The relevance of collaborations between universities and industries has been increasingly recognized globally, as these partnerships are drivers of innovation and economic growth. This study focuses on best practices in benefits management in collaborations between universities and industries, particularly in the context of Research and Development (R&D) projects and programs. The exploration of this theme allows for an in-depth analysis of the structures, processes, and practices essential for improving return on investment. The research is supported by a case study of the collaboration between Bosch Car Multimedia Portugal and the University of Minho, which examines the effectiveness of benefit management practices applied. The methodology employed combines a qualitative approach, which includes a document analysis of various project-related artifacts, such as the governance model, partnership management records, and progress reports, as well as semi-structured interviews with nine stakeholders involved in the collaboration. These interviews, lasting an average of 1 h and 30 min each, were analyzed using MAXQDA, a qualitative data analysis software. The results demonstrate that benefits management focused on identifying, monitoring, and maximizing outcomes, is fundamental to the success of university-industry collaborations. The study also concludes that strategic alignment between institutions, combined with effective communication is crucial for optimizing the results of these partnerships. In addition to financial benefits, the study highlights intangible gains, such as knowledge creation, stronger cooperation networks, and the development of advanced technological capabilities. This study contributes to benefits management practices, enabling university-industry collaborations to become more effective, efficient, and successful.