Adaptive capacity is a predominant feature of vulnerability, resilience, and adaptation. If adaptive capacity reduces vulnerability, improves resilience, and promotes adaptation, then it follows that its enhancement is beneficial. The changing global environment is fraught with risk and uncertainty, with issues such as climate change highlighting this very clearly. Coastal communities dependent on natural resources have been identified as being particularly susceptible to climate change threats. Coastal areas are also prime real estate for tourism development. Increasingly tourism operations in least developed countries are introducing community and conservation programs as tools for community development and capacity building. This thesis uses a qualitative research strategy to investigate whether partnerships between the private sector and coastal fishing communities can be used as mechanisms for enhancing adaptive capacity. A case study approach using ethnographic research methods, including participant observation and 46 semi-structured interviews, was employed. The case study was based in Prek Svay, an offshore island fishing village in coastal Cambodia. Adaptive capacity indicators were developed and used to describe the adaptive capacity of the community. Tourism development has been taking place in and around Prek Svay, with a recent arrival, the Song Saa Private Island Resort, having established a Conservation and Community Program to work with the local community. The relationship between these two parties is at the centre of this case study. The results of this thesis indicate that adaptive capacity can be influenced by community based partnerships with the private sector, although the direction of the change cannot be guaranteed.