External finance for developing countries was already stagnating in the years before the pandemic. The pandemic has driven this into a nosedive. The investment needs for developing countries remain huge, especially for infrastructure, climate and other SDG-related investments. This report examine how private capital could be mobilised for development and examines key issues, particularly for institutional investors, whose exposure to less-developed countries is still very low. The report concludes that there is potential for progress as asset owners seek new diversification opportunities in growth markets however, it is essential that governments create favourable business conditions for investable long-term assets.