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During the next twenty years, as part of the largest transfer of wealth in history, more than $500 billion is expected to pour into the philanthropic sector. Some of it will come from retiring baby boomers, but even more will come from newly rich Silicon Valley billionaires. Since 2006, the appeal of "giving while living" has grown, so much so that many philanthropic donors now expect not just to give money during their lifetimes, but to create organizations or ventures-some for profit, others not for profit-whose missions are expected to be completed within the lifetime of the donors. The combination of these two trends has transformed the not-for-profit sector in scale and dynamism, attracting some skeptical scrutiny along the way. Philanthrocapitalism has acquired some of the trappings of financialization, and has the potential to deliver ever greater impact.