Governance is one of the major challenges in blended finance funds, often leading to structures that appear complex to private investors. In this panel, we will explore the difficulties encountered in successfully setting up funds that aim to bring together public and private partners. After an introduction of the current state of blended funds in the sector by Tameo (drawn from data collected for the Private Asset Impact Fund 2024 report), the Arendt Impact Finance team, specialised in the legal structuring of blended finance funds, will moderate the panel where LuxDev will present the public investor point of view and its constraints while BlueOrchard will share about the challenges encountered for the management of these funds.