Recent surveys conducted by academic researchers and industry practitioners suggest that organisations still struggle to adopt knowledge management (KM). Success of KM initiatives is hampered by several factors, for example: limited understanding of KM concepts. In this paper we argue that inadequate KM maturity models undermine KM success. Maturity encourages clarity of epistemological assumptions and judgements to plan and control the KM activities. This paper discusses how organisations investing in KM initiatives can increase KM maturity to develop knowledge assets and to maximise the use of knowledge that adds value in various functions. The features and limitations of use of selected extant maturity models applied in KM are examined. The paper makes two key contributions to the KM field. One, it introduces the Information Technology-Capability Maturity Framework (IT-CMF) as a means of mapping KM maturity. Two, the paper develops a capability-driven KM maturity model, based on the IT-CMF. Drawing upon the dominating qualities of this model, one implication for practice is to develop different viewpoints of capabilities for KM initiatives. The paper concludes by providing explanations of increasing KM maturity, based on an interpretive lens.