Forest Invest

Today, I’m joined by Olly Hughes, Managing Director of Forestry, and David Gardner, Chief Investment Officer for Forestry at Gresham House. In this discussion, we explore how Gresham House builds global forestry portfolios that incorporate both financial and climate-related considerations. Olly explains why timberland offers stable, inflation-linked returns and outlines how it fits into the “natural capital” asset class, where sustainable timber, carbon credits, and biodiversity gains converge. David adds rich insight into long-rotation conifer crops and how afforestation and compliance carbon markets (especially in Australia and New Zealand) can support early cash flow. We delve into the significance of establishing KPIs for biodiversity and why experiencing a forest firsthand can be the most effective education for new investors.

Gresham House

Olly Hughes (LinkedIn)

David Gardner (LinkedIn)

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Favorite trees: Walnut (Juglans regia) & Ginkgo Biloba

Founding Director and Host: Shauna Matkovich - The ForestLink

Producer and Editor: Magdalena Laas - Unscripted Creatives

[00:00] Intro & Welcome

[00:35] Favorite Trees

[01:19] Introductions & Gresham House Overview

[04:19] Why Forestry? Key Investment Benefits

[08:52] Case Study: Forestry Resilience During Recession

[10:47] Climate Goals & Misconceptions

[15:37] Policy Regulations & Market Impact

[18:08] Best Geographies Where Climate and Returns Align

[22:33] Portfolio Strategy – Mixing New and Mature Assets.

[24:10] Carbon Markets 101

[27:02] Timber vs. Carbon Returns

[29:01] Nature & Biodiversity Investing

[36:59] Managing Forests & Funds, Sustainability Meets Scalability.

[39:02] Global Standards for Nature and Carbon

[39:26] Inspiration & Frustration

[42:00] Final Advice

[43:13] Closing & Contact Info

Nature by MaxKoMusic/Soundcloud

Sopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud

Ambient Documentary by Sound Guru (Pixabay)

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Today, I’m joined by Charlotte Kaiser, Head of Impact Finance, and Esben Brandi, Head of Business Development at BTG Pactual Timberland Investment Group (TIG). In this episode, we explore how TIG is collaborating with Conservation International and The Nature Conservancy to achieve ambitious climate and biodiversity outcomes. We discuss the operational integration of production forestry and restoration components in Latin America, boosting forest resilience through tweaks in management across U.S.-based assets, and how trusted environmental collaborators help address reputational concerns while building investor confidence. Charlotte and Esben share insights into evolving investor expectations, the role of science-based planning, and how these structured NGO engagements support both performance and purpose across forest landscapes.

BTG Pactual Timberland Investment Group

Charlotte Kaiser (LinkedIn)

Esben Brandi (LinkedIn)

BTG Pactual Timberland Investment Group

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Founding Director and Host: Shauna Matkovich - The ForestLink

Producer and Editor: Magdalena Laas - Unscripted Creatives

[00:14] Welcome and introduction to the guests

[00:39] Favorite trees of Charlotte and Esben

[01:56] Quick bios and roles at TIG

[03:45] Introduction to TIG and its client base

[05:35] Notable corporate collaborations, including Apple

[06:58] Why TIG collaborates with environmental NGOs

[08:10] Roles of The Nature Conservancy and Conservation International

[10:18] Investor sentiment and current demand

[11:42] Differences in engagement models: North America vs Latin America

[13:36] Asset-level monitoring and biodiversity interventions

[17:14] Land sparing strategy and integration of restoration

[18:08] Specific impact targets for restoration and carbon

[19:32] Governance structures with NGO partners

[22:15] Balancing NGO goals with investor needs

[26:46] Navigating trade-offs and alignment of objectives

[30:10] External stakeholder feedback and carbon buyers' interests

[33:33] Key results: carbon deals, restoration milestones, endangered species sightings

[36:23] Restoration R&D in the Cerrado biome

[37:58] Key lessons from cross-sector collaboration

[38:35] What’s next for TIG

[40:36] Actionable advice for new forest investors

[42:10] Where to learn more about TIG’s work

Nature by MaxKoMusic/Soundcloud

Sopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud

Ambient Documentary by Sound Guru (Pixabay)

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In this episode, I’m joined by Geoffrey Seeto, Senior Managing Director and Head of Emerging Markets at New Forests, to discuss the Future Forest Innovations Fund — a global, open-ended forestry vehicle co-developed with Oji Holdings. Geoffrey explains how the Fund aims to meet climate targets through a high-integrity insetting strategy and achieve full FSC certification across its portfolio. We explore how the open-ended structure supports long-term forest stewardship and enables net carbon sequestration under the GHG Protocol and steady timber returns. Geoffrey also shares how corporate capital is driving forest expansion in emerging markets and reshaping the future of forest finance.

