Changes in federal government relations with First Nations and Métis in Canada have been described as shifting over time, from fur trade colonialism, to welfare colonialism, to neoliberal partnerships. Acknowledging changes and continuities in Aboriginal peoples–state relations over time, this article examines the effects of recent policies that emphasize private–public partnerships for economic development on Indigenous communities in northern Alberta. We argue that while the term ‘partnership’ connotes equality, cooperation, and consensus, the actual workings of partnerships are anything but equal, and the effects include fragmentation, competition, and lack of overall accountability. These outcomes work against the needs and aspirations of Indigenous communities.