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Adaptive management (AM) is one approach to manage migratory waterbirds, but obstacles to the implementation of AM require adaptive capacities in the management system (rules, institutions, action situations). This study aims to examine the adaptive capacity of participatory goose management in Sweden. Considering the biophysical and institutional context, we analyzed how tangible, individual, and governance assets were associated with technical and social learning. Interviews with informants in the national council for geese, swans, and cranes, and local management groups (LMGs) were conducted, and documentation reviewed. Results revealed evidence of a local preparedness in areas with an LMG. Nevertheless, the study highlighted a need to formalize the evolving system, to consider a more systematic implementation of AM (including regulations allowing for adaptive responses), and to ensure stakeholder acceptance for management tools and visions. The study illustrates the need for a broad set of assets to ensure learning in participatory management.