NetAid was already flagging when Doug Arthur joined the board. The non-profit, which used the internet to mobilise American youth to alleviate poverty, was founded with a $20m grant, but its large staff and expensive Manhattan headquarters were a drain on the institution, and board members struggled to find sustainable funding. “We were burning through cash quickly. There was a lot of commotion, not much motion,” he says.

By the time Mr Arthur, a former Morgan Stanley managing director now working at a hedge fund, became board president, NetAid’s best option was a merger. Toward the end of last year, NetAid took steps to make itself an attractive partner; it narrowed focus, cut staff, closed field operations and used its remaining $3m endowment to rally interest from other organisations.