The $1.1bn pension is seeking a dedicated timber manager for a $25m allocation and would also consider a timber fund that also includes farmland investments.
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Setter Capital says timber accounted for the majority of transactions within the $331m in secondary sales of stakes in agriculture and timber funds recorded in 2016.
A recent CSIS report says that private sector investment in agriculture can help efforts to meet the food security goals set out by the United Nations.
Pope Resources subsidiary Olympic Resource Management has raised $388 million for its fourth timber fund, which will target acquisitions in the Pacific Northwest.
The largest timberland owner in the US highlighted its recent merger and signals of improvement in the country’s housing markets on its earnings call.
The RMS Evergreen US Forestland Fund plans to use a mix of strategies to achieve long-term net returns in the high single digits.
The California Public Employees’ Retirement System took a hit on its real assets portfolio in fiscal year 2015-2016 that impacted its short-term and long-term returns for the $21.7bn program.
Structural headwinds and a crowded landscape both cloud prospects in the year ahead for timber markets.
Ryan Sullivan, a senior investment manager for real assets at Aberdeen Asset Management, offers Agri Investor his thoughts on farmland demand, the role of debt in agriculture and his timber market outlook for 2017.
The fund will employ a long-term value add strategy investing in a portfolio of hardwood and softwood plantation assets in Australia and New Zealand.