Although building social capital through participatory interventions is widely recommended in the development literature, limited attention has been paid to the process of social network expansion taking place in such contexts. This article empirically examines Putnam- and Bourdieu-based approaches to examine actors’ investments in social relations. Beneficiaries of a full-participatory intervention were followed over a four-year period using mixed-methods data. Results showed that, despite the existence of substantive social cohesion and promising levels of trust, actors’ capacity to benefit from project-sponsored bonding, bridging and linking social capital activities were affected by their capital endowments, lifestyles and (non)material interests. Over time, social capital building efforts appeared to have mostly favoured the emergence of village-level network structures unfavourable to the poorest, female, and non-politically active residents. The theoretical and practical implications of the findings are also discussed.