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 2025 PROFILE

EFM

Total Assets Under Management: $100 – 499M
Asset Class: Commodities
Primary UN Sustainable Development Goal: 15 – Life on Land
Climate Change
Decarbonization and Carbon Drawdown
Natural Resources and Conservation

Firm Overview

Category: Real Assets - Forestry

EFM manages commercial forests and other natural assets with a climate-smart strategy that creates long-term financial value alongside enduring social and environmental impact.  Our four co-mingled private equity funds focus on FSC-certified forests in the US. Our advisory business reviews and recommends investments in cutting-edge natural climate solutions both domestically and abroad. Investors and clients include accredited individuals, family offices, corporation, institutions and more.  The EFM team has deep experience in natural climate investments and management, finance, tax credits, and environmental markets.

Firm Headquarters: United States
Years of Operation: 10 years or more
Total Assets Under Management:
$100 – 499M
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: Less than 25%
Investment Thesis:

EFM believes that managing natural assets to co-produce environmental services alongside high-quality products leads to a differentiated investment strategy and a more valuable asset.

Investment Overview:

EFM was founded in 2004 with the conviction that forests are worth more than the commodity value of the lumber they produce. The founders recognized that forests were inextricably linked to the long-term health of the planet and its inhabitants. They also believed that managing forests for long-term value would benefit investors, forests, and the surrounding communities.  Today, EFM is committed to this approach and these principals more than ever. We feel optimistic that the market is finally beginning to adopt our perspective and recognize the intrinsic value of forests for our financial, social, and environmental health. This is manifested in increased public and private funding for conservation, restoration, and climate-smart management to the benefit of the ecosystem, landowners, and investors.  

Company Differentiator:

Traditional timber managers mainly grow few species of trees in a plantation setting and harvest wood as quickly as possible to maximize yield and short-term financial gain. The main value drivers are timber, capital appreciation, tax advantages and real estate development.  EFM designs an FSC-certified plan for each property that will create a desired future condition that includes forest health, resilience, and long-term value creation. These management practices grow timber while sequestering carbon, promoting biodiversity and protecting fresh water. Value drivers include timber, capital appreciation and tax advantages, but also conservation easements, carbon offsets, mitigation banking, environmental credits, public funding, recreational leases and more. 

Investment Example

In December 2023, EFM Fund II sold its Chimacum Ridge property to the Jefferson Land Trust (JLT), a local conservation nonprofit working with their community to preserve working lands and habitat, forever. The 854- acre property on the east side of Washington’s Olympic Peninsula was originally purchased in 2015 from a commercial timberland owner. At that time, EFM was able to enter into a longterm purchase and sale agreement with the JLT for a future sale at market prices. This derisked the investment in the Fund and gave JLT the time necessary to gather resources and capital to acquire the site. During the eight-year ownership, EFM stewardship activities included thinning to enhance forest health and productivity, permanently protecting the land through conservation easements, and managing the forest with FSC and climate-smart practices. EFM achieved both its financial and impact goals during ownership.

Leadership and Team

Cumulative Leadership Experience in Impact Investing:
30 years or more
Cumulative Impact Experience of Top Three Firm Leaders:
30 years or more
Bettina von Hagen – CEO More Info

Bettina co-founded EFM and earned her CEO role in 2008. A former commercial banker, Bettina has over 30 yearsof experience in banking, forestry, conservation finance and fund management. As Vice President of the NaturalCapital Fund, a $26M fund that is the working endowment of Ecotrust, she helped guide the organization towardsa 100% impact investment strategy. In this role she also helped launch Beneficial State Bank, redevelop theNatural Capital Center (the first historic redevelopment to receive LEED gold certification), and develop markets forhigh-quality forest carbon projects at the state, regional, and federal levels. Prior to joining Ecotrust, Bettina was aVice President at First Interstate Bank of Oregon.

Amrita VK Vatsal – Managing Director More Info

Amrita joined EFM in 2011 and is a member of EFM’s management team. In this role, she shapes the company’s growth and impact investment strategies managing new product development, fund structuring and investor recruitment. Additionally, as a member of the investment committee, she contributes to property sourcing, transaction structuring, conservation finance, and carbon project development. Prior to EFM, Amrita was an Assistant Manager with Pricewaterhouse Coopers in Singapore for 5 years and she subsequently cultivated a passion for financing the growth of environmental business while working for Piper Jaffray’s clean-tech banking group.

Chris Sweeney – COO More Info

Chris leads the day-to-day operations of the Management Company and its Funds including finance, accounting, tax, valuation, financial reporting, investor reporting, compliance and office operations. He has 30 years of experience in the financial services and investment industry most recently as Chief Operating Officer at Prime Buchholz, an institutional investment advisor headquartered in the greater Boston area. Prior to Prime Buchholz, Chris served as Chief Financial Officer and Treasurer of World Learning, Inc., a global education organization, and held several executive roles at State Street Global Advisors and State Street Corporation.

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:
100%
Primary Impact Outcomes:
Conserving land, oceans, ecosystems and natural resources
Secondary Impact Outcomes:
Addressing climate change and environmental issues
Creating jobs
Increasing access to water and sanitation
Addressing racial inequities
Value-added Services Offered:
Other: We have no direct investees since investments are made in forestland. We provideemployment to residents of low-income and underserved rural communities through the implement of our climate smart forestry strategy.

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 investors and donors
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: Alex Mackay
Phone: 503-467-0823
Mailing Address:

721 NW 9th Ave, Suite 230, Portland, OR 97209 USA

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