IMPACTASSETS 50™

An Annual Showcase of Impact Investment Fund Managers

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An Annual Showcase of Impact Investment Fund Managers

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ImpactAssets 50: A Global Landscape of Impact Investment Fund Managers
The ImpactAssets 50 (IA 50) is the first open-source, publicly published database of experienced private debt and equity impact investment fund managers.
https://www.impactassets.org/impactassets-50

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

IA 50 2023 PROFILE

BTG Pactual Timberland
Investment Group, LLC

Total Assets Under Management: $1B or more
Asset Class: Commodities, Private Equity
Primary UN Sustainable Development Goal: 13 – Climate Action
Clean Technology, Alternative Energy & Climate Change
Natural Resources and Conservation
Job creation and workforce development

Firm Overview

Category: Real Assets - Forestry

As one of the world’s oldest and largest timberland investment management organizations, TIG manages assets and commitments of US$ 5.6B and 3M acres globally and has returned more than US$ 2.7B to investors throughout its 40+ year track record. TIG and its directly owned and affiliated companies have over 150 professional staff members located across 23 offices bringing local, regional, and global experience to bear on the careful management of client investments. TIG is dedicated to the integration of sustainability throughout its entire investment process (97% of its global footprint is certified to FSC and PEFC sustainability standards) and has launched innovative collaborations with two of the world’s largest environmental NGOs. TIG’s assets are primarily based in North America (U.S.) and Latin America (Brazil, Uruguay, and Chile).

All figures as of December 31, 2022.

Firm Headquarters: US & Canada
Years of Operation: 10 years or more
Total Assets Under Management:
$1B or more
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: 25% – 49%
Investment Thesis:

TIG seeks to deliver sustainable timberland investments to institutional investors at scale, and apply expertise, rigor, and diligence to the management of our clients’ assets.

Investment Overview:

TIG seeks to manage sustainable timberland investments in North and South America at scale, utilizing forestry as an opportunity to sequester carbon, produce sustainable wood products, and provide social and environmental benefits while seeking to generate financial returns. Currently, TIG has three different investment strategies: a Latin America Reforestation Strategy, a Core Latin America Strategy and a Core U.S. Strategy. The Latin America Reforestation Strategy is focused on forest protection, restoration, sustainable reforestation, and carbon removals at scale. The Core Latin America Strategy is focused on acquiring and sustainably managing brownfield, core commercial timberland. The Core U.S. Strategy is focused on managing and acquiring core, diversified timberland assets, supported by a large and advanced forestry industry and efficient and diversified market.

Company Differentiator:

TIG believes that it is differentiated from its competitors by its: - 40+ year track record operating through multiple economic cycles with over US$ 2.7B returned to investors since inception - Dedicated and experienced team with significant infrastructure, comprised of 150+ professional staff managing 3M acres of sustainable forests via 23 offices -Alignment of Interests with Fund LPs - Robust ESG framework closely integrated into investment processes, ESG expertise among its professionals, and innovative collaborations with two of the largest environmental NGOs.

All figures as of December 31, 2022.

Investment Example

TIG launched its Latin America Reforestation Strategy to pursue large-scale reforestation of degraded lands in Latin America, restoring and permanently protecting natural forest across 50% of the portfolio, establishing FSC-certified commercial tree farms on the remaining land area, and investing in the development of processing facilities designed to manufacture climate-positive forest products. 

Leadership and Team

Cumulative Leadership Experience in Impact Investing:
30 years or more
Cumulative Impact Experience of Top Three Firm Leaders:
10 – 19 years
Mark Wishnie – Chief Sustainability Officer More Info

Mark heads BTG’s Landscape Capital and provides overall leadership on sustainability policy and performance for the BTG Pactual Timberland Investment Group (TIG). Mark previously led the Global Forestry program at The Nature Conservancy (TNC), and before joining TNC, led Portfolio Management, Portfolio Analytics, and Research at TIG. Mark was a Founder and Managing Director of Equator, LLC and its Brazilian subsidiary, TTG Brasil Investimentos Florestais Ltda, which was acquired by BTG Pactual in 2012. Prior to his work with Equator, Mark led reforestation research for the Smithsonian Institution and served as Program Director for the Yale Tropical Resources Institute. Mark currently serves on the Executive Committee of The Forests Dialogue at Yale University and as an external adviser to the Climate-smart Forest Economy Program of the Good Energies Foundation and to the Hoffmann Centre for Sustainable Resource Economy at Chatham House. Mark’s research has been published in scientific journals such as Forest Ecology and Management, Conservation Biology and The Annual Review of Anthropology. Mark received his B.S. in Forestry from the University of Washington and his Master of Forest Science from Yale University.

