Environmental governance scholars have overlooked philanthropic foundations as influential non-state actors. This omission, along with the continued growth in funding from private foundations for conservation issues, presents important questions about what foundations do in governance spaces. To address this gap, we examine The David and Lucile Packard Foundation's involvement in Fiji and Palau in the context of the Foundation's “Western Pacific Program”—a series of coastal and marine-related investments made from 1998 to 2020. We describe and analyze six governance roles that the Packard Foundation contributed to: funding, influencing agendas, capacity-building, convening and coordinating, facilitating knowledge, and rule-making and regulation. In documenting the Packard Foundation's governance roles, we provide scholars and practitioners a conceptual framework to more systematically and strategically think about foundations as more than funders. This research helps move the conversation around conservation philanthropy beyond binary conceptions of “good” versus “bad,” and, instead, toward deeper considerations about what foundations currently do within governance systems, how they engage with diverse practitioners, as well as what they can and should do to advance conservation goals.