Investing in emerging and frontier markets entails a level of risk that keeps many investors away. But in many cases, these countries have the fastest-growing economies, with massive consumer markets and major infrastructure opportunities. Often, rewards are there for investors with the guts to take on the risks—and with the intelligence to manage them. Where risks remain high, there’s an important role for multilateral institutions in deploying blended finance tools. But to date, blended finance has fallen far short of the promise of de-risking investments and catalyzing private investment. What are the current risks in developing and emerging markets: Are they manageable? And how big is the difference between investor risk perception and realities on the ground? What’s needed for multilaterals to rise to the promise of moving capital from “billions to trillions" across Latin America, Asia, and Africa? What opportunities exist in supposedly "risky" markets, and what can we learn from the strategies of investors who excel there?