Since its operations in November 2011, the EU-LAC Foundation has become an important instrument of the Strategic Partnership between the European Union, Latin America, and the Caribbean. This chapter offers insights into the rationale for establishing this international organization. It shows how its operations evolved over time by adapting to the priorities and dynamics of the bi-regional relations, which, in turn, were shaped by changes in the international environment. In addition to discussing the options for its structure, mission, and focus that had been pondered by the stakeholders in its foundational moment, the authors shed light on the governance structure, prioritized themes and activities of the EU-LAC Foundation throughout its first decade of existence, and assessed both the challenges and potential in its mission to strengthen the EU-LAC partnership.