The Accelerator for Fund Managers (A4FM) is an initiative designed to bridge the gap between the large pools of capital managed by institutional investors and high-growth investment opportunities in emerging and developing economies (EMDEs). Although these markets are expected to grow faster than many developed economies, they continue to receive a relatively small share of global investment because of perceived risks, market complexity, and structural barriers. A4FM, co-created with and funded by Global Affairs Canada, addresses this gap by supporting both new and established fund and asset managers with the tools, expertise, catalytic capital, and network access needed to develop scalable blended finance vehicles.
The program focuses on helping managers create bankable investment vehicles that can attract private capital at scale while contributing to sustainable development outcomes. Through training, grant funding, and acceleration support, A4FM enables participants to strengthen investment strategies, integrate impact and gender considerations, and build vehicles that can mobilize commercial capital into EMDEs.
Program Offerings
A4FM provides three integrated forms of support to help fund and asset managers design, launch, and scale blended finance vehicles that offer risk-adjusted pathways for private investors to deploy capital in EMDEs.
• Skill Building: Participants receive virtual and in-person training focused on blended finance structures, investment vehicle design, case studies, peer learning, and practical insights from Convergence’s market data and global practitioner network.
• Catalytic Grants: The program offers financial support to help managers advance blended finance solutions across different stages of development, including scoping, proof-of-concept, launch, and scale-up. Grant funding may support activities such as legal structuring, financial modeling, impact thesis validation, pipeline development, fundraising preparation, and piloting.
• Acceleration Support: Participants receive ongoing technical support, curated data and analytics, feedback on investment models, and access to Convergence’s network of catalytic capital providers, investors, and ecosystem partners. The support is designed to help applicants refine their strategies and move toward financial close or vehicle expansion.
Catalytic Grant Details
Applicants may apply for catalytic grants across three stages, depending on the maturity of their proposed blended finance vehicle.
• Stage I — Scoping: Provides funding to assess the feasibility of a new solution and validate its investment and impact potential. Applicants should have an initial vehicle design, a defined investment and impact thesis, and early stakeholder engagement. Funding is available up to CAD 260,000 as a non-repayable grant.
• Stage II — Proof-of-Concept/Pilot: Supports design and structuring activities required to prepare a vehicle for launch. Eligible activities may include fundraising preparation, legal documentation, pipeline development, financial modeling, and investor engagement. Applicants should have a refined financial model, proposed capital structure, and advanced engagement with potential investors. Funding is available up to CAD 500,000 as a conditionally repayable grant.
• Stage III — Scale-Up/Expansion: Supports activities leading up to and following the operationalization of the vehicle. For scale-up, applicants should have at least one signed investor commitment and readiness to begin investments. For expansion, the vehicle should already be launched and deploying capital. Funding is available up to CAD 500,000 as a conditionally repayable grant.
• General Grant Requirements: Across all stages, the proposed financial vehicle must demonstrate the capacity and potential to scale to an average target size of at least US$50 million. Grantees are also required to contribute at least 10% of the total project cost, either in cash or in kind.
Eligibility Criteria
To be considered for A4FM, applicants and their proposed solutions must meet the program’s eligibility requirements.
• Applicant Types: Eligible applicants include fund managers, asset managers, investment management firms, and investment advisory firms. The program is open to both emerging adopters of blended finance and experienced practitioners.
• Focus Geography: Proposed vehicles must target developing markets as defined by the OECD-DAC List of ODA Recipients. Solutions targeting least developed countries (LDCs) and lower middle-income countries (LMICs) are strongly encouraged.
• Focus Sectors: Solutions must demonstrate clear development impact in sustainability-aligned sectors such as climate, healthcare, education, financial inclusion, or other high-impact areas. Proposals should also show a strong connection to advancing gender equality.
• Mobilization Potential: Proposed vehicles must show the potential to mobilize private capital at scale and use a financial structure that can be replicated or adapted across markets.
Evaluation Criteria
Eligible applications are assessed against a set of criteria designed to evaluate the strength, feasibility, and impact potential of the proposed vehicle.
• Track Record and Capabilities: Reviewers assess the applicant organization’s experience managing investment vehicles, the strength and commitment of the core team, and the presence of relevant local partnerships or market expertise.
• Market Opportunity and Additionality: Applications should demonstrate a clear market gap, a strong rationale for using a blended finance approach, and the potential to create new investable opportunities in underserved markets.
• Target Size and Potential to Scale: Applicants must present a clear capital structure, fundraising strategy, and pathway to scale or replicate the vehicle in other markets.
• Development Impact: Proposals should include a clear impact thesis, a focus on underserved communities, integration of a gender lens, and the use of recognized standards for impact measurement and management.
• Commercial Viability and Path to Financial Close: Reviewers consider the bankability of the proposed structure, alignment with investor requirements, and evidence of progress toward financial close.
• Strategic Partnerships and Stakeholder Support: Applications are evaluated based on the strength of partner support, investor engagement, and the applicant’s strategy for stakeholder coordination and vehicle launch.
Application Process
The application process is conducted in two stages. Interested applicants must first submit a concept note for review.
• Submission Deadline: The deadline to submit a concept note is 26 May 2026, 04:59 GMT+1.
• Platform: Applications must be submitted through the Submittable platform by creating a new account or logging into an existing account.
• Process: The A4FM team will review submitted concept notes and invite selected applicants to submit a full proposal for final consideration.
• Language: The application form must be completed in English. A French version of the application materials is also available.
The Accelerator for Fund Managers offers a structured pathway for fund and asset managers seeking to develop blended finance vehicles for emerging and developing economies. By combining skill-building, catalytic grants, and tailored acceleration support, the program helps managers address market barriers, strengthen investment structures, and mobilize private capital toward high-impact opportunities. Through this approach, A4FM aims to support scalable investment vehicles that align financial returns with sustainable development outcomes.