INVL Asset Management has raised a further €9.4 million for its Sustainable Timberland and Farmland Fund II to reach €90.7 million in total funds raised.
The 2020-vintage vehicle has a €100 million target and has taken commitments from institutional LPs and a collection of individual European private investors.
The evergreen fund features an initial three-year lockup period and several liquidity events, such as a dividend-like quarterly unit redemption. It also has an annual liquidity window during which investors can dispose of a capped number of units per year. STAFF II will target 8 percent-plus net IRR.
The Fund currently manages 17,000ha of land and forestry and acquired a 1,270ha asset in Latvia made up of forestry and farmland in April. Financial details of the deal were undisclosed.
“Investors’ trust in our fund opens up more opportunities for growth and creating long-term value for investors,” said Martynas Samulionis, STAFF II’s managing partner.
“At present we have put investors’ money to work in the Lithuanian, Latvian and Romanian markets, and we continue actively seeking further acquisitions in Central and Eastern European countries.”