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Geoffrey Seeto on LinkedIn

News: New Forests partners with Oji Holdings to establish a forestry fund to help meet 2030 goals

Favorite tree: Eucalyptus

Founding Director and Host: Shauna Matkovich - The ForestLink

Producer and Editor: Magdalena Laas - Unscripted Creatives

[00:00] Welcome & Guest Introduction

[00:35] Geoffrey's Favorite Tree

[01:25] Geoffrey’s Role at New Forests

[02:15] Emerging Markets vs. Developed Markets

[03:55] Positive Impact & Mixed Landscape Approach

[05:12] Introduction to the Future Forest Innovation Fund (FFI)

[05:34] Origins of the OG Partnership

[06:58] High Sustainability Standards & FSC Certification

[07:53] OG's 2030 Climate Goals & Role of New Forests

[08:51] Vertical Integration & Local Economic Impact

[10:13] Defining “Innovation” in FFI

[11:18] Permanent Capital Vehicle Explained

[12:56] The Case for Investing in Emerging Markets

[13:25] Why Open-Ended Funds Work for Forestry

[15:34] Institutional Appeal & Long-Term Stewardship

[17:23] African Fund & Perpetual Management

[18:44] Building a Global Forestry Portfolio

[22:01] Regional Allocation Breakdown

[23:38] Why Latin America is Next

[25:00] Asset Characteristics: Species, Maturity & Market Access

[28:03] Certification: FSC, Carbon Standards, and SFDR

[30:20] Carbon Insetting vs. Offsetting

[32:28] OG’s Role & Future Investors

[35:30] Corporate vs. Institutional Investors

[38:35] Voluntary Carbon Markets & Paris Targets

[40:25] Meeting Different Investor Needs

[41:36] Lessons from Infrastructure & Forestry Growth

[43:42] Final Advice for New Investors

[47:25] Where to Learn More

[48:00] Closing Remarks

Nature by MaxKoMusic/Soundcloud

Sopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud

Ambient Documentary by Sound Guru (Pixabay)

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Today, I am joined by Darius Sarshar, Principal at SLM Partners. In this episode, Darius makes a compelling case for Continuous Cover Forestry (CCF) as a regenerative, climate-resilient alternative to clear-fell forest management models. We explore when CCF makes sense and how it delivers both strong financial returns and meaningful ecological benefits, boosting IRRs, enhancing biodiversity, and generating carbon credits. By maintaining a permanent forest canopy, CCF enhances resilience to storms, drought, and pests, while fostering natural regeneration. From a financial perspective, it evens out and brings forward timber revenues, generating earlier, steadier cash flows. This episode is essential for investors seeking a smart, nature-aligned approach to timberland.

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SLM Partners

White Paper: Investing in Continuous Cover Forestry (CCF) in Europe

Darius Sarshar on LinkedIn

Favorite tree: Sitka Spruce (Picea sitchensis)

Founding Director and Host: Shauna Matkovich - The ForestLink

Producer and Editor: Magdalena Laas - Unscripted Creatives

[00:00] Welcome & Introduction

[00:31] Darius’ Favorite Tree: Sitka Spruce

[01:44] Darius’ Career Journey & About SLM Partners

[04:11] Emerging vs. Core Markets: Lessons from the Tropics

[05:24] Why Europe Is Underrepresented in Forest Investment

[08:12] Challenges & Opportunities in European Forestry

[11:08] Intro to Continuous Cover Forestry (CCF)

[13:39] Where is CCF Applicable? Site & Species Suitability

[16:04] Policy, Regulation & Societal Drivers for CCF

[18:01] Why SLM Adopted CCF: Research & Evidence

[19:52] Financial Performance: CCF vs. Clearfell

[23:54] Monocultures to Mixed Forests: The Transition Strategy

[25:40] Carbon Benefits & Carbon Credit Eligibility

[28:55] Timber + Carbon Strategy: Is the Regime Different?

