Since the 1970s, transnational alternative policy groups (TAPGs) have generated visions and strategies pointing to alternatives to capitalist globalization. However, TAPGs are also embedded in networks of intergovernmental organizations (IGOs) and foundations, and may thus be subject to NGOization. This paper examines two bodies of data relevant to this issue: (1) network data that highlight TAPGs' links to major sources of funds as well as key IGOs; (2) reflections of TAPG protagonists gleaned from in-depth interviews conducted at these groups. While our network analysis is consistent with the NGOization narrative, and while our participants offered many narratives of their own in line with it, they also provided more nuanced accounts that begin to specify the contingencies mediating between, on the one hand, resort to formal organization and to working with IGOs and foundations, and on the other hand, descent into hegemonic incorporation. In a neoliberal political-economic environment, the future of counter-hegemonic politics hinges partly on our identifying how 'preventative measures' can be brought to bear on processes of NGOization.