JP Morgan Asset Management’s timberland investment manager has raised $1.5bn (€1.34bn) for its forest and climate solutions fund.
JP Morgan said the capital raised for Campbell Global’s Forest & Climate Solutions Fund II exceeded its fundraising target, adding that when combined with several separate account mandates also closed by Campbell Global, the total capital raised reached $2.3bn.
Launched in 2022 with a $1bn fundraising target, Forest & Climate Solutions Fund II was the first fund launched after JP Morgan’s acquisition of Campbell Global in 2021.
The fund received commitments from a diverse group of investors, including US investors, international banks, European pension funds, insurance companies and asset managers, the manager said.
The Forest & Climate Solutions Fund II employs a blended strategy that supports both traditional timber production and carbon sequestration. The global fund currently holds three timberland properties located in the US Pacific Northwest and US South, with additional capital to deploy.
Jed Laskowitz, global head of private markets and customised solutions, JP Morgan Asset Management, said: “This strategy is a unique investment option for our clients, offering diversification from traditional asset classes and income generation, and timberland management is a proven inflation hedge.
“Given its decades of experience, Campbell Global is well positioned to take advantage of the opportunities in this sector.”
John Gilleland, CEO of Campbell Global, said: “We’re very pleased to put our decades of experience in global timberland management to work for this quality group of investors interested in responsibly managed forests that generate income and value-appreciation and are a positive climate solution.
“Along with the financial attributes, the removal of carbon, protection of water, and enhancement of biodiversity and habitats encompass some of the important work we do in the forests on behalf of our investors.”
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