The study aims to close a research gap by examining international climate finance’s capacity in mobilising adaptation finance from the private sector in developing countries. Given multilateral climate funds’ readily accessible project information, the analysis herein focuses on Adaptation Fund (AF) projects and adaptation projects (including the adaptation component of cross-cutting projects) financed by the Green Climate Fund (GCF). This study reviewed 116 AF projects along with 74 adaptation and 45 cross-cutting projects in the GCF portfolio approved before 30th of September 2021. The analysis provides valuable insight, as the two funds address different project scales, apply different financing instruments, and work with a range of actors.