Current networks of protected areas are biased in many countries toward landscapes of low productivity. Voluntary conservation incentives have been suggested as a socially acceptable way to supplement existing networks with more productive, privately owned areas of high priority for nature conservation. The limited resources committed to nature conservation demand cost-efficiency. Efficiency, however, depends not only on costs incurred to society from alternative ways of maintaining biodiversity but also on ecological values that can be captured. We examined the ecological efficiency of the new market-based voluntary program to preserve forest habitats on private land in southwestern Finland. We compared sites that have become protected (10-year contracts) in the program with managed forests, with sites that have been negotiated for protection for which no contract has been signed, and with the most ecologically valuable privately owned sites in the region that have not been offered for protection by forest owners. We surveyed sites for the amount of dead wood, wood-decomposing fungi, and epiphytic lichens to evaluate their ecological quality. Contracted sites had more features important for overall biodiversity than managed forests and negotiated sites with no contract. These results indicate that procedures used during site selection and negotiations were appropriate and not opportunistic. The contracted sites were also as valuable in ecological terms as the best, still-unprotected, privately owned forests in the region that have not been offered for protection. We conclude that voluntary conservation programs have the potential to yield ecologically valuable sites for protection if the site-selection procedures are appropriate. Reliance on completely voluntary programs, however, may entail uncertainties and inadequacies, for example, in terms of spatial configuration and persistence of the ecological values. Thus, such programs may often need to be supplemented with alternative methods such as land purchase to achieve an ecologically effective network of protected sites.