This report uses Convergence data and insights to provide an updated analysis of the blended finance market, including intended impact, blending approaches, focus sectors, and target regions. The report also highlights the most active organizations in the space, provides an overview of emerging trends and themes in blended finance, and reflects on progress towards ‘better blending’. Established out of the Addis Ababa Action Agenda, Convergence generates blended finance data, intelligence, and deal flow to increase private sector investment in developing countries for sustainable development.