In this study, a PDS [professional development school] partnership is examined using the lens of "professional capital" (Hargreaves and Fullan, 2012) with an emphasis on the perspectives of teachers in preschool through grade 8. Findings suggest that teachers were less likely than university faculty to indicate that the partnership contributes to qualities of professional capital. Further, teachers described ways in which reciprocity, parity, and trust with university partners impacted their role in the PDS relationship.