Semidefinite programming (SDP) is an indispensable tool in computer vision, but general-purpose solvers for SDPs are often too slow and memory intensive for large-scale problems. Our framework, referred to as biconvex relaxation (BCR), transforms an SDP consisting of PSD constraint matrices into a specific biconvex optimization problem, which can then be approximately solved in the original, low-dimensional variable space at low complexity. The resulting problem is solved using an efficient alternating minimization (AM) procedure. Since AM has the potential to get stuck in local minima, we propose a general initialization scheme that enables BCR to start close to a global optimum-this is key for BCR to quickly converge to optimal or near-optimal solutions. We showcase the efficacy of our approach on three applications in computer vision, namely segmentation, co-segmentation, and manifold metric learning. BCR achieves solution quality comparable to state-of-the-art SDP methods with speedups between 4× and 35×.