Abstract The private sector plays a fundamental role in peace negotiations and in the implementation of agreements, as comparison between El Salvador, Guatemala and Colombia indicates. However, private sector involvement in peace negotiations varies: Conflict cost perceptions, degrees of unity of the pro-peace business faction, and varied access to the peace policymaking process account for important differences across the cases. Thus this article points to the need to fine-tune our understanding of private sector behaviour in the context of armed conflict and peace and underscores how private sector characteristics and business-state relations affect the emergence of peace negotiations and shape resultant outcomes.