that mobilize higher-risk, sub-market capital
• First-loss positions that enable additional investment
• Early-stage pilots, proof-of-concepts, or entry into high-risk markets
• Field-building initiatives that advance the broader ecosystem

3. Structuring as Investment Rather Than Grant

Ceniarth strongly prefers structuring support as PRIs when possible to make capital “recyclable” and multiplicative over time. Grant requests that could be structured as investments are unlikely to succeed.

4. Geographic and Thematic Focus

• Rural and marginalized communities in challenging geographies
• Sectors: agriculture, financial inclusion, affordable housing, climate justice
• Avoid active conflict zones but embrace political/economic risk
• Local presence and expertise in target markets

5. Transparency and Partnership Approach

• Willingness to share both successes and challenges
• Straightforward deal structures that can scale
• Collaborative attitude toward learning and field-building

Recent Successful Partnerships

• Catalytic Capital Consortium (C3): Multi-year field-building grant supporting ecosystem development
• 60Decibels: Funding for Microfinance Index research and data
• Council on Smallholder Agricultural Finance (CSAF): Long-term field-building partnership
• Black Vision Fund: Co-investment in CDFI intermediary supporting Black-owned small businesses
• Notable fund managers: Advance Global Capital, Microvest, Lendable, Community Investment Management

Common Pitfalls to Avoid

• Seeking grants when PRI structure would be more appropriate
• Finance-first return expectations
• Lack of focus on truly marginalized populations
• Insufficient local market presence
• Overly complex deal structures
• Not reading their published materials and FAQ before approaching

Key Takeaways for Grant Writers

1. Ceniarth is NOT primarily a grant maker - they fulfill 95%+ of their charitable distribution through PRIs (investments), not grants. If your organization needs a grant and cannot structure it as an investment, Ceniarth is likely not the right funder.

1. Currently closed to new enquiries - The Foundation is realigning its mission and not accepting new applications as of 2024-2025. Monitor their website for updates on when they reopen.

1. Relationships and referrals are critical - When they are accepting opportunities, Ceniarth sources most investees through partner networks. Building connections through organizations like CSAF, C3, or the Dealmakers Roundtable is valuable.

1. Impact-first means accepting return tradeoffs - Ceniarth is explicit that they accept below-market returns for higher impact. Applications that promise both maximum returns AND maximum impact are likely to be viewed skeptically.

1. Field-building grants are extremely rare - Ceniarth made a point to note they “rarely” make field-building grants even when supporting C3. These are reserved for highly strategic ecosystem-building opportunities.

1. Study their philosophy and language - Review their annual reports, blog posts, and published articles. They use specific terminology like “catalytic capital,” “impact-first,” and “capital preservation” that reflects their investment philosophy.

1. Think globally, act locally - While based in Wales and with UK charity status, Ceniarth operates globally with focus on challenging markets where capital is scarce. UK-specific projects are not necessarily prioritized.

Similar Funders

These funders have a similar focus and geographic reach:

• The Generation Foundation
• ACTIS ACTS CIO
• The Ashmore Foundation
• Anglo American Foundation
• The Rumi Foundation
• Shell Foundation
• THE GSR FOUNDATION
• The Children's Investment Fund Foundation (UK)
• COUTTS CHARITABLE FOUNDATION
• The Frederick Mulder Foundation

References

• https://register-of-charities.charitycommission.gov.uk/charity-details/?subid=0&regid=1112313

• https://ceniarthllc.com/
• About Us: https://ceniarthllc.com/about-us/
• Contact: https://ceniarthllc.com/about-us/contact/

• https://impactalpha.com/why-ceniarth-is-providing-grant-funding-to-the-catalytic-capital-consortium/

• https://impactalpha.com/lessons-from-inconvenient-truths-of-an-impact-first-investor/

• https://www.2xglobal.org/field-notes/2021/1/4/gender-smart-investing-journeys-diane-isenberg-ceniarth-mhr5e

• https://www.macfound.org/press/press-releases/six-new-partners-join-the-catalytic-capital-consortium

• https://missioninvestors.org/resources/embracing-tradeoff-using-low-cost-capital-drive-deeper-impact

• https://thegiin.org/member/ceniarth-llc/

• https://tracxn.com/d/venture-capital/ceniarth/

• https://www.convergence.finance/news/3Pew3bgSEQGuxRcme7vLly/view