ACCESS Pool, one of the UK’s eight local government pension scheme (LGPS) asset pools, has appointed Stafford Capital Partners and JP Morgan Asset Management as its global timberland managers.
The total initial mandate size will be around £300m (€355m).
Two of the local pension funds participating in ACCESS already invested in timber, with other investment coming from local authorities who previously did not have an allocation to the asset class.
“We have been exploring ways to include natural capital investments in our portfolio as we continue to diversify our private markets allocation, while also moving closer to net zero targets,” said councillor Mark Kemp-Gee, chairman of the ACCESS joint committee.
“Timberland ticks all these boxes, and we are delighted to have chosen two market-leading investment partners in this field for the benefit of our partner funds and members.”
ACCESS’ global timberland impact allocation will be made to the Stafford Carbon Offset Opportunity Fund, which establishes new commercial timberland estates that generate a return including carbon offsets.
JPMAM, through its timberland investor and forestry management company Campbell Global, offers access to a real assets strategy that provides diversified exposure to core timberland assets around the world.
The managers were appointed following a review by Apex Investment Advisory. The manager search was launched in January.
ACCESS is a collaboration of 11 LGPS administering authorities: Cambridgeshire County Council; East Sussex County Council; Essex County Council; Hampshire County Council; Hertfordshire County Council; Isle of Wight Council; Kent County Council; Norfolk County Council; West Northamptonshire Council; Suffolk County Council; and West Sussex County Council.
As of 31 March 2024, the schemes’ pooled assets totalled £40bn.
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