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irsa.institute › library › why-blended-finance-underperforms
Blended finance assembles single-cycle, liability-bearing components (tranches, guarantees, first-loss layers) for objectives that are inherently multi-cycle and relational. From this one mismatch follow three failure modes — horizon collapse, the de-risking paradox, and measurement at the deployment boundary — that render the catalytic claim structurally unfalsifiable and persist under flawless execution. The conditions for an alternative are derived as inversions; the recoverable-grant family (CADA) satisfies them.
Where it sits. Diagnostic applying the Capital trunk's cycle logic to blended finance. The instrument critique behind the systemic-investing thesis: a multi-cycle objective pursued with single-cycle instruments. Conditions derived here are satisfied by CADA; situated within Regenerative Capital Theory.
The long-form argument for this work still lives on the existing explainer at /explainer/why-blended-finance-underperforms. This page carries the abstract and the corpus metadata — the frame the argument would move into unchanged.
The works either side of this one in the canon order — what it builds on and what builds on it.
Where to go once you have the argument — the paper it comes from, the instrument that measures it, or the next thing it depends on.