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The ACCESS Pool, which consists of assets totalling c.£40bn on behalf of participating Pension Funds, has appointed Stafford Capital Partners (“Stafford”) and J.P. Morgan Asset Management (JPMAM) as its global timberland managers, following a review carried out by Apex Investment Advisory.
The total initial mandate size across both components will be c. £300 million, with potential to grow thereafter. Two of the ACCESS Authorities currently invest in Timber, with the new investment coming from Authorities who previously did not have an allocation.
Global Core timberland
Stafford invests in core timberland through the Stafford International Timberland (SIT) series of funds. Now in its tenth generation, the strategy invests in operational, yielding timberland estates, accessing investments primarily through off market secondary transactions.
Meanwhile 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 word, while targeting a negative carbon footprint (SFDR Article 9).
Global impact timberland
ACCESS’ global timberland impact allocation will be made to the Stafford Carbon Offset Opportunity Fund (Stafford Carbon Fund) – a fund that establishes new commercial timberland estates, generating a return which includes a supply of high-quality carbon offsets for clients.
Cllr Mark Kemp-Gee, Chairman of the ACCESS Joint Committee, said:
“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. 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.”
Angus Whiteley, CEO of Stafford Capital Partners said:
“We are honoured to establish this landmark partnership with ACCESS in the timberland sector. Commercial timberland presents a unique investment opportunity which delivers uncorrelated, long-term, inflation-linked returns while making a significant contribution to the environment and natural landscape. With the award of these two mandates, we look forward to building on our successful partnership with ACCESS and its partner funds and delivering for their members.”
Angela Davis, President at Campbell Global, said:
“Campbell Global is delighted to be partnering with ACCESS to add global timberland to their investment portfolio. Our innovative and evidence-based approach are well-aligned, and we look forward to using our 40-plus years’ experience managing forestland to the benefit of the ACCESS Pool. Timberland and related carbon offsets are unique investments that will offer ACCESS scheme members the ability to further diversify their portfolios while also supporting climate change mitigation and biodiversity protection.”
Patrick Thomson, EMEA CEO at J.P. Morgan Asset Management, said:
“We are honoured to be building on over thirty years of collaboration with the LGPS client base through this new Core Global Timber allocation with the ACCESS Pool. Our investment strategy aligns with many of the values and objectives of the LGPS, such as income generation, as well as playing a part in the path to net zero and biodiversity conservation.”
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