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In 2019, the Fund for Shared Insight, a national funder collaborative seeking to improve philanthropy by promoting high-quality listening and feedback in service of equity, created a participatory process of design, grantmaking, and implementation. The full initiative is still underway, but at this moment, we, Shared Insight's learning and evaluation partner, want to reflect on and share back what we are learning from extant data review, observations of meetings and events, conversations with staff, and data collected at up to three time points from those involved in the participatory processes. While there are many useful lessons to learn about how to do participatory grantmaking and what was learned specifically around issues of climate for people in the regions of focus, one of our unique areas of inquiry was to hear directly from those involved about how they felt about shifts in power through the process. We noticed some divergence in perspectives that we thought worthy of exploration. Given the focus on learning from this work, this report is less a full accounting of all lessons and outcomes and more a deeper look to help the funder collaborative and the field grapple with questions around power based on the lessons from this participatory grantmaking initiative.