How Blended Finance Powers 8% IRR in Emerging Market Utilities

Episode notes

Blended finance is making hard deals in emerging markets investable. It drives real infrastructure development where capital markets are thin. And when the work involves emergency aid and building businesses, you need someone who’s seen how money really works in emerging markets. Few people know how to make those pieces fit together better than my guest today. Talmage Payne has spent three decades proving that mission-first investing can deliver both measurable social impact and competitive returns. Talmage is the founder of multiple social ventures across Southeast Asia and West Africa. He now serves as chairperson of TapEffect, a piped water utility delivering clean water to rural communities. There, households pay for the service, and the company delivers an 8-9% IRR. Today, we talk about how to blend grants, equity, and debt to scale essential services and how smart impact measurement keeps both investors and operators accountable.

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