Whereas existing alliance portfolio studies mainly focus on the structure or management of alliance portfolios, we conceptually explore the connections between them. In particular, we formulate propositions, arguing that the formalization, centralization, and customization of alliance portfolio management moderate the relationship between the structural characteristics of alliance portfolios (i.e., alliance portfolio size and alliance portfolio heterogeneity) and innovation performance. Based on this assessment, we identify different alliance portfolio management bundles for different alliance portfolio structures and formulate interesting avenues for future research.