In this paper we evaluate action learning for leaders of social enterprises and charities. Based on ethnographic research including participant observation, facilitator reflective diary notes and in-depth, qualitative interviews with participants of two action learning sets undertaken over eight months, analysed using Wenger, Trayner, and de Laat [2011, "Promoting and Assessing Value Creation in Communities and Networks: A Conceptual Framework." Open universiteit, Ruud de Moor Centrum. http://www.ou.nl/documents/14300/23cd8044-ce98-48d3-8733-8fa0404380ab.] value creation framework, we show how the current and future value of action learning is perceived by the participants. We seek to give a deeper understanding of the perceived value of action learning in the context of the not-for-profit sector. We discuss how the value creation framework can be used to think about learning interventions such as action learning, the value of which is notoriously challenging to articulate both in terms of evaluating action learning and forward planning value.