We deployed $972k in grants in the last quarter, with a further $584k currently in process, and secured $227k in new contributions. Most of these grants were agreed in late 2025, with disbursement deferred at grantees’ request for operational reasons.

A particular highlight this quarter was a second grant to Clear Solutions, who distribute oral rehydration salts and zinc to prevent deaths from dehydration. In December, they alerted us to an urgent opportunity to reach communities in Chad with ORSZ in partnership with Malaria Consortium. This was, however, contingent on securing $700k of ORSZ by 31st December.

The fund moved quickly as the anchor donor and catalysed a further $456k from other donors, allowing this highly cost-effective programme to proceed and showcasing our ability to influence other grantmakers. This is precisely the kind of work we want to do more of: betting on our grantees in a way that unlocks further opportunities for them, and extends our impact beyond what we give directly.

Looking ahead, the fund has begun fundraising and assessing new projects for 2026. A recent survey of grantees and prospective grantees suggested room for more funding of $3.37m in 2026 and $19.26m in 2027 — a sharp increase year-on-year as organisations scale through the mid-stage.

Grant assessment is actively underway, and we expect to bring further opportunities to our investment committee before the end of May. We are also exploring whether to expand our research capacity to increase the speed and depth of our investigations.

Overall, we are delighted with the fund’s progress and the outstanding work of our grantees. Thank you for your generous support, which is enabling some of the most cost-effective global health work in the world to reach the scale it deserves. The need remains urgent, and we are glad to be meeting it together.