This paper identifies and analyses a diverse sample of 52 intermediaries active in deploying one or more key functions across the investment value chain for 3 specific sub-sectors: utilities, small scale water and sanitation service providers and nature-based solutions. The analysis assesses the extent to which the activities of these intermediaries is aligned with the critical functions needed to mobilise finance across the sub-sectors. It identifies gaps, redundancies and misalignments and calls for a shift from the current opportunistic approach to a more strategic approach in the design and activities of intermediaries, supported by governments and financial institutions.