Investment in women and girls is growing: as we see the launch of new funds dedicated to work in this area and an increasing discussion among funders around gender (in)equality, how can we maximize this momentum? Private philanthropy offers a huge opportunity to offer creative solutions to chronically underfunded issues. Through conversations with Trusts, Foundations and philanthropists, this report explores the funding approaches that shape investment in this area, and the challenges that may be preventing the rhetoric of support for women and girls from becoming reality. By also consulting women’s rights organizations, this research reveals the alignments and gaps between the priorities and perspectives of funders and grantees. It demonstrates how more open communication can build mutual trust, encourage stronger partnerships and enable more effective work to improve the lives of women and girls.