[30:42] Active Management Benefits: Timber, Carbon & Biodiversity

[33:14] Social Impact of CCF: Jobs, Communities, and Recreation

[35:44] Addressing Concerns: Disturbance & Soil Compaction

[39:07] Investor Education: Risk, Data & Demand for Authenticity

[42:14] Final Reflections & The Growing CCF Movement

[44:33] Darius’ Actionable Advice to New Forest Investors

[45:28] Closing & Next Episode Teaser

Nature by MaxKoMusic/Soundcloud

Sopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud

Ambient Documentary by Sound Guru (Pixabay)

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Today I’m joined by Marcos Wichert, Vice President, Plantation Forest and Sustainability Management at Stora Enso. Marcos shares his international journey across Brazil, China, New Zealand, and Finland, exploring how sustainable forestry must adapt to local regulations, ecosystems, and social expectations. We delve into the role of catchment-based planning, biodiversity KPIs, and the dos and don'ts of Eucalyptus. From certification standards to boardroom sustainability strategy, Marcos offers practical insights for investors looking to align profitability with climate and nature goals.

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Marcos on LinkedIn

Indicators - Biodiversity | Stora Enso

Biodiversity indicators for plantations - Biodiversity | Stora Enso

Species Threat Abatement and Restoration (STAR) metric

Investor News: Stora Enso partners with IUCN to advance positive impacts on biodiversity

Founding Director and Host: Shauna Matkovich - The ForestLink

Producer and Editor: Magdalena Laas - Unscripted Creatives

[00:00] Introduction  

[01:00] Marcos' Career Journey  

[03:45] What is Sustainable Forestry?  

[05:20] Global Examples of Sustainable Practices  

[09:10] Plantation vs. Natural Forest Management  

[12:00] Key Considerations for Forest Investors  

[15:30] The Truth About Eucalyptus  

[21:30] Forest Management Across Spatial and Temporal Scales  

[28:30] Sustainability in the Boardroom  

[31:30] Nature-Positive Commitments by Large Companies  

[33:40] Sustainability for Public Market Investors  

[36:20] Final Reflections and Where to Learn More

Nature by MaxKoMusic/Soundcloud

Sopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud

Ambient Documentary by Sound Guru (Pixabay)

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This episode flips the usual format. Instead of hosting, I’m the one being interviewed by Margaret Morales during a live webinar, which is now being shared with you in this special release. We dive into the evolving landscape of forest investment, where carbon and timber strategies increasingly overlap with climate and impact goals. I share what I’ve learned from advising asset managers and project developers across geographies: from return expectations and capital stacks to risk mitigation and community engagement. If you're navigating nature-based solutions and forest finance, this conversation is full of practical insights.

Margaret Morales on LinkedIn

Trellis (the company where Margaret is a director)

Alexandra Holmlund (Biodiversity credit methodologies)

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Founding Director and Host: Shauna Matkovich - The ForestLink

Producer and Editor: Magdalena Laas - Unscripted Creatives

[2:07] Shauna’s background – from forester to investment professional

[4:11] Types of clients Shawna works with (traditional vs. new investors)

[6:14] Return expectations in forest investments

[7:38] Multi-revenue stream projects – timber + carbon

[10:11] Carbon as a “sweetener” in early-stage projects

[12:20] Timeline expectations – 10 to 15 years typical hold period

[13:50] Explaining greenfield vs. brownfield forest projects

[16:57] Growing interest from new climate-focused investors

[18:47] Geographic trends in forest investments

[20:40] Afforestation projects: high impact, high capital need

[21:22] How developers can solve early-stage funding gaps

[25:45] Typical capital stack in forest funds

[27:40] Blended finance and concessional capital in forest investment

[30:00] Why debt is rare in early forest projects

[31:33] Biodiversity credits – demand, challenges & local approaches

[34:44] Sustainable community credits & the role of community

[36:49] What investors want to see on community engagement

[37:09] Pure carbon funds – challenges and exit strategy concerns

[40:53] Biodiversity credit methodologies (e.g. Alexandra Holmlund's work)

[42:23] Carbon price projections – conservative modeling advice

Nature by MaxKoMusic/Soundcloud

Sopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud

Ambient Documentary by Sound Guru (Pixabay)

Sign up now for the ForestLink’s newsletter, where you’ll receive technical advice, reflections, and best-practice guidance to support you with your forest-linked investment strategy or business straight to your inbox.

