experienced leadership

Global approach through multiple investment cycles

Responsible Investment

ESG integrated into every stage of our investment process

Alignment of Interests

Financial commitment from BTG Pactual & strong team performance incentives

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LOCAL PRESENCE

On-the-ground management in multiple geographies
provides insight and creates opportunities

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Leadership

The BTG Pactual Timberland Investment Group ("TIG") leadership team has more than 800 combined years of investment, agribusiness and timberland management experience, and a strong commitment to sustainability. Having led timberland organizations for decades, the team has navigated multiple economic cycles.

Culture

BTG Pactual believes that the firm’s culture of meritocracy and innovation is an important competitive advantage that drives its strategic focus, internal collaboration, and its performance-based management.

Strategy

TIG’s investments are built around broad strategic insights, bottom-up research, hands-on investment management, and careful monitoring of portfolios based on a solid analytical framework. TIG’s continuous improvement methodology keeps the team focused on the investment solutions offered to clients. Product innovation is fostered with close communication between the client services, global investment and distribution teams. Innovative ideas are incubated in an environment that values research, knowledge, insight and productive debate.

 

 

Key Facts

TIG is one of the largest timberland managers globally (1):

  • Nearly US$ 3 billion in assets and commitments(2)
  • Over 1.8 million acres under management(2)
  • Geographic diversity with assets throughout the U.S., Latin America, Eastern Europe and South Africa
  • Executed more than 225 transactions since inception(3)
  • Returned more than US$ 1.6 billion to investors since inception(3)
  • Combined 800 years of investment, agribusiness and timberland management experience

TIG believes that it operates a differentiated platform due to its strong alignment of interests, reliance on a deep and experienced team, and its proven ability to operate within the global commercial timberland sector.

 

 

Best-in-Class Sustainable Forest Practices

TIG is committed to investing in a sustainable manner and believes it can achieve compelling investment returns while applying high standards of environmental and social governance. TIG is keenly focused on sustainable forestry practices and maintaining productive, respectful relationships with the local communities, labor and tax practices in the regions in which it invests. TIG and its parent company, BTG Pactual, have operated under the UN Principles for Responsible Investment ("PRI") since 2015 and TIG’s properties have been third-party certified under Forest Stewardship ("FSC"), Programme for the Endorsement of Forest Certification ("PEFC") and American Tree Farm System ("ATFS") standards since 2003.

Sources: (1) RISI, 2016; (2) Numbers shown are as of May 31, 2017; (3) Since inception for distribution purposes is 1Q1990

 

 

 

 

 

 

 

 

 

 

 

 With more than 800 years of investment, agribusiness and timberland experience amongst its 80+ team members, TIG is unmatched in its experience and commitment to sustainably-managed commercial timberland

 Selected Bios:

Gerrity Lansing

Gerrity Lansing

Partner & Head - Timberland Investment Group

Gerrity is a Managing Director, Partner of BTG Pactual, and Head of TIG. 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. He is on the Board of the Nasher Museum of Art at Duke University, 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

Mitchell Kosches

Associate Partner & COO/Head of Portfolio Management

Mitch is an Associate Partner of BTG Pactual and the Chief Operating Officer and Head of Portfolio Management of TIG. Mitch has spent his career in accounting, finance, and investment banking, including 9 years of timberland investment experience, and is responsible for investment execution 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.

Chris Lipton

Chris Lipton

Head - Asset Management & Global Transactions

Chris, the head of asset management and global transactions, is responsible for leading the acquisition activities and on-the-ground operations, which include ensuring institutional market practices from property managers and maximizing client value through disciplined execution of annual plans and rigorous cost control. Prior to his current role, Chris was General Manager & Chief Forester at Weyerhaeuser Columbia Timberlands. Chris began his career in the forest products industry in 1995 with Longview Fibre Company and held leadership positions in each segment of the business before joining the senior management team in 2006. Chris received a Bachelor’s degree from the University of Washington in Forest Resource Management and holds an M.B.A. from the University of Oregon.

Kieran McDonagh

Kieran McDonagh

Head - Portfolio Analytics

Kieran is head of portfolio analytics where he is responsible for investment valuation and modeling in support of Portfolio Management. Prior to joining TIG in 2016, Kieran was Manager of Portfolio Analysis at Hancock Timber Resource Group where he was responsible for analyzing timberland investments and portfolios. Kieran also worked for Temple-Inland where he developed and maintained forest analysis and information systems and performed harvest scheduling analyses. Kieran holds a Master of Science degree in Industrial Forest Operations from Virginia Polytechnic Institute and State University and a Bachelor of Forestry Science (Hons) from the University of Canterbury in Christchurch, New Zealand.

