Announcement originally published on Convergence on 15 April, 2026
Find out more about Oryx Impact on our cohort page
Washington, D.C., April 15, 2026 — At the sidelines of the World Bank Spring Meetings, Convergence Blended Finance, in partnership with Global Affairs Canada (GAC), announces the first cohort of fund and asset managers selected under the Blended Finance Accelerator for Fund Managers (A4FM).
Selected from a highly competitive pool of over 180 applications, six fund and asset managers will receive catalytic grant funding and tailored acceleration support to scope, structure, and launch scalable blended finance vehicles that mobilize private and institutional capital towards developing markets.
A4FM supports Canadian and global fund and asset managers to realize opportunities in undercapitalized developing markets by designing bankable blended investment vehicles. The program’s selected cohort reflects increasing sophistication by fund and asset managers in the use of blended finance to address key barriers such as currency risk, early-stage market gaps, and macro-economic instability to mitigate limited institutional investor participation.
According to Convergence Market Data, asset managers in lead structuring roles or as General Partners accounted for 21% of blended finance transactions over the past decade. Meanwhile, institutional investor commitments to blended finance have increased from just $2 million in 2022 to $1.6 billion in 2024. These trends highlight the growing role that fund and asset managers and institutional investors are playing in mobilizing private capital for sustainable development.
A4FM aims to accelerate this momentum by equipping both institutional asset managers and newer fund managers with the tools, expertise, and partnerships needed to access opportunities in undercapitalized sectors, particularly in least developed countries and lower middle-income countries , while creating diversification benefits and upside potential for investors.
The cohort’s selected vehicles span multiple asset classes, including private equity, credit, and venture capital, and target critical areas such as small and medium-sized enterprise (SME) financing, climate adaptation, and job creation. These vehicles are designed to mobilize capital from a diverse set of investors, including pension funds, insurers, development finance institutions, and family offices, while addressing persistent financing gaps in underserved markets. Over time this cohort has the potential to mobilize ~USD 1 billion in public and private commitments.
Introducing the cohort:
- Àrgentil Capital Management Limited was awarded Proof-of-Concept Stage support to structure and launch Àrgentil Investment Fund (ÀSIF) L.P., a USD 75 million growth-oriented private equity fund targeting underserved SMEs in Nigeria and Ghana, incorporating a dual-currency structure to enable participation from both international investors and domestic pension funds. Convergence’s support will focus on refining the FX structuring framework, strengthening the local currency sleeve, and advancing investor engagement, particularly with local pension funds, to validate and operationalize the model.
- Ashmore Group plc was awarded Scoping Stage support to design a USD 500 million private debt strategy, aiming to mobilize institutional capital into emerging markets through a diversified portfolio of impact-oriented private debt, including loan participation alongside development finance institutions and multilateral development banks. Convergence will support finalization of structuring elements, including credit rating processes and investor positioning, and to scope a strategy aimed at unlocking capital from pension funds and insurance investors.
- Double Feather Partners (DFP) was awarded Proof-of-Concept Stage support to advance the DFP Africa Mobility Innovation Fund (AMIF), a USD 50 million blended finance Venture Capital fund unlocking Africa’s mobility and logistics transformation by backing scalable ventures that improve supply chains, create jobs, and reduce emissions. Convergence’s support will strengthen the fund’s structure, accelerate fundraising, and expand its team capacity and pipeline of investable opportunities.
- Ecotierra was awarded Proof-of-Concept Stage support to develop Urapi II, a USD 120 million blended finance vehicle focused on sustainable agroforestry and value chains in Latin America. Building on the track record of its first fund, Urapi II aims to scale investments in regenerative land use, supporting smallholder farmers and forest-based value chains while delivering climate mitigation and biodiversity outcomes. The fund will leverage catalytic capital to de-risk investments and mobilize private institutional capital into nature-based solutions. Convergence will support Ecotierra in refining the fund’s capital structure and financial model, advancing legal structuring, strengthening its impact and gender frameworks, and engaging prospective investors.
- EG Capital was awarded Expansion Stage support to launch and scale-up the Economic Empowerment Fund (EG-EEF), a USD 100 million blended finance debt fund investing in SMEs for supply chain security and resilience in Africa, with a strong emphasis on job creation, gender inclusion, climate adaptation, and intra-Africa regional trade. Convergence’s support will focus on advancing the pathway to final closing, strengthening the catalytic structure, supporting deployment into the first investments, and refining FX risk management approaches.
- Oryx Impact S.L. was awarded Proof-of-Concept Stage support to launch the USD 250 million Oryx Impact Fund-of-Funds approach designed to mobilize capital into African impact funds while introducing blended finance features to crowd in local institutional investors, including sovereign wealth funds. Convergence will support the development of the blended structure, investor outreach, and positioning of the vehicle to attract domestic capital, particularly from pension funds and regional financial institutions.
The next call for proposals is currently accepting applications until 25th May 2026. Join us for an information session on 28th April 2026 (West Coast/Europe) and 29th April 2026 (East Coast/Asia) to learn more about the application process.
Quote from Joan Larrea, CEO, Convergence:
The strong response we’ve seen to A4FM, combined with the quality of this first cohort, demonstrates the growing role of fund managers in blended finance. Through A4FM, we are helping to turn promising concepts into investable opportunities, ultimately building a pipeline of scaled blended finance vehicles that can deliver real impact.
Quote from Leah Pedersen, Senior Director, Blended Finance Accelerator, Convergence:
The pace of economic growth in developing countries creates significant opportunities to address the challenges of poverty, achieve sustainable development, and generate investor returns. Successful capital allocation to these markets requires blended solutions that are both commercially viable and responsive to local market realities. Through A4FM, we will support fund and asset managers to accelerate strong blended finance concepts into bankable, investor-ready vehicles mobilizing institutional capital where required the most.
About Convergence and the Blended Finance Accelerator
Convergence is the global network for blended finance. Through its Blended Finance Accelerator programs, Convergence supports practitioners with grant funding, technical assistance, and market intelligence to design and launch innovative investment solutions that mobilize private capital for sustainable development.
The Blended Finance Accelerator for Fund Managers (A4FM), funded by Global Affairs Canada, is a multi-year initiative designed to strengthen the capacity of fund and asset managers to structure and scale blended finance vehicles targeting emerging and developing markets.
