Private conservation, driven by non-governmental entities and individual landowners, represents a crucial and rapidly expanding frontier in the global effort to protect biodiversity and natural resources. This report investigates a central, emerging paradox: while these initiatives are intended to serve the public good through genuine "bioconservation," their legal and financial structures often contain critical gaps that allow for their perversion into "biocapture"—the appropriation of public ecological benefits for private financial gain. This analysis details the legal and policy failures that facilitate this shift and explores their far-reaching consequences. The core findings of this report are multi-faceted. First, the foundational promise of "perpetuity" in conservation easements is revealed to be fragile, subject to both explicit legislative carve-outs, as seen in Australia, and new political challenges, as seen in the proposed "Landowner Easement Rights Act" in the United States. Second, significant financial loopholes, particularly within the U.S. tax code, incentivize inflated appraisals and turn what should be a charitable act into a lucrative tax shelter, as seen with syndicated easements. Third, systemic enforcement deficits, from the ambiguity of legal agreements to the weak penalties for animal welfare violations, undermine the efficacy of conservation efforts on the ground. These legal and financial failings have profound socio-ecological consequences. The project-based nature of private conservation often leads to habitat fragmentation, creating a mosaic of disconnected reserves that fail to support resilient ecosystems. Furthermore, the visible exploitation of conservation for private wealth erodes public trust and perpetuates a perception of the movement as an elitist pursuit, hindering its ability to build a broad and equitable base of support. This report concludes with a series of actionable, multi-layered recommendations to close these gaps. Proposed reforms include modernizing the federal tax code to prevent appraisal fraud, strengthening federal wildlife laws, and fostering greater public transparency and oversight through mechanisms like a national easement registry. By addressing these critical vulnerabilities, the private conservation movement can be recalibrated to fulfill its original promise and ensure that private land contributes meaningfully to a future of true bioconservation.