A team is more than a group of people in the same space, physical or virtual. In recent years, increasing attention has been devoted to the social bases of cognition, taking into consideration how social processes in groups and teams affect performance. This article investigates when and how teams in collaborative learning environments engage in building and maintaining mutually shared cognition, leading to increased perceived performance. In doing so, this research looks for discourse practices managing the co-construction of mutually shared cognition and reveals conditions in the interpersonal context that contribute to engagement in these knowledge-building practices. A comprehensive theoretical framework was developed and tested. The constructs in the model were measured with the team learning beliefs & behaviors questionnaire and analyzed using regression and path analysis methodology. Results showed that both interpersonal and sociocognitive processes have to be taken into account to understand the formation of mutually shared cognition, resulting in higher perceived team performance.