This report concerns the validation and finalisation of the 2010 “Evaluation of Investment Fund Operations in FEMIP and ACP Countries”. The aim of the report is to assess the Bank’s financing of investment funds – also called private equity funds – in FEMIP and ACP countries since the mid-1990s. The purpose of the evaluation was two-fold: to provide accountability on those investment fund operations; and, to draw lessons for future activities in this area. The geographical scope covered two different but closely linked regions and therefore allowed to evaluate a sample of operations in countries with different levels of development. The sample used for the evaluation contained first generation funds, with vintage years between 1995 and 2002. The report provides some indications on the effects on the funds of recent events in the area concerned (e.g. Arab Spring).