This publication explores lessons from case studies on the governance of public–private partnerships (PPPs) in the water and sanitation sector in Asia and the Pacific. It aims to support governments and private practitioners in meeting the challenge of providing universal access to water and sanitation in the region's fast-growing cities. The report suggests three key areas for action. First, governments can establish a water governance framework supported by capable public institutions, a buoyant revenue regime, and transparent targeted subsidies. Second, they can develop the enabling environment through a sector-specific PPP strategy, rigorous project preparation, and a sound fiscal framework. Third, they can embed transaction design that incorporates bankability, balanced risk allocation, efficient and competitive procurement, and clear performance metrics linked to payment.