The purpose of this research is to encourage higher education institutions working in partnerships to evaluate the development of partnerships not only on the basis of financial indicators but take into consideration the newly created knowledge as a result of social capital, monitoring and reviewing and continuing professional development of staff. The empirical data were collected through a survey instrument originally used for a PhD study. This research study provides a better understanding of the knowledge management evaluation stage of partnership development. Findings point out that although embedded knowledge management practices support social capital development, it is expected that higher education institutions could exploit their available knowledge to a greater extent in order to improve their impact on social capital in the context of partnership development. Research findings suggest that evaluation frameworks implemented and controlled by higher education institutions regulatory and governing bodies would benefit from particular inclusion within “assessment of performance” of Higher Education partnerships that specifically consider the social impact of partnership ventures. Knowledge management is a developing theme within academia, and findings imply that executives within higher education are committed to include knowledge management training in CPD strategies, as this not only benefits higher education institutions but will also benefit higher education partnership development. In terms of originality and value, this paper straightens the critical importance of knowledge management evaluation as part of the last stage of partnership development in order to advance in the understanding of the benefits deriving from higher education institutions partnerships. Students, scholars and practitioners of knowledge management can gather a range of insights pointed at performance and knowledge creation within a partnership context.