This working paper is one of a series of studies into the effectiveness of international climate funds using a common analytical framework. Its focus is the Pilot Program for Climate Resilience (PPCR), the largest multilateral adaptation fund, with pledged capitalisation of more than $1 billion in grants and concessional loans. The PPCR focuses on mainstreaming climate adaptation into national level plans, poverty alleviation strategies and sustainability goals. The paper argues that the PPCR approach has expanded the range of financial instruments used to support adaptation in developing countries, engaged Ministries of Finance in discussions around resilience, and focused attention on the need to address underlying policy, regulatory and institutional capacity to support resilient development. The paper highlights a need to deepen national ownership of PPCR supported programs, and ensure that funding addresses the needs of the poorest and most vulnerable, to ensure long term effectiveness and sustainability.