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The paper explores the alignment and misalignment of objectives within private companies and public organizations in their approach to the circular economy. While many studies have investigated the alignment within single actor types, this research reveals the dynamics of alignment when private companies and public organizations engage. Drawing upon qualitative research protocol, our study employs a circular economy financing initiative implemented in Italy as the empirical foundation for investigating these dynamics. The results highlight the positive repercussions when private companies and public organizations achieve perfect alignment, which triggers internal transformations within both entities. However, perfect alignment is seldom achieved. Our findings thus contribute to the literature by proposing actor misalignment as a potential barrier to the circular economy. This paper provides both theoretical and managerial insights into alignment dynamics within the context of the circular economy and offers a perspective on how these dynamics might evolve over time in multi-stakeholder circular economy initiatives. • Positive repercussions when private businesses and public actors achieve perfect alignment. • Perfect alignment between private businesses and public actors is seldom realized. • Actor misalignment represent a potential barrier to the circular economy. [ABSTRACT FROM AUTHOR]