The early implementation evaluation of the Egyptian American Enterprise Fund (EAEF) was implemented by Banyan Global in collaboration with subcontractor Millennium Partners under the United States Agency for International Development (USAID) Bureau for Policy, Planning and Learning’s Office of Learning, Evaluation and Research (PPL/LER) flagship monitoring and evaluation indefinite delivery, indefinite quantity (IDIQ) contract, EVAL ME. The objective of this task order was to provide USAID/Washington with a full, evidence-based and independent, early performance evaluation of EAEF’s first five years of implementation. EAEF’s overall goal, supporting a more competitive, private-sector led and inclusive Egypt economy, is to increase private sector investments in promising small and medium-sized enterprises (SMEs); promote and disseminate international commercial best practices; and attempt to “crowd-in” investment in Egypt’s SMEs from other sources. With EAEF having commenced full operations, it was an opportune time to conduct an evaluation to take stock of the accomplishments and challenges encountered by EAEF, as well as to garner important lessons learned to inform future work. The evaluation rigorously examined the processes, governance, and operational structures which had been established at the time of the evaluation. As a result, Banyan Global provided USAID and the fund with conclusive findings on the extent to which these structures have laid the groundwork for successfully achieving the fund’s legislative and grant agreement purpose and provided recommendations to improve future programming.