Illumen Capital, a leader in impact investing, has launched the $32.75 million Catalyst Fund to support first-time fund managers and entrepreneurs, particularly those from underrepresented backgrounds. For the first time, the impact fund of funds has integrated direct investments into its broader strategy, investing directly in diverse-led early-stage companies as well as fund managers. The Catalyst Fund The Catalyst Fund arrives at a critical moment, with Black founders receiving less than 1% of venture capital funding last year, according to Crunchbase.  This decline shows persistent biases in the venture ecosystem,