In 2002, the Global Fund (GF) was established to be a “new and improved” model for health aid. Founding head, Richard Feachem coined the pithy phrase “Raise it. Spend it. Prove it.” to capture their raison d’etre. A hard-hitting evaluation of their first five years has just been published. It gives them: an A – for “raising it”; a B – for “spending it”; and, a D minus, for “proving it”.