The Joint Multi-Donor Fund supports the Climate Vulnerable Forum – Vulnerable Twenty Group (CVF-V20): a coalition of more than 70 countries highly vulnerable to climate change. The Fund seeks to support the CVF-V20 in promoting the global ambitions of members, engaging in high-level policy fora, leveraging partnerships, and consolidating South-South cooperation. We conducted a comprehensive mid-term review (MTR) of the Fund assessed its relevance, effectiveness, efficiency, governance approach, stakeholder engagement strategy, and sustainability. This involved a detailed review of Fund policies and procedures, extensive engagement with members of the Fund’s Board, Implementation Partners, Technical Secretariat, and UNOPS (as administrative lead), and development of practical recommendations for supporting the Fund in its remaining time period. The MTR is being used principally by UNOPS and the Technical Secretariat to revise governance approaches, more clearly delineate roles and responsibilities, and re-design a Results Based Management approach to Fund design, implementation and evaluation.