Over the past decade, public–private partnerships (PPPs) have garnered a considerable attention in reshaping higher education in South Asia. Framed as collaborative efforts between state institutions, private philanthropic agents, and international development organizations, these partnerships are often viewed as mechanisms for increasing access, improving infrastructure, and expanding academic opportunities. However, their role in fostering equity within higher education remains a subject of ongoing debate. This research critically examined the equity implications of philanthropic public–private partnerships in Pakistan’s higher education sector. It explored how local philanthropic initiatives, scholarship funds, and international donor-supported programs function as forms of PPPs, navigating the tensions between market efficiency and social inclusion. Employing a qualitative research methodology, the chapter analyzed the landscape of public–private partnerships in Pakistan. Content analysis of policy documents, donor reports, and partnership agreements, along with semi-structured interviews with university officials, faculty members, scholarship recipients, and policy experts, was conducted to examine how such partnerships bridge crucial gaps in an under-resourced public system while simultaneously reproducing structural inequalities through selective access and elite institutional capture. The research focused on exploring need-based scholarship schemes, donor-funded institutional development projects, and international academic exchange programs. Framing these dynamics within broader debates on neoliberal governance and knowledge hierarchies in South Asia, the chapter explored that while philanthropic PPPs can play a valuable role in promoting educational equity, they often privilege particular socioeconomic groups and epistemic traditions. The chapter contributed to the rethinking of public–private partnerships in higher education, proposing inclusive, transparent, and locally grounded models that align private contributions with public interests, ensuring equitable and socially just educational futures in South Asia.