Strengthening and building partnerships in public–private alliances is becoming increasingly important. Despite this, unlocking private capital through public resources in a blended finance mechanism for development and peacebuilding is seldom acted on, as international investors are kept at bay by the perceived ‘high risk’ of fragile contexts.

Secretary-General António Guterres has embarked on an ambitious reform agenda, calling for a shift from response to prevention through cross-pillar strategies, increased donor support to the Peacebuilding Fund (PBF), and strengthened UN system support for countries facing complex conflict risks. Spotlighting Colombia as a case study, this article shows how, in 2018, led by the Resident Coordinators Office, a pilot finance facility was successfully designed using the UN Multi-Partner Trust Fund as implementing vehicle and the PBF as funding partner.