Virtual project teams fulfill business strategies and realize business objectives in a competitive business environment. However, these teams work together over a limited period of time across geographical distances and varied time zones, which pose risks on the team’s performance as knowledge that is necessary to accomplish crucial project tasks may be impeded. Through information technology, these teams are able to communicate and develop their respective transactive memory systems—a concept known to help teams pool together a collective working knowledge to improve team performance. In addition, trust among team members plays an equally crucial role in the development of transactive memory systems. By presenting a conceptual model and a set of propositions, this study explores the interrelationships between trust, transactive memory systems, information technology and their consequential impacts to team performance in a virtual project context.