This article examines the political consequences of environmental nongovernment organization (ENGO) involvement in protected area conservation in Australia. Rapid growth of a nongovernment protected area (NGPA) estate this century has involved a range of individuals, communities, First Nations, and ENGOs, and has been closely tied to government policy and private finance. Although NGPA conservation achievements have been profound, there has been limited examination of what expanded nongovernment involvement, responsibility, and leadership mean for the practice and governance of nature conservation. Thematic analysis of twenty-four key informant interviews and selective gray literature identifies how financing, accountability, and partisan politics are emerging as key domains in shaping an NGPA estate that reflects a closer alignment with capital and market forces. ENGOs are playing a key role in crafting new political conditions for protected area conservation, where their role in neoliberal governance is not just service delivery, but statecraft and agenda setting. ENGOs are increasingly casting protected area conservation as apolitical, and thereby a bipartisan activity, driven by a “pragmatic” agenda that seeks to secure private financing for land ownership and management obligations. Frameworks of accountability to donors shape ENGO practices and conceptions of conservation through exposure to novel market mechanisms. As a result, ENGO operation permits limited space for plural, ideological, and structural debate about protected area conservation, the public interest, and the root causes of ecological crises to which it responds. The embrace of conservation led by nongovernment actors marks a substantive shift from the formative politics of ENGOs in Australia.