Real Assets

The firm will pursue a pure play timberland strategy as it begins the buildout of its natural capital business.

New Agriculture, a division of New Forests, will target an IRR of 9-12% in the 12-year closed-end fund.

Jim Heyes says the new role will see him taking on some responsibility for setting strategy and overseeing operations at the Bethesda, Maryland-headquartered African forestry manager.

The more conservative USDA called for in the Heritage Foundation policy paper could upend many real asset and natural capital strategies.

The sale of ‘Kentucky’ by Duxton continues its pivot away from dryland cropping, with Mormon-owned Alkira Farms growing its portfolio further.

Paper manufacturer Oji will invest nearly $300m into the Future Forest Innovations Fund, mainly targeting investments in Southeast Asia, Latin America and Africa.

Rayonier president and chief executive Mark McHugh said the New Zealand joint venture’s value is not fully appreciated in public markets.

The $415m Climate Smart Fund closed in 2023 and was exclusively backed by 10 Japanese investors led by Sumitomo Forestry.

Mark Canavan died earlier this month after a career that included a 16-year stint managing the New Mexico Educational Retirement Board’s active natural resources portfolio.

Vermont Pension Investment Commission analyst Andy Cook says growth in the pension’s private equity portfolio since 2019 has contributed to the requirement for more row crop exposure.