Knowledge exchange (KE) between research and decision‐making is increasingly demanded for tackling environmental challenges, yet there is still much to learn about how to enable that effectively. Here, we analyze a distributor of research funding (i.e., the Australian National Environmental Science Program Marine Biodiversity Hub (‘the hub’)) which actively coordinated KE between researchers and state‐ and Commonwealth Government end‐users. Through 30 in‐depth qualitative interviews with researchers, hub executives and end‐users we identify enablers of KE engagement, compare what researchers and decision‐makers found most important, and highlight what research programs and funding organizations can learn from this case study. Through an evolution of programs, the hub had a strong governance structure, co‐identified priority setting, and funding for emerging priorities. Additional enablers were a legacy of longstanding interpersonal working relationships, regular engagement, knowledge brokering roles, and the nationally trusted role of the hub. Researchers more so than end‐users found trust, the focus on clear end‐user needs as well as the hub's governance and progress‐monitoring key to success. End‐users more often indicated the early engagement, collaborative nature, and flexibility to adjust as important assets to effective interaction. Visions for future KE included better engagement of Traditional Owners, streamlining direct access to expertise, more accessible outputs, and earlier involvement of researchers in policy development. In sum, we find that time (e.g., pre‐story, early engagement) and boundary roles (e.g., knowledge brokering individuals, engaged research funders or coordinators) are key to success underlining that there are substantial components to KE success that can be nurtured and planned for.