Rethinking Philanthropy & Impact Investment in Latin America: From Beneficiaries to Co-Creators of Change

The Rockefeller Foundation’s new report, “Five Agendas to Drive the Transformation of the Philanthropic Sector in Latin America and the Caribbean,” offers a powerful call to action: philanthropy in our region must evolve urgently, boldly, and collaboratively. At Sierra a Mar, this message resonates deeply. The report captures a moment of both challenge and opportunity—where the social, environmental, and economic realities of our region demand new forms of partnership and vision.

“Today, the urgency of the region’s challenges creates favorable conditions to accelerate the evolution of philanthropy... this transformation is not about following trends or fashionable causes, it is about responding seriously to the challenges that threaten the region’s future.”

Philanthropy in Latin America is shifting from a short-term, charity-based model to one grounded in long-term social investment—designed to drive systemic change. This evolution calls for funding that is sustainable, adaptable, and coordinated across sectors. This approach mirrors what we strive for at Sierra a Mar: investing in community-led initiatives that build resilience from the ground up—where nature conservation, local entrepreneurship, and cultural preservation coexist as part of a shared, regenerative economy. The report also reminds us that deep collaboration is not free.

“Working together is neither spontaneous nor free; it demands time, teams, and shared management.”

Too often, philanthropy funds projects but neglects the infrastructure that makes collaboration possible—shared governance, transparent communication, and trust. Investing in the incubation of collaboration is, as the report says, a strategic bet—one that pays off in stronger alliances and scalable impact. Accessing international funding remains one of the region’s greatest barriers.

“We launch calls for proposals, but local organizations rarely apply... Overcoming these challenges requires simpler, bilingual applications, stronger dissemination, and the support of regional intermediaries.”

For Sierra a Mar, this highlights the importance of acting as a bridge—connecting local organizations and indigenous communities with international partners who share their vision but often lack the tools or language to engage effectively. The report underscores the importance of clarifying the roles of philanthropy and impact investing:

“Philanthropy takes on early risks without expecting financial returns, whereas impact investing seeks to combine measurable impact with financial performance.”

At Sierra a Mar, we believe these two forms of capital should not compete but complement each other—aligning grants, investments, and partnerships around the shared goal of regeneration and equity. Perhaps the most transformative idea in the report is this:

“Treating communities as beneficiaries fosters dependency... Transformation demands recognizing them as co-creators and joint owners of change.”

This is the heart of our work. True change begins when communities are not passive recipients but active architects of their own sustainable futures. From the Sierra to the sea, our mission is to ensure that those closest to the land—and to the challenges—lead the way forward. The Rockefeller Foundation’s Five Agendas remind us that the future of philanthropy in Latin America depends on a shift in mindset: from giving to co-creating, from charity to investment, from isolation to collaboration.

At Sierra a Mar, we’re committed to being part of that transformation—building a future where philanthropy doesn’t just respond to crises, but helps regenerate ecosystems, empower communities, and restore balance between people and planet.