This report seeks to record and to explain the enormous growth in interest over the last few years in the provision of loans and other investment to non-profit organisations. It argues that this funding development fills a gap in the market. It describes the following new approaches: social investment; the provision of 'patient capital', and an 'investment' or 'venture philanthropy' approach to grant making. The factors driving the growth in use of these approaches are examined and their relevance to fundraising charities considered. Finally, the report discusses how key stakeholders including the government and charitable trusts are adapting to this new environment.