What can we expect in terms of security governance in targeted states as international peacebuilding interventions and security sector reform ends? Can we assume that years of reform and capacity building will result in formal security institutions whose function alone can explain stability or instability, sustainable peace or relapses into violence, or even war? In 2018, the United Nations ended its peacekeeping mission in Liberia. Celebrated as a success and role model for future undertakings, scrutinising the UN narrative may appear as a natural starting point for analysing Liberia’s relative stability. Yet, in the Liberian case, formal performance reviews will never be sufficient. This paper, with a conceptual point of departure in theories of hybrid security governance, recognises the continued entangled nature of formal and informal security provision in Liberia. It argues that post-intervention narratives of success should not keep us from assessing security beyond formal state capacity. Instead, holistic approaches are key to understand security governance as non-state security providers are, for better or worse, likely to remain relevant despite years of reform and capacity building.