Introduction
Vision 2045 roadmap
How we have developed this roadmap
Over the last three years, the Collective has grown to over 250 members, representing a cross-section of the blended finance sector, including fund managers, investors, Development Finance Institutions (DFIs), philanthropic funders, policymakers, lawyers, network builders and others. This breadth of experience and perspectives means we are well placed to co-develop a shared roadmap for the sector.
The roadmap was developed through collaboration with our members and experts, drawing on priorities identified at our 2025 annual Conference, Vision 2045. Together, we explored how blended finance is addressing systemic challenges and what must change to scale future impact.
This roadmap reflects that joint effort. It sets out the actions and priorities that will help build a thriving blended finance market by 2045.
Putting the roadmap into practice
This roadmap is not a workplan for the Collective alone, but a shared vision for the sector. It offers a common direction and practical ways of working that different organisations can take forward, depending on their role.
We invite all blended finance practitioners to engage with the roadmap, explore how the principles it sets out can strengthen their work, and collaborate with partners to advance blended finance practice.
True progress will depend on leadership and collective action across the ecosystem - aligning efforts, sharing lessons and shifting mindsets.
The Collective will continue to convene practitioners, share resources and collaborate with networks such as GAIL, Convergence, the GIIN and the DFI Working Group to promote learning, reduce duplication and accelerate progress towards a thriving blended finance market by 2045.
The blended finance market
How blended finance unlocks impact at scale
Blended finance is a defining feature of the impact economy, helping to close the funding gap needed to meet the Sustainable Development Goals (SDGs). It works by:
Bringing together public, private and philanthropic capital to unlock investment that delivers lasting social and environmental impact.
Reaching underserved communities and challenges that are beyond the scale of public and philanthropic capital alone.
Sharing risk and aligning returns to enable private investors to participate in opportunities that fall outside traditional risk–return thresholds.
Increasing the total volume of funding available and bridging the gap between commercial and impact capital.
Supporting flexible approaches, from leveraging new sources of capital and making high-impact models commercially viable to covering the additional costs faced by impact-focused fund managers.
Blended finance is a vital tool for building inclusive, sustainable and resilient markets, and for reimagining how capital works in service of people and the planet.
Growing momentum of blended finance
Blended finance in emerging markets: Convergence data released in 2025 have tracked 123 blended deals with the aggregate deal value totalling $18 billion. Median deal size also rose from $38 million (2020 - 2023) to $65 million (2024) reflecting growing ambition and scale.
Blended finance in the UK: Blended finance continues to gain traction across the UK, particularly within the social and environmental impact investment space. Public finance institutions are increasingly adopting blended approaches, with stronger capacity and appetite for partnership and co-investment. Examples include:
British Business Bank’s Growth Guarantee Scheme, which mobilised £232 million for social investment between 2021 and 2025.
Better Futures Fund, the UK’s largest blended finance initiative to date, supporting vulnerable children and families.
Emerging institutions such as the National Wealth Fund and the Scottish National Investment Bank are also exploring blended finance models to deliver long-term public benefit, particularly in the areas of climate transition and place-based investment.