Over the last decade, public-private partnerships between states and a variety of non-state actors have proliferated as vehicles for functional co-operation at the global level. In parallel, there has been an emerging trend to accord such partnerships the privileges and immunities normally reserved for intergovernmental organizations (“IO-type privileges and immunities”). After identifying the legal and normative issues associated with this trend, this article argues that IO-type privileges and immunities should be restricted to entities that are clearly established under and governed by international law, and that any approach to IO-type privileges and immunities as a uniform package deal, regardless of the precise functional requirements of the global public-private partnership and its different categories of staff, or the specific conditions in the relevant national jurisdiction where a given privilege or immunity is sought, should be avoided.