An independent review of the United Nations Peace Fund for Nepal (UNPFN) was conducted from May to June 2011 by a Review Team of international and national consultants from the Organisation Development Centre, a Nepali consulting firm. The main objective of the review was to assess and examine the UNPFN’s role and contribution to the peace-building process in Nepal. In doing this, the review specifically examined the UNPFN’s: i. Governance, technical and financial systems and performance; II. Role as a complement to national mechanisms; III. Contribution to more coherent international and UN peace-building support; IV. Cumulative achievements in support of peace-building in Nepal; and V. Lessons learned with regards to peace-building in Nepal. The review team engaged over 60 key stakeholders and conducted an extensive literature review. The final report not only examines the cumulative peace-building accomplishments of UNPFN projects but highlights the evolution of the UNPFN and its ‘value-added’ impact as an instrument, with constructive advice for measures to strengthen the approaches and operations of the UNPFN in the future.