This report, produced in partnership with Global Affairs Canada, explores how select donor countries have designed and operated their blended finance programs. It considers the factors that have guided their decision-making and explores the best practices underpinning efficient resource allocation, optimal development, and climate impact outcomes. The report was constructed through direct engagement with nine donor countries, who provided insights on the varied institutional configurations covering a variety of blended instruments and approaches. This report explores such themes through stakeholder reviews and interviews, providing an evaluation of blended finance programs that have been structured and launched. It assesses how blended finance programs can best be structured to meet institutional requirements and mobilize private capital at scale most effectively. This report explores best practices on institutional design, capacity building, partnerships, and gender lens integration and identifies key takeaways on them.