Although private sector involvement in physical education seems to increase, academics and practitioners have been highly critical of its impact. This paper examines the evolution of Quality Physical Education Guidelines of the United Nations Educational, Scientific and Cultural Organization (UNESCO) as an example of a public-private partnership in international physical education. Applying the multiple streams framework, it is claimed that the increasing framing of physical inactivity as a socio-economic factor for increased health costs, the contested transfer of physical education concepts of the Global North and the persistent under resourcing of UNESCO account for the creation of a public-private partnership (PPP). UNESCO and its determined policy entrepreneur skilfully managed to establish the collaboration of a financial and intellectual PPP by using a policy window. Although the guidelines represent in some respects a progress in global policy-making in physical education, they show limitations typical for public-private partnerships, that is, a target selection reflecting the agenda of private partners and an increased dependency of UNESCO on corporate contributions.