AbstractGlobal awareness about the threats of ecosystem degradation in the Amazon is growing. While state‐managed protected areas remain key instruments for forest conservation, private actors are increasingly funding and implementing a broad range of conservation initiatives. Private actors are transforming the Amazonian conservation landscape and its governance, however, many aspects of private conservation, especially the diversity of local practitioners and the challenges they face, remain understudied. Drawing on a case study of Madre de Dios in the Peruvian Amazon, we aim to generate a better understanding of private conservation practitioners and their various approaches to conservation on private and public land. We used an extensive review of literature and databases, in addition to 13 semi‐structured interviews with various private conservation practitioners, to map privately conserved areas, and to gather perceptions about challenges, opportunities, and future pathways for private conservation. A total of 590 privately conserved areas, covering over one million hectares, were identified and mapped in Madre de Dios. We find that, while most initiatives are managed by individuals and families, for‐profit companies manage half of the total area privately protected. Furthermore, we find that private conservation initiatives face significant barriers and pressures. These barriers include complex bureaucratic processes, legal contradictions and incoherencies, corruption, weak law enforcement, and financial insecurity. Conservation policies largely favor national and international actors and less so local, grassroots initiatives run by individuals and communities. Finally, we highlight the need for more accessible and inclusive policies that recognize the contribution of less powerful actors, to foster more effective conservation efforts for the future of the Amazon.