The North Carolina Opportunity Scholarship Program awarded private school vouchers to over 7,000 low-income students in 2017-18, yet only 61% of the state's private schools registered to participate in the Opportunity Scholarship Program and just over half of schools (54%) actually enrolled voucher recipients. Given that the program is anticipated to grow by $10 million per year for 10 years, private school supply will be an important consideration as student participation rises. Using rich focus group and survey data collected from private school leaders between 2014 and 2017, this analysis probes the participation decisions of private school leaders.