Heavily influenced by Putnam's particular variant of social capital theory, the New Labour government in the UK has introduced several initiatives designed to raise educational achievement by building the social capital of families identified as socially excluded. One such initiative was the Education Action Zones (EAZ) policy. Whilst this policy has recently been eclipsed by other initiatives designed to enhance education in areas of disadvantage, many of the social capital-building components of EAZs have now become relatively widespread in schools in disadvantaged areas. In this article the authors use qualitative data from a study of EAZs to explore how parents experience initiatives designed to build their social capital and to examine the interactions between parents' values and the values implicit in these initiatives. In doing so, they identify and elucidate some key limitations of current attempts to operationalise social capital theory. The analysis offered in the article thus has significant implications for policy and policy scholarship. In particular, it draws attention to the need for policy makers and practitioners concerned with challenging social exclusion to pay closer attention to the real, as opposed to imagined, local sociocultural environments within which policies are implemented and to the voices, choices and values of the people these policies are designed to help. In so doing, the article also underlines the importance of policy analysts attending to these same complexities.