There has been increasing interest on the role of private foundations in education finance and delivery. We argue that this is due to a macro-policy context of stagnating levels of official development assistance for education and an uncritical acceptance of a logic of neutrality and the efficiency and effectiveness of of partnerships and philanthropy. This paper reports on the results of a literature review on private foundations in education and development. It found significant contestation against the claims of neutrality, efficiency, effectiveness. It also identifies salient methodological and substantive issues for the development of a research agenda on the issue. (Contains 8 tables.)