This article focuses upon the relationship between culture, urban regeneration schemes, and their impact on socio-cognitive assets – namely, social and human capital. It examines three major urban regeneration projects in the districts of Saint Michel (Montreal, Canada), Auburn (Sydney, Australia) and Bicocca (Milan, Italy), where culture has been invoked as a main transformational driver at the economic and socio-environmental levels, but with different approaches and results. Through comparative analysis, we develop a more general reflection on the social impact of culture-led urban transformation processes, questioning the actual role of cultural initiatives – particularly those related to the creation of new cultural facilities and the programming of big cultural flagship events – and participation as a means to improve the local social milieu. We find that a key role for social efficacy is played by projects’ capacity to elicit the commitment of residents through inclusive cultural participation, as opposed to instrumental top-down initiatives mainly addressing city and neighbourhood branding and real estate marketing purposes.