Transnational education (TNE) has been a growth area for UK universities over the last decade. The standard typology classifies TNE by the nature of the activity (i.e., distance learning, international branch campus, franchise, and validation). By analysing a large number of TNE partnerships around the world, this study reveals that the current typology has declining value because partnerships are becoming multidimensional and blurring the boundaries between one type and another. It draws on partnership theory and transaction cost analysis to develop a new risk-based typology, using six dimensions of a TNE partnership. The new typology provides a risk profile for a TNE partnership which identifies the sources of reputational risk to the home university.