The article explores how firms can simultaneously learn from and protect their proprietary assets in strategic alliances by building relational capital and managing conflicts effectively. Firms often enter alliances to gain knowledge and capabilities from partners, but they also seek to prevent partners from exploiting their proprietary assets. Previous research has viewed these objectives as conflicting, but the authors argue that relational capital—built through mutual trust and interaction between alliance partners—can help achieve both goals. Relational capital facilitates learning by enabling close interaction and reduces opportunistic behavior by fostering trust. Conflict management is also crucial, as it helps firms navigate disagreements and maintain trust, which in turn supports learning and protection of assets. The study uses survey data from U.S.-based firms to test hypotheses about the relationship between relational capital, conflict management, and the outcomes of learning and protection of proprietary assets. The results show that higher relational capital is associated with greater learning and protection of assets. Similarly, effective conflict management is linked to higher relational capital and better learning outcomes. These findings suggest that firms can balance the dual objectives of learning and protecting their assets by building strong relational capital and managing conflicts effectively. The study also highlights the importance of organizational fit, equity in alliances, and partner nationality in influencing these outcomes. Overall, the research underscores the value of relational capital and integrative conflict management in achieving successful alliance outcomes.The article explores how firms can simultaneously learn from and protect their proprietary assets in strategic alliances by building relational capital and managing conflicts effectively. Firms often enter alliances to gain knowledge and capabilities from partners, but they also seek to prevent partners from exploiting their proprietary assets. Previous research has viewed these objectives as conflicting, but the authors argue that relational capital—built through mutual trust and interaction between alliance partners—can help achieve both goals. Relational capital facilitates learning by enabling close interaction and reduces opportunistic behavior by fostering trust. Conflict management is also crucial, as it helps firms navigate disagreements and maintain trust, which in turn supports learning and protection of assets. The study uses survey data from U.S.-based firms to test hypotheses about the relationship between relational capital, conflict management, and the outcomes of learning and protection of proprietary assets. The results show that higher relational capital is associated with greater learning and protection of assets. Similarly, effective conflict management is linked to higher relational capital and better learning outcomes. These findings suggest that firms can balance the dual objectives of learning and protecting their assets by building strong relational capital and managing conflicts effectively. The study also highlights the importance of organizational fit, equity in alliances, and partner nationality in influencing these outcomes. Overall, the research underscores the value of relational capital and integrative conflict management in achieving successful alliance outcomes.