By understanding listening processes in philanthropy and social impact investments as a critical aspect of building a trustworthy philanthropic practice, this paper offers a qualitative review of how foundations and funders in Europe and Brazil listen. To comprehend and to be able to qualify and classify their listening practices, the interview script for this paper built upon the work of the “high-quality feedback loop” organisations that advocate for better listening practices in philanthropy and aid. Thirty interviews offered insights into why organisations listen, the biggest challenges in the process, different project phases where listening occurs, who is listened to, listening methods, space for feedback, reporting back processes, power imbalances and levels of participation.