The Triple Helix (TH) Model explains how the UIGs should work together as a team to create innovation and successful outcomes. However, due to differences in objectives, functions and mechanisms, such collaborations are difficult to form and sustain. The purpose of this paper is to document the perceptions of stakeholders involved in the Malaysian-based UIG collaborations, with respect to their strategic partnerships, under the coordination of the intermediary organization, Collaborative Research Engineering Science and Technology (CREST). A qualitative research based on semi-structured interviews and document analysis, was conducted to capture the manifestations of strategic partnership in each of the stages of the TH. Three particular themes surfaced within each stage of TH, namely, partnership evaluation, building relationship, and synergy in collaboration. In the partnership evaluation stage, the respective partners were interested to match their expertise with those of others and improve their own competitiveness, while in the building relationship stage, a trust-based relationship is expected to be of mutual benefit for all. In the last stage, transparency and facilitation become important in order to accomplish each of their respective goals. The role of the intermediary organisation across the stages builds from being a filter and legitimator and technology broker, toward providing resource support and funding. Nevertheless, its role as a mediator/arbitrator was poignant throughout all the stages.