Compared to regular contracts, infrastructure development and management through Public-Private Partnerships (PPPs) is expected to lead to better cost and time performance. However, the evidence for this performance advantage of PPPs is lacking. This article analyzes the performance differences of projects with a Design-Build-Finance-Maintain (DBFM) contract (a type of PPP) and a Design-and-Construct (D&C) contract. Project performance data were collected (N = 65) from the Project Database of Rijkswaterstaat and analyzed using non-parametric tests. Rijkswaterstaat is the executive agency of the Ministry of Infrastructure and Water Management. The results show that DBFM-projects have a significantly higher cost performance than D&C-projects. In particular, DBFM-projects have less additional costs related to technical necessities in the implementation phase. Regarding time performance, DBFM-projects seem to perform better although the difference with D&C-projects is not statistically significant. The article discusses explanations for the performance advantage of PPPs, rooted in principal-agent theory. From this discussion, an agenda is presented for further research into the performance advantage of Public-Private Partnerships.