As global philanthropy reshapes itself to accommodate a widening array of private-sector involvement and a blend of private and public investment, discussion of both the ethics and effectiveness of these diverse methods has moved front and center. In this video interview, Jacqueline Novogratz, CEO of venture-philanthropy firm Acumen Fund, shares her perspective on the current challenges facing the philanthropic community and the opportunity she sees to move past a traditional public-sector approach to charitable giving.

This interview was conducted by Bill Javetski, an editor with The McKinsey Quarterly, in February 2009. It was taped in Acumen Fund’s New York office. Click to watch the video, or read the transcript below.