Waterway Partnership

Shifting the flow of capital and power

What is the Waterway Partnership?

The Waterway Partnership - formed in 2023 by the NoRegrets Initiative and Manzanita Capital Collective - is shifting capital and power to Black, Indigenous, POC-led community-controlled funds and intermediaries focused on sustainable and regenerative food and agriculture, community ownership, and racial and economic justice. 

To date, we have moved over $20 million to incredible organizations who, in turn, are moving loans and integrated capital on the ground. 

We have created this site to share our learnings and contribute to the growing body of collective knowledge among funders, investors, investment advisors, and movement partners around community-controlled funds and alternatives to CDFIs, non-extractive finance, integrated capital, and shifting power in philanthropic and investor spaces. 

We will also aim to lift up the Black, Indigenous, POC-led organizations we have supported - and ask our philanthropic and investor communities to resource these and similar organizations. 

About the Partners

Manzanita Capital Collective

Manzanita Capital Collective is grounded in values of community and economic self-determination, Tribal sovereignty, and a just transition. Our work - shifting capital and power to partners from frontline communities of color - is guided by, in service to, and in relationship with our partners. 

The NoRegrets Initiative

The #NoRegrets Initiative is an integrated relationship-centered approach to land and asset management that uses a variety of capital – ecological, investment, philanthropic, and social – to grow the health of agricultural lands and the communities that steward them. This work is done through Paicines Ranch, Cienega Capital, Globetrotter Foundation, and the Paicines Ranch Learning Center.

Integrated Capital Investments

Loans range in size from $250K to $1.5M, including many at 0% interest. All loans are paired with grants equal to 15% of the loan amount.

Copy of Waterway Investment Table (1366 x 1366 px) (1366 x 2000 px)

latest from the waterway

We are out in the world, talking and writing about the Waterway. Follow along with us!

Anthony & Avery at SAFSF Forum, June 2025

Esther Park & Sallie Calhoun on an ImpactAssets Webinar: From Software to Soil Health

waterway reading list - coming soon!

Who we are

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A-dae Romero-Briones

Manzanita Capital Collective

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Anthony Chang

Manzanita Capital Collective

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Avery Sponholtz

Globetrotter Foundation /
NoRegrets Initiative

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Esther Park

Cienega Capital /
NoRegrets Initiative

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Mariela Cedeño

Manzanita Capital Collective

UPCOMING EVENTS

Join us at one of these upcoming events to hear more about our work and learnings.

We believe this moment in time requires moving billions of dollars to collectively governed funds where those in deep relationship with frontline communities of color can steward their own resources.

Contact

Are you ready to join us on this journey of moving capital and power to frontline communities of color? 

We'd love to hear from you if you are:

  • Interested in moving grants and/or investments to any of the groups listed above
  • Seeking to host a conversation on this work for other funders and investors
  • On a journey to radically shift capital and power and would like to learn more about our work and lessons learned, or ways that we could partner in the future
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