Funded mainly by the Global Environment Facility (GEF), the Seed Capital Assistance Facility (SCAF) is jointly implemented by UN Environment and the Asian Development Bank (AsDB) and supports private equity funds to develop pipelines of renewable energy and energy efficiency projects in frontier markets of Asia and Africa. This terminal evaluation was conducted between September 2017 and March 2018, in conjunction with the Mid-term Evaluation of the successor project SCAF II, and in line with the GEF monitoring and evaluation modalities, under supervision by the UN Environment Evaluation Office. This terminal evaluation exercise has both accountability and lesson learning objectives and covers the full life of the project, the planned scopes of work for both UN Environment and the Asian Development Bank and the funding envelope of USD 9.37 million (GEF grant plus UN Environment Fund in-kind contribution). The evaluation assesses the performance of the project against the standard UN Environment evaluation criteria that address the commonly evaluated aspects of project relevance, effectiveness, efficiency, and sustainability.