Proactive Investors - Gresham House PLC (LON:GHE), the specialist alternative asset manager with a significant presence in Ireland, said it has launched a major new fund to enable Irish and international investors to fund greater forest cover across Ireland.
The company said the 'Irish Strategic Forestry Fund' will provide up to €200mln to create new forests, making a significant contribution to Ireland's Climate Action Plan.
In a statement, Tony Dalwood, Gresham House chief executive, commented: "This initiative marks the latest step in Gresham House's expansion in international forestry, building on our 40 years' experience of commercial forestry management and our position as a global market leader. It will create a platform for enhancing Ireland's forestry sector, delivering real change and momentum and make a meaningful contribution to Ireland's crucial afforestation ambitions."
Gresham House noted that the fund has already attracted €35mln from Irish investors, including a €25mln cornerstone investment from the Ireland Strategic Investment Fund (ISIF), Ireland's sovereign development fund.
ISIF's capital will complement other Irish and international capital sourced by Gresham House to promote sustainable investments in a sector that is key to addressing the climate crisis.
The new fund will also acquire existing forest assets and when fully deployed will represent a portfolio of approximately 12,000 hectares of new and existing forests.
The fund will be managed from Gresham House's Dublin office, with Joe O'Carroll acting as Investment Director. Gresham House has the scale and experience of managing large-scale privately funded forestry assets across the world.
The new fund has put in place an operational management agreement with Coillte, Ireland's semi-state manager of forestry and timber investments. The development of the fund will therefore benefit from Coillte's long-term track record operating in the Irish forestry sector.
The fund is Gresham House's third major initiative in Ireland over the past year, following its acquisitions of leading investment manager Appian Asset Management and Burlington Real Estate, a specialist property manager and real estate investment advisor, in 2021 and early 2022, respectively.
It also forms part of Gresham House's aim to expand its existing capability in real assets in Ireland, including in battery energy storage, solar, and sustainable infrastructure