The use of public–private partnerships (PPPs) for infrastructure provision has not always been based on their promise to deliver value for money (VfM). PPPs have also been applied to keep investments off governments’ annual accounts. This article links that motivation to particular modes of practice. It depicts the case of the Belgian region of Flanders. In this jurisdiction, a long-term PPP policy strategy, central coordination mechanism, and application of VfM assessment tools have remained absent. PPP has been used in an ad hoc way, which has granted government departments leeway in closing partnership deals. The result has been a fragmentation of both knowledge and practices. It will be challenging to realize reforms that include a more critical stance toward PPP and foster learning processes: Actors have become used to their ways of dealing with PPP and seek to pursue their own fragmented trajectories.