The current financial crisis in higher education is driving more public institutions to look at alternative ways to generate support. Many are leveraging longstanding relationships with private corporations, seeking ways to expand their involvement. Supporters who once simply made philanthropic contributions are becoming strategically involved through public-private partnerships, or P3s, that benefit both the public institutions and the private entities. Two types of P3s are found in higher education. One type is a practical exchange of goods or services in which colleges benefit from the tangible results of a private partner's investment, In the other, more abstract model, a partner organization lends its talent or expertise to benefit the students. This article examines these types of P3s and provides examples of the benefits for both educational institutions and private partners, as well as the challenges they face.