The development cooperation system is currently under pressure to change and demonstrate its usefulness for addressing more complex development challenges. Triangular Cooperation constitutes a modality of cooperation that can contribute to this change, opening space to more inclusive formulas of partnership. However, such results are neither guaranteed nor automatic, as TC can also contribute to reinforcing vertical relationships that characterize traditional aid. It is therefore important to identify the factors that contribute to tipping this balance in one direction or another. This article aims to investigate these aspects, offering an analytical framework by which to identify the main elements that contribute to giving TC its transformative role. The analysis suggests that this result depends on the relationships established among the actors involved, which are conditioned not only by structural factors associated with the countries’ diverse conditions (economic, technological, geostrategic position) but also by other ideational and strategic factors.