Stafford Capital Partners has raised $695m (€585m) for its ninth global timberland fund.
The manager said the amount raised for the Stafford International Timberland Fund IX (SIT IX) fund is the largest ever completed by the firm and brings total timberland assets under management to $2.9bn.
The fundraise saw Stafford welcome 5 new investors alongside 5 existing investors with the existing investors contributing 56% of total capital commitments.
SIT IX invests in high-quality timberland assets primarily through the secondaries market, it aims to build a diversified portfolio mainly in existing softwood, hardwood and eucalyptus plantations.
The fund has already made eight investments, committing 33% of capital contributions in a yielding portfolio of 22 timberland assets and 7 fund vintages to date, Stafford said.
Stephen Addicott, co-managing partner of Timberland, said: “To have reached this milestone amongst a global pandemic is a testament to the resilience of the global timberland market and Stafford’s diverse investment approach including secondaries, co-investments and primary fund commitments.
”The support we have received from both new and existing investors demonstrates clear investor demand for strategies that can combine strong risk-adjusted returns with the sustainability benefits that an investment in timberland provides.”
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