Wildlife-based tourism, including hunting, is attracting increasing interest from governments, the tourism industry and researchers alike. Investing capital in renewable resources like forests represents spatial and temporal management which is significantly limited by the natural potential of a certain habitat (e.g. volume increment, the quantity of food for wildlife, etc.). In other words, the rate of return which is expected by the investor is quite fixed and the only tool by which the investor can increase it is to add additional business activities and/or extent present added-value-chain. Private forest are only forests that can be bougt by institutional or individual investors in our Republic of Croatia. Only in them you can establish commercial hunting ground. We have investigated based on these insightased the characteristics of capital investing in a large-scale private forest, in which besides extensive forest management, the game management takes place. Among 1,104 hunting grounds the one with the greatest share of forest cover (92%) and the share of private ownership (61%) is taken to be the focus of this case-study (name of the hunting ground: VIII/120 Permani (10,017 ha)). The theoretical approach is used in which the investor buys all private forests (predominantly consisting of common beech), conducts forest management activities and makes a profit by selling timber (30-year time frame). Furthermore, the hunting segment consists of game management for red deer, roe deer, wild boar and brown bear. At the minimal cost of capital (5.41%) results on separate forest management revealed IRR at 5.10%, negative NPV (-760,000 €) and 30-year discount payback period. Joint management of both forest and wildlife resulted in an IRR of 5.69%, positive NPV (680,000 €) and the same length of a discount payback period.