Vision 2045: Shaping the future of blended finance - Reflections from our annual conference
In June 2025, the Blended Finance Collective held its third annual conference bringing together UK and international blended finance practitioners, including fund managers, grantors, investors, and government representatives.
Across two days of presentations, debates, and case studies, participants explored what a thriving blended finance market could look like in 20 years, and what steps we need to take to get there.
Where we are now: Blended finance in practice
The first day set the context and foundation by exploring the key challenges and opportunities in the blended finance landscape today. We examined current best practice models alongside innovative instruments and structures that can be replicated.
The day opened with a debate between Kaylyn Fraser, Principal Blended Finance, EBRD and Mauricio Preciado-Awad, Executive Director for Blended and Innovative Finance at Save the Children Global Ventures.
“Blended Finance is a way of life” Mauricio Preciado Awad
They presented two perspectives on where they would each like to see blended finance in 20 years: Kaylyn argued for less, but more catalytic blending, driven by greater understanding of blended finance, more standardisation of terminology and efficient products, and fewer perceived risks and capital constraints. Mauricio argued for a bigger blended finance market, with more participants, greater coordination, and better understanding, with Mauricio emphatically declaring “Blended Finance is a way of life”.
Case studies and presentations throughout the day included:
Acorn Holding: Jean-Baptiste Imatte shared how GuarantCo‘s project used a combination of a partial credit guarantee and a returnable grant to finance six green-certified student accommodations in Nairobi.
Affordable Credit Scale Up Pilot Programme: Holly Piper presented how Fair4All Finance used junior capital and guarantees to responsibly lend to financially excluded borrowers, scaling up affordable credit provision.
Impact Economies Traction & Trends: Alasdair Maclay shared insights from GSG Impact’s 34 national partners on how impact economies have advanced, noting where blended finance needs to adapt and when its role may be temporary or long-term.
Minimum Concessionality & Crowding-in: Martina Brandli presented various approaches to applying the Principle of Minimum Concessionality, drawing on insights from a study conducted by Neil Gregory¹ for the EBRD. She guided participants through practical considerations on how scarce donor funds can be deployed efficiently and effectively, with concessional resources carefully sized to meet actual project needs, promoting transparency among blended finance providers.
Growth Fund: Helena Tuxworth presented the framework that shaped Access – The Foundation for Social Investment’s programmes and improved replicability across the sector.
Nautilus – The Blue Guarantee Company: Sadiq Mussani discussed how the Development Guarantee Group adapted the successful Green Guarantee model to de-risk investments in the blue economy.
Private Investment Mobilisation Models (PIMMs): Regina Rossmann outlined Convergence’s 12 PIMMs, highlighting how different models mobilise private capital at scale and which are most relevant for debt structures.
What’s Next: Making blended finance work for the future
The second day of the conference looked ahead to what is next for the blended finance sector. Sessions explored how practitioners can strengthen coordination, respond to shifting policy contexts, improve behaviours and practices, and work with non-traditional providers of concessional capital. Discussions focused on collaboration among stakeholders, the evolving role of philanthropy, and how these elements together can frame a clear roadmap for the future of blended finance.
Case studies and presentations throughout the second day included:
NWFE Platform: Tatevik Dadivanyan presented EBRD’s work on the energy pillar of Egypt’s Nexus for Water Food and Energy platform, a multi-stakeholder initiative replacing 5GW of inefficient oil and gas fuelled power 10GW of sustainable energy, demonstrating the power of coordination across sectors.
Energy Resilience Fund: Matt Smith Key Fund and Rob Benfield Social Investment Business explained how the fund helps charities and social enterprises cut energy use, stabilise costs, and contribute to Net Zero by blending loans with grants to maximise impact.
Pannel on Blended Finance in a Shifting Policy Context: Chaired by Kaylyn Fraser EBRD , this panel included David Neum New Philanthropy Capital, Nicolas Stone Villani Office for Investment, Andre Vassilev DESNZ and Hannah Ratcliffe (AgDevCo). The panel explored how policies can better support blended finance in a time of global uncertainty and constrained budgets.
Blended Finance Scorecard: Chris Dartsmith introduced the BII and BCG Scorecard, a toolkit to promote standardisation and scale by guiding fund design, alignment, and justification for blended finance. Edoardo Toscano BlueOrchard followed by sharing how they are already applying this framework in their own blended finance structures.
Nandi Project: Julie Bluemmel outlined how Save the Children Global Ventures used philanthropic funding to enable project design and corporate partnerships, highlighting its unique role in blended structures.
Lighthouse Pedagogy Trust: Tom Colborne showed how Esmée Fairbairn Foundation aligning investments with mission, using the Spectrum of Capital, can shift behaviours and unlock new approaches.
The conference closed with reflections on what is needed to seize the opportunities and achieve our 2045 vision. Key takeaways included being more deliberate about when to focus on scale versus innovation, driving standardisation while keeping investors’ needs in mind, and expanding taxonomies to make blended finance more replicable. The discussions also highlighted the need to reframe the role of philanthropy, maximise the use of guarantees, and improve knowledge sharing through greater transparency and collaboration.
Building on these insights, the Blended Finance Collective will continue the momentum over the coming months and launch of our Vision 2045 Roadmap, which will set out the practical steps we must take together to shape the future of blended finance.
¹ Neil Gregory, ODI Global Senior Research Associate and former IFC Chief Thought Leadership Officer.