Nature-based tourism is well recognised as a tool that can be used for neoliberal conservation. Proponents argue that such tourism can provide revenue for conservation activities, and income generating opportunities and other benefits for local people living at the destination. Private-Community Partnerships (PCPs) are a particular form of hybrid intervention in which local benefits are claimed to be guaranteed through shared ownership of the tourism venture. In this paper, we evaluate one such partnership involving a high-end tourist eco-lodge at Bwindi Impenetrable National Park, Uganda.