Toronto, 2 July 2025 (Seville, Spain) - As development finance leaders around the world converge at the Fourth International Conference on Financing for Development (FFD4) in Seville Convergence Blended Finance marks a major milestone: a decade of driving private capital mobilization through blended finance.
Launched in 2015 at the Third International Conference on Financing for Development in Addis Ababa, Convergence has grown into the world’s leading organization dedicated to blending private, public, and philanthropic capital for the greater good.
Convergence now convenes a network of 200 public, private, and philanthropic organizations committed to funding and investing in sustainable development in emerging markets. It also houses the largest and most comprehensive database of historical blended finance transactions, with 1350 transactions, representing $249.2 billion. This Market Data powers Convergence’s many publications from the flagship State of Blended Finance Report to Data Briefs that provide data-driven insights on specific sectors, regions, investors, and more.
To increase deal flow, Convergence’s Blended Finance Accelerator provides grants, technical assistance, and market intelligence to scope, structure, and launch new blended finance solutions. Since 2017, it has awarded over $22 million to 72 pioneering solutions, which have gone on to mobilize over $2 billion. The Accelerator has partnered with diverse funders to run initiatives with a range of regional and sector foci, including RS Group, a Hong Kong-based family office, the Governments of Canada and Australia, The Rockefeller Foundation, and more. Solutions supported span a wide spectrum, from the Nature Conservancy’s Belize Blue Bond for Ocean Conservation to KOIS’ Refugee Impact Bond and Albion Capital’s Green FIDC (Portuguese for Green Receivables Fund).
The blended finance market has grown alongside Convergence. Based on its recently published State of Blended Finance report, there has been steady growth in deal flow since Convergence began tracking it in 2017, with deal flow in 2024 higher than previous years (excluding 2023) at 123 deals reaching close totaling $18 billion in financing. Median deal size also rose from $38 million (2020 - 2023) to $65 million (2024) — reflecting growing ambition and scale.
“The recent precipitous cuts to foreign aid have put blended finance at a crossroads. It has never been more important, but it will likely get much harder,” says Joan Larrea, CEO at Convergence. “I am so proud of what Convergence has accomplished in the last ten years and I believe our work over the past decade has laid the foundation to help the market meet this moment of challenge and opportunity.”
To mark its 10-year anniversary, Convergence will host the first ever Global Blended Finance Forum in Washington DC from November 3-5. This first of its kind gathering will bring together a wide spectrum of blended finance practitioners to share insights, discuss market trends, and break down silos, with an aim towards defining the next decade of blended finance.
Convergence was initially designed and launched by Global Affairs Canada, the World Economic Forum, Dalberg Global Development Advisors, and the Global Development Incubator. Today, Convergence is supported by a growing roster of governments and global institutions committed to advancing blended finance worldwide.
About Convergence
Convergence is the global network for blended finance. We exist to increase private investment in emerging markets and developing economies to advance the UN Sustainable Development Goals and Paris Agreement.
Our members include private investors looking to diversify their portfolios, businesses seeking capital, as well as public agencies and philanthropic foundations looking to make their funds go further.
Media Contact
Sijia Yi
Head of Communications
Convergence
[email protected]