Gerrity Lansing – Managing Director More Info

Gerrity provides overall strategic and business leadership for TIG, and is a Managing Director and Partner of BTG Pactual. Prior to his current role, Gerrity was a Founder and CEO of Equator, LLC and its Brazilian subsidiary, TTG Brasil Investimentos Florestais Ltda (“TTG Brasil”), which was acquired by BTG Pactual in 2012. Prior to this, Gerrity spent nearly a decade building and as CEO of Madison Trading, LLC and Chatham Energy Partners, LLC (acquired by The Intercontinental Exchange). He is on the Board of the Nasher Museum of Art at Duke University, the Buckley School in New York City, the National Alliance of Forest Owners (NAFO) and La Fundación de la Universidad del Valle de Guatemala. Gerrity received his B.A. from Duke University.

Mitchell Kosches – Chief Operating Officer and Head of Investment Management More Info

Mitch has spent his career in accounting, finance, and investment banking, including more than 12 years of timberland investment experience. Mitch oversees all phases of transaction execution and investment management within TIG. Prior to this role, he was a Founder and COO of Equator, LLC and its Brazilian subsidiary, TTG Brasil, where he was responsible for day-to-day operations. Prior to joining TTG Brasil, Mitch was the CFO of Chatham Energy Partners, LLC and Madison Trading, LLC. Mitch also worked as an investment banker, first at Gruntal & Co., and later at Brean Murray and Co., Inc. and as an accounting manager in Donaldson, Lufkin and Jenrette’s Merchant Banking Group. Mitch is a licensed CPA, earned his B.S. from the State University of New York at Albany and his M.B.A. from New York University’s Leonard N. Stern School of Business.

Percentage of Investment Professionals who identify as women:
25% to less than 50%
Percentage of Investment Professionals who identify as people of color:*
Less than 25%
Percentage of Senior Management Team who identify as women:
Less than 25%
Percentage of Senior Management Team who identify as people of color:*
25% to less than 50%
*People of color include: Black, Latinx, Asian, Native American/Alaskan Native, Pacific Islander, Middle Easterm and multi-racial Americans

Financial Performance

Target Financial Returns Relative to Benchmark:
Market Rates
Actual Performance of Impact Products/Funds Relative to Target Financial Returns in the Past Three Years:
In line with initial target returns
Financial Reporting Frequency to Investors or Donors
Quarterly

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
75% – 99%
Primary Impact Outcomes:
Addressing climate change and environmental issues
Secondary Impact Outcomes:
Addressing climate change and environmental issues
Conserving land, oceans, ecosystems and natural resources
Creating jobs
Addressing gender inequities
Value-added Services Offered:
Other: Rural employment and job training

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:

TIG applies its nine Responsible Investment Principles to any potential acquisition to ensure that TIG’s ESG objectives are upheld: 1. Strictly comply with all environmental, social, health and safety laws, regulations, and standards 2. Foster environmental protection and enhance biodiversity conservation 3. Respect and uphold human rights in all operations and contracts 4. Develop supply chains and prioritize local hiring 5. Strictly comply with anti-corruption and bribery regulations 6. Establish an open dialogue with the communities where TIG manages timberlands 7. Promote ESG awareness among employees by developing and providing specific training programs 8. Report ESG performance with clarity and transparency 9. Commit publicly to global initiatives that strengthen our values In addition, TIG’s underwriting process includes a carefully tailored checklist of all ESG risks, mitigants and opportunities of a potential acquisition, regardless of transaction size. This analysis is included in every acquisition’s Investment Memorandum. 

Investments systematically include social and environmental sustainability practices in the due diligence process:

TIG’s underwriting process includes a tailored checklist of ESG risks, mitigants and opportunities of potential acquisitions. TIG assesses pre-acquisition environmental risks and suitability for certification to third-party sustainability standards.  For instance, in 2017, TIG acquired Lumin, an integrated forest products company in Uruguay. During acquisition, an opportunity to increase ESG initiatives focused on gender equality and community development was identified and supported by TIG. Lumin is now the first rural Uruguayan manufacturing company to commit to the seven Women Empowerment Principles established by the UN Global Compact and UN Women and, in 2019, Lumin received the UN Women Award for Gender Equality.

Impact Tracking and Monitoring

Impact is Tracked:
Yes
Impact Verified by an Independent Third-Party:
No
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes – to the public
Third Party Validations:
Member of Impact Capital Managers
Impact Frontiers Cohort Participant
Implement recommendations from Task Force on Climate Related-Financial Disclosure
Net Zero Assets Managers Initiative
Utilizes standardized impact metrics (e.g. IRIS+, GIIRS, etc.)
Participant on steering committees or leadership roles within impact industry associations
Publisher or contributor to industry white paper or other research in impact investing

Learn More

Key Contact Name: Rodrigo Bandeira
Phone: 212-441-3050
Mailing Address:

601 Lexington Ave – 57th Floor, New York, NY 10022

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