The article analyses the implication of private sector representatives in the Millennium Ecosystem Assessment (MEA) (2001–2005). The article shows that, before this international biodiversity assessment, firms were involved in three coalitions: the greenhouse gas pro‐trading coalition, the voluntary private standard coalition and the payment for environmental services coalition. These three coalitions all advocated a particular style of regulation that gave overwhelming emphasis to market‐based policy instruments. Corporate experts from the three coalitions identified were recruited to participate in the MEA. Thanks to the political visibility given to the ecosystem services concept by the MEA, private industry was able to strengthen and legitimize its actions in favour of market‐based environmental governance. At the same time, associating private sector representatives with the MEA process made it easier to disseminate the concept of ecosystem services. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment