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Michael Tetelman March 19, 2023

This panel session interrogates the value of blended and results-based financing in the education sector through three dimensions – 1) are these approaches generating sustainable and significant education and learning outcomes; 2) are investors achieving a profit and finding it a sustainable social investment; and 3) are these approaches scalable, and if so, how?

It is worth asking these questions considering the importance of quality education for a country’s social and economic development and the fact that host country governments and donor agencies are investing significant funding in this space.

To address these questions, we will focus particularly on the growing trend of blended and results-based financing in the education sector in emerging and frontier markets.


Fireside Chat (3 speakers maximum)


Education; blended finance; public-private partnerships; private sector engagement; results-based financing; pay-for-performance

Purpose and Desired Outcome

This panel session will explore the efficacy and impact of blended and results-based financing (RBF) in education through a series of case studies in emerging and frontier markets. The panel session will address the following questions: • What are the operational and business models used in blended finance and RBF for education sector reform? What’s been successful and what has not? • Have education and learning outcomes been attained? • What are the best metrics to use when evaluating the efficacy of impact investing in education, and especially here in blended finance and RBF? • Has the investment been worth it? • What if any unintended consequences have occurred because of the blended finance and RBF programs? Have they for example widened the equality and access gap in education? • How have these initiatives fared for the investors? Have investors made a profit? • Can and should these initiatives be replicated and scaled up? If so, how much does local context affect the prospects for a successful scape up? • What lessons learned does blended finance and RBF in education provide for other types of sectors? The panellists include a Managing Partner of a private equity firm focused on education and skills development in Asia and Sub-Saharan Africa and an education finance specialist overseeing a global activity funded by the United States Agency for International Development (USAID) focused on blended finance in development. Additional speakers / panellists will be identified during the crowdsourcing process of the SOCAP session proposal process. • Nirav Khambhati – Managing Partner, Kaizenvest • Michael Tetelman – Education Finance Activity Lead, CATALYZE, Palladium Group Global


  • Allocators (Family Offices, HNW Individuals, Foundations)

  • Intermediaries (Financial Advisers, Investment Bankers)

  • Government

  • Academia


  • NameMichael Tetelman
  • TitleEducation Finance Activity Lead, CATALYZE
  • OrganizationPalladium Group Global
  • StatusConfirmed
  • NameNirav Khambhati
  • TitleManaging Partner
  • OrganizationKaizenvest
  • StatusConfirmed
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