Despite mixed results in the past, multi-stakeholder partnerships (MSPs) are considered important governance instruments for achieving the Sustainable Development Goals. This perspective discusses the ‘next generation’ of MSPs, comparing them to previous generations, and whether they can contribute to transformative change. The discussion is based on a first analysis of nearly 500 MSPs collected in the Transformative Partnership 2030 project, comprising a subset of initiatives on the Partnership Platform maintained by the United Nations. Three observations are made. First, only a small number of the 7000 or so entries on the Partnership Platform are active MSPs. Second, international organizations and national government are the main partners in MSPs. The most common functions are related to soft governance such as knowledge dissemination and information exchange. Third, MSPs mainly connect environmental and social SDGs, notably between climate change, biodiversity, health and education. They are less focused on the economic goals, addressing the drivers of unsustainable behavior. The perspective recommends an update of the Partnership Platform, more research on how to harness potential synergies across SDGs in MSPs and more attention to meta-governance of MSPs, at the UN level.