This paper proposes a model that gives deeper insights into the dynamics of interorganizational learning at the example of an alliance of two partnering firms. Current alliance research often tends to neglect a feedback-perspective which might be the reason why certain behavioral effects cannot be explained. However, we identify some major feedback-loops that influence interorganizational learning dynamics based on literature-based alliance research. Here, we focus on the concept of common and private benefits. According to literature findings the dilemma between the two kinds of benefits determines how many resources the parent companies invest in the alliance. We show how gatekeepers might lead a learning alliance to common success. We also show how short-term views of potential private benefits might not only lead to failed common goal attainment but also ruin a firmís collaborative reputation in the industry.