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Today, I’m joined by Tracy Buran Evens, Principal of TimberLink, who shares insights from a recent survey capturing the biggest challenges facing institutional Timberland investors today. We unpack the top themes that emerged from both asset managers and investors—return expectations, macroeconomic pressures, ESG obligations, strategy, and valuation concerns. Tracy explains why there’s a disconnect between stumpage prices and timberland valuation, the flood of new climate-focused capital, and how different fund structures are suiting different investor types. Whether you’re new to forest investing or a seasoned pro, this episode offers a reality check and a roadmap for navigating today’s Timberland landscape.

“This is really a sea change—almost $10 billion in new capital has been committed to timberland, much of it targeting natural capital and climate-based solutions.”

Timberlink

Tracy’s email: [email protected]

Tracy on LinkedIn

Favorite tree: Ginkgo Biloba tree

Founding Director and Host: Shauna Matkovich - The ForestLink

Producer and Editor: Magdalena Laas - Unscripted Creatives

01:03

Overview of Timber Link

02:58

Recent survey for investors and TIMO’s - what is the biggest challenge you face with your timberland portfolio?

09:36

Five key themes in responses

11:05

Do TIMO’s have insight into clients’ struggles?

12:50

Any follow-up questions?

13:49

Are timberland allocations decreasing, increasing, or staying the same?

18:16

Clarification about the seeming discrepancy between investor concerns about returns and new investors and capital who seek new assets?

22:15

The challenge of the difference between timberland valuation and timber prices - is the market saturated or is the climate spin creating new assets?

26:02

Consolidation in smaller plots?

27:06

How does this tie into the challenge of valuations?

29:47

What caveats should new investors consider, and how can these concerns be addressed?

31:55

ESG concerns (incl. carbon credits and biodiversity calculations and reporting)

37:40

Thoughts on approaches to investing in forests

40:33

Evergreen vs. closed-end structures?

42:58

Concerns around uncertainty in the macroeconomic environment 

44:45

Actionable advice to new investors

45:37

Contact details

Nature by MaxKoMusic/Soundcloud

Sopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud

Ambient Documentary by Sound Guru (Pixabay)

Sign up now for the ForestLink’s newsletter, where you’ll receive technical advice, reflections, and best-practice guidance to support you with your forest-linked investment strategy or business straight to your inbox.

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Today, I’m joined by Eric Cooperström, Managing Director, Impact Investing & Natural Climate Solutions at Manulife Investment Management (Manulife IM). In this conversation, we explore Manulife IM’s Forest Climate Fund, examining its strategy characteristics and how it combines both timberland and carbon market return drivers at the portfolio level, and in some cases, at the asset level. We cover the diverse mix of investor types and how climate benefits are structured into the Fund. We break down the topic of quality prevalent in the forest carbon market and the Fund’s answer to this. Not only that, but we also discuss how Manulife IM is addressing investor concerns over wildfire risk and carbon market certainty. Eric closes by reminding us that sustainable timberland is a proven asset class, well-positioned to meet financial and climate objectives, as well as other impacts, such as biodiversity and social benefits.

"I think we need to have every realistic and cost-efficient approach on the table if we're going to effectively combat climate change."

"I will be the first to say I'm not a forester by training, and I stand on the shoulders of giants. It's unbelievable what you can learn and the science and the rigor that forestry as a discipline has incorporated into it."

Manulife

Manulife Investment Management on LinkedIn

Eric Cooperstörm on LinkedIn

Favourite tree: Redwoods (Sequoioideae)

Founding Director and Host: Shauna Matkovich - The ForestLink

Producer and Editor: Magdalena Laas - Unscripted Creatives

01:47

Eric’s professional background

05:18

Exciting trends in natural climate solutions

07:27

Funding strategy & Manulife’s suite of services

10:31

Ensure high-integrity carbon credits in forest fund that also targets timber production

15:48

Co-benefits/Core benefits

19:52

Structure of the fund

22:10

Carried interests of the fund

23:05

Targets for carbon credits

24:10

Investor concerns re. fire risks and manageme nt

29:30

Help investors to build confidence in new strategy

33:18

Existing timberland clients moved across?

