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Is Phaunos a one-off secondaries deal or a sign of things to come?
Stafford’s successful takeover of a $259m timber fund suggests most investors value a guaranteed exit today more than higher promised gains tomorrow.
Stafford poised to deploy two-thirds of $612m fund after winning Phaunos battle
The secondaries firm expects to receive more acceptances of its hostile bid for the $259m timber vehicle after a majority of shareholders approved it last week.
Why Phaunos is stonewalling Stafford
Stafford Capital has lodged a $244m hostile bid for Phaunos, the timber fund it used to manage. By refusing to say what it thinks of it, the vehicle’s board may be gunning for a higher price.
WATCH: Why LPs sell fund stakes
Committing to a closed-end fund takes effort and time. So why would LPs ever want to exit a vehicle before the end of its term? We ask Stephen Addicott, a timberland partner at Stafford Capital Partners.
Stafford holds first close on Timberland Fund VIII
The global investment manager has already made one secondaries deal from its latest fund of funds in the strategy.
Stafford raising timberland Fund VIII with $500m target – exclusive
The firm's prior timber fund VII held a final close $84m above target last year, and is now 96% invested.
Commodities ‘perfect storm’ to drive real assets dealflow
Agri and timberland saw the largest growth in transaction volume in secondaries last year, and now buyers are bracing themselves for a rise in opportunities.
Australian eucalyptus exports reach record highs
China has overtaken Japan as Australia's main export market, driven by demand and competitive pricing.
Agri and timber secondaries deal volume rises
Timber funds priced at 85% of NAV, down slightly from 2014, according to the Setter Capital report's author.
Stafford timber fund 40% deployed – exclusive
Stafford's latest timber fund has so far been invested most heavily in secondaries, followed by co-investments, said Tom Goodrich, a timber group partner.
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