US forestry fund closes on nearly $663m – update

Molpus' Fund IV closed on $662.5m above a $500m target after getting commitments from a range of US institutional investors.

*adds placement agent information.

US forestry-focused Molpus Timberland Fund IV has closed on $662.5 million, exceeding a target of $500 million.

Investors include Aurora General Employees Retirement Plan which committed $13 million in December; the Montana Board of Investments, which committed $16 million ahead of the fund’s first close in October 2013; and City of Newport News Employees’ Retirement Fund which committed $6 million in July.

Aurora was an existing investor in one of Molpus’ previous funds and other repeat investors made up the book, according to a press release. The fund also attracted commitments from new investors. They were a range of pension funds, endowments, insurance companies, family offices and high net worth individuals.

“With the closing of the Fund, we plan to deploy this capital by acquiring and actively managing a diversified portfolio of timberland properties,” said Edgar Marshall, VP Business Development for Molpus. “We look forward to evaluating new opportunities in North America that meet the Fund’s objectives.”

Molpus is an own-and-operate timberland fund manager.

Eaton Partners was the placement agent in its second project for Molpus; it also helped raise $439.5 million for Molpus Woodlands Fund III and $400 million in separate account capital in 2011.