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In blended finance, the first-loss tranche is the constraint that determines whether a larger capital stack assembles at all.
Zero Gap Fund's seventh annual report, released by the Rockefeller Foundation in collaboration with the John D.
MacArthur Foundation, puts a ratio on that mechanism: $30 million in catalytic capital is sustaining $1.05 billion directed at the UN Sustainable Development Goals.
The report arrives as cuts to official development assistance narrow the public channel that blended structures were always meant to supplement. The multiplier at work Catalytic capital is concessional by design.
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