This research demonstrates the value of the partnership metaphor for university knowledge transfer. Set in the context of growing evidence of a frustrated UK policy aim for a fully-fledged third stream it addresses concerns over stakeholder engagement and management, measurement and resource allocation. Focusing specifically on the partnership concepts of common ground and difference, the study identifies shared and different conceptions of academic and associate partners engaged in Knowledge Transfer Partnerships (KTP). These shared and different conceptions offer valuable insights for policy issues of engagement, management, measurement and resource allocation. Underlining the value of the partnership metaphor for third stream policy, it further highlights the importance of the missing industry partner voice. We suggest to researchers, policy-makers and practitioners not just that common ground and difference inherent in the concept of partnership should be recognised and managed, but further that these dimensions should be regarded as valuable sources of knowledge in the KTP process itself.