Jim McBride

Jim McBride

Head - Timberland Distribution

Jim, head of timberland distribution, is responsible for the development and distribution of Company timberland funds. Prior to TIG, he was with Columbia Management Group, marketing institutional products to large public pension funds. Other past experiences include directing marketing and sales for the Hancock Agricultural Investment Group, marketing positions at CIGNA Corporation, and portfolio management at Bankers Trust Company. He has been in the investment industry for 35 years, with 21 of those years dedicated to investments in natural resources. Jim is a frequent speaker at industry conferences discussing the merits of adding timberland investments to institutional portfolios. Jim received a B.A. from Tufts University and a MBA from the Amos Tuck School of Business Administration at Dartmouth College, with concentrations in finance and marketing.

Eric Schwefler

Eric Schwefler

Head - Timberland Relationship Management

Eric, head of timberland relationship management, is responsible for all client engagement and interaction within TIG and works closely with the Distribution and Portfolio Management teams. Eric was previously Senior Vice President of Business Development & Client Relations at Resource Management Service, LLC where he oversaw RMS’s global account management, client communications, product development, and institutional sales processes to investors and consultants. Prior to RMS, Eric held the position of Director at BlackRock where he coordinated domestic U.S. distribution for the firm’s real asset investment products. Eric’s former positions include client service, equity capital raising, investment research, and real assets analysis with Forest Investment Associates and Equitable Real Estate Investment Management (Lend Lease). He previously held Series 7 and 63 FINRA licenses and received a Bachelor of Science degree in Finance from Auburn University.

David Cassels

David Cassels

Portfolio Manager

David is a portfolio manager within TIG. He is responsible for building and managing client portfolios for public and corporate pension funds. Before David assumed Portfolio Management responsibilities, he was a Regional Asset Manager responsible for the management of all client properties in Arkansas, Louisiana, Texas and Oregon. Prior to joining TIG, David worked for Potlatch Corporation for twelve years. From 2007-2010, he was the Arkansas Real Estate Manager, responsible for land acquisition and disposition on 450,000 acres. From 1998 to 2007, he worked on the resource management side of the business in various positions of increasing responsibility in southwest Arkansas. David holds a B.S. in Forestry from Louisiana Tech University. He is a member of the Society of American Foresters and is a Registered Forester in Arkansas. He also serves on the Board of Directors for both the Arkansas Forestry Association and the Texas Forestry Association.

Mikkel Brings

Mikkel Brings

Portfolio Manager

Mikkel is a portfolio manager for TIG and is primarily responsible for the oversight of TIG’s timberland funds in Latin America including the newly established Brazil Timberland Fund I. His role is to represent the clients’ interest throughout the investment cycle as well as ensuring that all investment decisions and management activities are optimized to achieve attractive risk adjusted returns. Before joining TIG, he spent 10 years working for the International Woodland Company (IWC) in Denmark, a leading global timberland investment advisor. During his ten years with IWC, Mikkel worked in a number of different positions including analytics, acquisitions and deal origination, asset management, portfolio management, and most recently as portfolio manager for IWC’s fund of funds including participation on IWC’s Investment Committee. During his tenure, Mikkel played a key role in growing IWC from US$ 300 million under management to a global investment advisor with 30 employees and approximately US$ 3.5 billion under management. He holds a Master of Forestry from University of Copenhagen, Life Sciences, and a Diploma in Business Administration from Copenhagen Business School.

John Lange

John Lange

Portfolio Manager

John is a portfolio manager for TIG. He is responsible for managing client portfolios for public and corporate pension funds as well as endowments and foundations. His responsibilities include developing and implementing fund strategies focused on maximizing investment performance consistent with client objectives. Prior to joining TIG in 2005, he worked for five years as an area forester with Hancock Forest Management, Inc. where he was responsible for all land management and harvest activities in his area. Additional experience also included time with Timberland Harvesters, Inc. and Union Camp Corporation. John holds a BS degree in Biology from Rhodes College, an MF degree in Forestry Management from Auburn University, and an MBA from Jacksonville State University. He is a member of the Society of American Foresters; a member of the Tennessee, Mississippi, Oregon, and Alabama Forestry Association; and a Registered Forester in Alabama.

Carlos Guerreiro

Carlos Guerreiro

Head – Latin American Operations

Carlos is the head of Latin America operations and responsible for overseeing management of TIG’s Latin American properties. Carlos is a forester with more than 30 years of experience in silvicultural planning, harvesting, and forest management. Prior to his current role, Carlos was a founder of Equator, LLC and President of TTG Brasil, which was later acquired by BTG Pactual. Carlos spent thirteen years as a forest manager for Champion International, was the head of Operations for Ripasa Celulose e Papel, and served as Chief Forester for GMO’s Brazilian operations. In 1997, he led the first successful effort to secure Forest Stewardship Council ("FSC") certification of a sustainably managed tropical rainforest, served as President of the Association of FSC Forestry Producers of the Amazon ("PFCA"), and contributed as an FSC Brazil Board member. He received his B.S. in Forestry from ESALQ at the University of São Paulo, Brazil.

