In order to give students an authentic learning experience and better prepare them for the life-long learning required in contemporary workplaces, educational institutions increasingly use project-based learning in teams. However, this poses the challenge of developing authentic and equitable assessment criteria that reflect individual contributions in a team-work setting without jeopardizing project outcomes. We present a novel and innovative portfolio-based assessment framework that focuses on qualitative outcomes and ensures that the level of achievement reflects a student’s competency across each of the defined learning dimensions, including professional behavior, teamwork, process and relevant contributions towards project deliverables. In this paper, we present the main motivation behind devising and introducing the framework and also reflect on the educational outcomes and challenges of implementing the framework in the context of two final year Software Engineering project units.