Managed by IFC, the Kakuma Kalobeyei Challenge Fund (KKCF) is a multi-donor initiative promoting private sector engagement in a refugee-hosting area in Northwestern Kenya. This theory-based, mid-term review of the KKCF covered the six traditional evaluation criteria as well as the cross-cutting areas of fragility/conflict-sensitivity, gender, and environmental & social aspects. It also involved the elaboration of case studies on selected KKCF investees in the agribusiness, education/childcare, financial services, and telecommunications sectors.