Institute of Public Finance evaluated three policy think-tanks: The International School of Economics at Tbilisi State University – Policy Institute (ISET-PI), Tbilisi, Georgia; The Economic Policy Research Center (EPRC), Tbilisi, Georgia; and The Center for Economic and Social Development (CESD), Baku, Azerbaijan. The task was to evaluate the overall capacity of the three TTF grantees for identifying relevant policy subjects and conducting quality policy research. The Institute assessed the quality of research, communications and advocacy, and internal management and governance of the think-tanks so that the TTF could evaluate whether they remain relevant subjects in the policy-making environment of their respective countries; whether and how the TTF grant has assisted the grantees with improving over the previous three years, and to generate ‘lessons learned’ to inform future grant-making practices of the TTF.