Transboundary research collaborations (TRCs) are critical in supporting evidence‐based actions to address complex global issues, yet there remains a lack of empirical knowledge that would detail how TRCs are organized, how activities are facilitated, and how actors interact. We address this knowledge gap by evaluating a North–South TRC against the 11 principles for TRCs defined by the Commission for Research Partnerships with Developing Countries (KFPE). Using personal accounts, content analysis, and semi‐structured interviews/surveys, our evaluation casts light on how the process of running a TRC in the twenty‐first century is enacted from the perspective of the individual. Our results and discussion provide the basis for a more probing and systematic case for and against contemporary TRCs, their underlying value structures and ways of working, as well as the lacking dimensions. Evaluation of TRCs must include the experience of all the actors involved in the TRC and not only the outcomes they produce; transdisciplinarity cannot be viewed as the only way to solve general development issues, but must be carefully considered in order not to mask underlying issues of inequality and poor ethics, and; the ring‐fencing of funding for a specific purpose or TRC does not negate the need to scrutinize the activities that are undertaken in the name of the TRC.