The Rhino Bond is the first financial instrument dedicated to protecting a species. The Bond allows investors to invest in the conservation of the black rhinoceros Diceros bicornis, with the amount of money returned by the investment depending on whether rhinoceros numbers increase (and by how much). In this paper we focus on how the Bond was brought into being. We draw on an analysis of organizational reports along with data collected from interviews with key informants to investigate the roles of the various stakeholders in the Bond, how species and sites were selected, the motivations and experiences of the stakeholders and the involvement of stakeholders in decision-making. We found that although conservation actors are attracted by the potential for new funding, they have experienced challenges navigating complex financial instruments. The needs of financial actors often dictated decision-making, with implications for the species and sites chosen for the Bond. As profits are tied to an increase in population size of a specific species (which needs to be monitored), the instrument has favoured large and easily counted species and populations. Only some sites were able to meet the stringent conditions of financial instruments, including metrics on financial sustainability. We argue that the dominance of financial principles and motives means that not all species or sites will be viable candidates for investment and that conservation finance should not be seen as a panacea.

Estimating the population parameters, performance and factors that influence reproduction from long-term, individual-based monitoring data is the gold standard for effective wildlife management and conservation. Yet this information is often difficult and costly to collect or inaccessible to managers. We synthesized a 20-year set of individual-based monitoring data from a subset of black rhinoceros Diceros bicornis subpopulations across a range of environmental conditions in Namibia. Our findings demonstrate that despite the relatively arid landscape in Namibia, the black rhinoceros metapopulation is performing well, measured by age at first reproduction, inter-birth interval, population growth and survivorship. Information-theoretic modelling revealed that a univariate model including normalized differential vegetative index had a greater influence upon age at first reproduction than population density. The inter-birth interval model set identified cumulative rainfall during the 15 months prior to the birth month as the top model, although the mean normalized differential vegetative index during the inter-birth interval was comparable. There was little evidence for density-dependence effects on reproduction. These findings suggest that although browse quality could have a greater impact on parameters spanning multiple years, shorter-term parameters could be more influenced by rainfall. Our analysis also revealed a synchronous pattern of conceptions occurring in the rainy season. Our study provides a set of population parameter estimates for Namibian black rhinoceros subpopulations and preliminary insights on factors driving their reproduction. These expand our collective knowledge of global black rhinoceros population dynamics and improve our confidence and capability to adaptively manage the black rhinoceros metapopulation of Namibia.