Purpose: This paper aims to shed light on the private sector's perspective on REDD+ in Brazil, and how this perspective has evolved over time. Methodology/Approach: This research is part of the Global Comparative Study on REDD+ (GCS REDD+) on policies and political processes from the Center for International Forestry Research (CIFOR). Findings: Our results indicate that national business organizations believe that REDD+ is an affordable way to mitigate climate change. However, it suggests that while this sector is seeking financial benefits from REDD+ activities, it is taking a very cautious and risk-averse approach. The private sector is not engaged and does not self-identify within the operational challenges that REDD+ policymakers are grappling with as they seek to embrace the possibilities of this mechanism. Research Limitation/Implication: To explore how these private sector actors perceive REDD+, whether such a perspective has changed from 2010 to 2019, and its implications for further REDD+ design in the national context. Originality/Value of the paper: private actors' positions on key statements about financing, benefit sharing and equity, governance, and challenges over three different time periods. A better understanding of how the private sector perceives REDD+ will contribute to national framing and more effective multi-level governance.