Refugee crises are one of the grand challenges of the 21st century. Despite the theoretical importance attached to value created for beneficiaries in the partnership literature, research tends to focus on internal processes and value created for partners and partnerships, leading to widespread calls to further specify the value created by partnerships for beneficiaries. Applying an analytical framework from the value creation and social impact literatures, we report on a study of multiple social partnerships of a nongovernmental organization in the refugee issue field. Our results demonstrate that frames of refugees held by partners and in partnerships’ implementation contexts shape the value creation activities undertaken for beneficiaries, and determine whether value is created and what types of value. The dual contribution of this article comprises a rare empirical study of value creation activities for beneficiaries (here, refugees) and theorization of how and when implementation context affects value creation by partnerships.