Malawian orphans and vulnerable children are becoming increasingly numerous and visible in the media and materials produced by non-governmental organisations. As a result, orphanages are proliferating to meet their needs. Drawing on data collected in three different orphanages, this paper reports some of the positive and negative outcomes of "institutionalising" children in Malawi. Being designated an orphan is becoming a valued identity for some, and a source of vulnerability and exploitation for others. While institutions address material vulnerabilities, orphans and staff report that they can also lead to increased stigmatisation, struggles over belonging, and the disruption of community and family ties.