This article explores the application of principles governing public–private partnerships (PPPs) to a particular case in South Africa and suggests ways in which governance principles could be incorporated more effectively within its designated objectives. Despite an increasing recognition of the need for active research into the effectiveness of governance principles within PPPs, there remains very little research about the effectiveness of PPP governance as a developmental project. The Gautrain Rapid Rail Link is a project by the Gauteng provincial government (GPG) to provide efficient public transport options and good governance, using the build, operate and transfer type of PPP. This article draws on both a background case study of the Gautrain and the conceptual framework of governance to evaluate the extent to which effective governance has been achieved through the Gautrain. It sheds light on some governance issues and on the lessons learned that might be useful in enhancing governance in PPPs in South Africa. If the PPP mega-rail transportation system is to provide a new approach to delivering goods and services to citizens in post-apartheid South Africa, PPPs will need to be viewed as governance tools, promoting transparency, accountability, risk allocation, responsiveness, collaboration, mutual commitment, social and community obligations and proper strategic representation of costs in their planning and implementation.