The role of the philanthropic sector in climate change mitigation and biodiversity conservation is gaining renewed attention as new pledges to dramatically increase funding for nature-based climate solutions mount. Despite their significant role in the conservation space, philanthropies are relatively understudied as donors; in particular, the lack of accountability and transparency in philanthropy have made them a "black box", including in conservation-related efforts. Based on extensive document and database review alongside interviews with philanthropic grant-makers and recipients, this article seeks to analyze the conservation-related efforts of the Ford Foundationa long-standing philanthropic actor in international sustainable development. Specifically, we examine how Ford Foundation practices in Mexico and Central America have shifted since 2000 to center Indigenous Peoples and local communities, both in terms of thematic focus and strategic approach. In explaining how Ford Foundation grant-makers themselves understand the process of change, and their lessons from this process, this article highlights the ongoing challenges to and possible methods for centering inclusive, territorial approaches to produce more effective, lasting conservation outcomes.