Blended finance aims to unlock additional private finance for the sustainable development goals (SDGs), however, it has not yet reached the anticipated scale to deliver on SDG 15: Life on Land. So far, blended finance approaches have not been fully adapted to the context where conservation activities take place, for example on communal lands—a common tenure arrangement for conservation in southern Africa. This study identifies opportunities, barriers, and risks to up-scaling private finance for nature in the context of community-based natural resource management (CBNRM) in southern Africa. It considers the feasibility and desirability of relevant revenue streams towards achieving long-term financial sustainability in conservation landscapes, including sustainable wildlife economies and payment for ecosystem services (PES), and involving indigenous peoples and local communities (IPLCs) particularly within CBNRM tenure arrangements. It concludes that a ‘CBNRM investment guarantee’ or similar would be transformational for hundreds of thousands of conservation enterprises and their beneficiaries regionally, but currently no such tailored de-risking mechanism exists.