Our Theory of Transformation captures how we see the Fenomenal Funds model contributing to change in philanthropic ecosystems. Transformation in our case is framed by feminist values and ethics centering on the needs of women’s funds. It is based on the understanding that change is not linear and instead complex, multi-dimensional, multi-faceted, and multilevel. For Fenomenal Funds, we wish in the long term through our model of pooled funding, shared governance and participatory grantmaking to influence change in philanthropic practices. Philanthropic actors will then shift power and accountability; and the changes will serve as catalysts to transform the ecosystem into one that is more dynamic, connected, and responsive. Such a transformed ecosystem will then further support unlocking more and better resources for gender justice movements.