Globally, there is a trend towards conserving biodiversity by promoting co-management with multiple stakeholders at landscape scales. Environmental policies emphasize stakeholder engagement in decision-making, yet landscape conservation is typically a bureaucratic–scientific endeavour. Building trusting relationships with stakeholders is key to negotiations that minimize trade-offs and maximize synergies. Incorporating shared stakeholder objectives improves co-management, as they act as incentives for participation and trust development. We explored the degree of alignment between the bottom-up stakeholder objectives and top-down management objectives of a landscape-scale conservation initiative on the West Coast of South Africa. We categorized stakeholders into six affiliations representing governmental, private and community organizations, and using a social-ecological inventory we identified ten shared objectives. Of these objectives, three were shared between all affiliations, namely biodiversity conservation, socioeconomic development and coordination of the landscape approach. The first two aligned with the top-down landscape management objectives and the latter did not. The importance of coordinating landscape approaches in multi-stakeholder landscape-scale initiatives is crucial to long-term success, and we recommend that it be formally included as a landscape management objective. Exploring the alignment between bottom-up and top-down objectives can highlight overlooked functions of co-management and can reduce the transaction costs of sustaining conservation efforts in the long term.