Continued threats to global biodiversity have stimulated interest in the private purchase of land for conservation. Though not a new phenomenon, private land conservation appears to be on the rise, and its ambiguous position between philanthropy and financial investment leads to questions about the nature of landowner motives. Based on grounded theory analysis of interviews with the owners of privately conserved areas (PCAs), we find that individual landowners' involvement in private land conservation is driven, in part, by a desire for meaningful personal engagement in a project. This paper presents a model of PCA engagement in which landowners become personally invested in the management of the PCA and in the nature they protect. By looking at what landowners have in common across a variety of cultural and policy contexts, we show that landowners' engagement in PCAs as a meaningful project contributes to their well-being and, moreover, that PCAs can be conceptualized not merely as philanthropic endeavors, nor merely investments, but as meaningful projects in which their owners engage. Notably, fundamental psychological drives for autonomy, efficacy, and social connection facilitate the engagement process, regardless of whether conservation motivation is intrinsic or extrinsic. Our findings suggest that land conservation programs might consider i) allowing landowner autonomy to the maximum extent possible, ii) developing best practice standards against which landowners can assess their efficacy, and iii) facilitating the development of landowner networks. This article is protected by copyright. All rights reserved.