34:28

Competition?

Nature by MaxKoMusic/Soundcloud

Sopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud

Ambient Documentary by Sound Guru (Pixabay)

Sign up now for the ForestLink’s newsletter, where you’ll receive technical advice, reflections, and best-practice guidance to support you with your forest-linked investment strategy or business straight to your inbox.

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Today, I'm joined by Heiner Skaliks, Senior Advisor and Head of Latin America and the Caribbean at Convergence. In this conversation, we discuss blended finance's role in forest investment. We unpack the fundamentals of blended finance and explore how it strategically combines public, philanthropic, or otherwise concessional capital with private investment to de-risk and catalyze impactful investments. Heiner outlines six core archetypes of blended finance – from building concessional finance in the capital stack to technical assistance and results-based financing – and illustrates their real-world application through forestry-specific case studies. If you're curious how development finance institutions, governments, and private investors can collaborate to close the $4 trillion SDG financing gap or how blended structures can make forest projects investable, this episode is for you. Plus, you'll hear insights into Convergence's role in fostering partnerships and designing solutions that help forest finance take root.

Blended finance is really about partnerships—about working together with different stakeholders coming under one roof and coming up with solutions.

Convergence

Email: [email protected]

Favorite tree: Evergreen

Founding Director and Host: Shauna Matkovich - The ForestLink

Producer and Editor: Magdalena Laas - Unscripted Creatives

01:08

History of Convergence & Heiner’s professional background

08:30

Definition of blended finance

14:09

Two components of the finance structure

16:59

Six archetypes of blended finance

29:33

Examples in forestry

36:53

How do you bring different partners together?

40:20

Advice for investors concerned about blended finance structures

43:29

Lessons learnt across 10 years of Convergence’s existence

48:33

Actionable advice for new investors

49:55

Contact details

Nature by MaxKoMusic/Soundcloud

Sopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud

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Today, I’m joined by Daniel Farchy, an expert in multilateral finance who has worked across the World Bank, the International Finance Corporation (IFC), the European Investment Bank (EIB), and the Green Climate Fund (GCF). In this conversation, Daniel describes the development and impact mandate behind most multilateral finance institutions. We talk about blended finance (particularly what structure works well for forestry) and the power of concessional capital to crowd in more risk-averse investors. Daniel explains the conundrum of the finance available in capital markets compared to the relatively small need for climate and nature solutions – where legally restricted allocations mean the finance pool is not as big as we think. We discuss the heavy lifting that multilateral or DFI finance can do in screening and due diligence. Conversely, this can also be perceived as a downside, as the investment process in such a partnership takes more time.

For asset owners, that's [forest investment] very attractive because if you're a pension fund, and you need to be able to deliver, a boring, steady, predictable return over 10 number of years, it's great to have that kind of thing in your portfolio because that gives you a certain degree of sustainability of return, which you will not get in much more volatile sectors.

Green Climate Fund (GCF)

LinkedIn: Daniel Farchy

Favourite tree: Diterocarp

Founding Director and Host: Shauna Matkovich - The ForestLink

Producer and Editor: Magdalena Laas - Unscripted Creatives

01:20

Daniel’s career path

03:44

Multilateral funding & its limitations

07:36

What happens with ROI?

10:14

What should investors be aware of when exploring an partnership with a multilateral

16:18

Spectrum of investor profiles

17:49

Blended finance definition

22:24

An alternative way – a waterfall

27:29

Pension funds – allocating more capital to nature forestry, regenerative agriculture

29:39

Where do negotiations get sticky between multilaterals and private investors?

35:16

Examples where investors pulled out?

38:43

Tips on engaging institutions for fund managers

40:16

Actionable advice

42:33

Contact details

Nature by MaxKoMusic/Soundcloud

Sopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud

Sign up now for the ForestLink’s newsletter, where you’ll receive technical advice, reflections, and best-practice guidance to support you with your forest-linked investment strategy or business straight to your inbox.

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