Matheus Moura

Matheus Moura

Head - Latin America Acquisitions

Matheus is responsible for timberland origination, acquisitions and general transaction management in Latin America. Prior to joining TIG, Matheus held a similar position within TTG Brasil. Matheus also previously served as the Business Development Manager at Grupo Orsa in São Paulo, where he was responsible for M&A activities and strategic projects, with a focus on timberland transactions. Matheus has also spent several years abroad in the U.S. and the Netherlands in various positions at Kellogg Co. and H. J. Heinz. Matheus earned his BSc from Cornell University and MSc from Wageningen University.

Anita Keegan

Anita Keegan

Head – Timberland Fund Administration

Anita leads the Timberland Fund Administration team and is responsible for managing the day-to-day accounting functions and client reporting for TIG’s Fund Administration business. Anita has spent her career in accounting, finance, and banking, with over 20 years in timberland accounting. Prior to this role, she was in the Financial Reporting Group of Wachovia Bank. Anita earned her B.S. in Accounting and Finance from Johnson & Wales College in Providence, Rhode Island.

Rafael Teixeira

Rafael Teixeira

Head - International Integrations, Change the Bank

Rafael, who joined BTG Pactual in 2005, has been responsible for the International Integrations related to TIG’s Fund Administration. Since assuming this role in 2014, he has coordinated and structured the implementation of the Change the Bank team in Brazil, Chile, Colombia and US. Rafael was responsible for the implementation of a strategic Portfolio Management project in Latin America with comprehensive instrument coverage – from global equities and fixed income to derivatives and bank debt. Prior to this, he worked for 5 years at Furnas Centrais Elétricas S.A., a Brazilian government electrical company, developing systems to support the Brazilian electrical grid. Rafael received his B.S. in Information Technology from Pontifical Catholic University of Rio de Janeiro (PUC Rio).

Mike Roxland

Mike Roxland

Senior Research and Investment Analyst

Mike is a Senior Research and Investment Analyst within TIG. Mike actively supports investment decision-making across TIG’s portfolios, helps capture and distribute market information throughout the organization, and oversees price forecasting. Prior to joining TIG, Mike led the development of liquid investment strategies related to timberland at BTG Pactual. Prior to joining BTG Pactual, Mike served as the senior equity homebuilding analyst at Bank of America Merrill Lynch and as a senior associate covering US timber, forest products, pulp, and paper companies. Prior to Bank of America Merrill Lynch, Mike worked at Deloitte & Touche and as an investment banker at Goldman Sachs and Cohen & Steers Capital Advisors. Mike is a licensed CPA, earned his B.S. from Cornell University, and his M.B.A. from Fordham University’s Graduate School of Business.

 

 

 

 

 

 

 

 

 

 

  TIG’s global, diversified portfolio includes over 1.8 million acres across four continents 

  (as of May 31, 2017)

United States
786,960 acres

Latin America
905,408 acres

South Africa
123,213 acres

Europe
29,501 acres

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  TIG is one of the world’s oldest and largest timberland investment management organizations (1)

  Sources: (1) RISI, 2016

 

 

 

 

 

 

 

 

 

 

 

 

UNITED STATES

Why Now?
•Transaction Availability
•Recovering Housing Market
•Historically Low Land Prices
•Consistent Demand of Commodity Hardwoods
•Pacific Northwest Demand

Scale: Large private timberland resource and the world’s largest forest industry (Source: RISI, 2016)

Stability: Mature, politically stable economy with high level of forestry production and domestic consumption

Diversity: Many forest types and a deep forest industry that produces a variety of products. The strategy focuses on core U.S. timberland assets in a recovering housing market, with key targets of smaller diameter pine in the South, exposure to softwood lumber markets in the Pacific Northwest, and selected Eastern hardwoods. The strategy seeks to take advantage of low land values and increasing transaction availability

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SOUTH AMERICA

Why Now?

•Similar to the US in recent decades, forest products companies initiating timberland divestment cycle to focus on balance sheet efficiency
•Foreign land ownership restrictions have reduced timberland investment since 2010
•Secular (demand and regulatory driven) shift away from of native forests to plantation forests

Biological Growth: Fastest in the world with shortest timber rotations

Domestic Consumption: Growing middle class creates rapid rise in domestic wood use

Exports: Fast-growing global markets for pulp and solid wood products

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SOUTH AFRICA AND INDIAN RIM

Why Now?

•Low land and timber values expected to move toward global averages due to regional supply/demand imbalance
•More intensive plantation management practices and better merchandizing of roundwood assortments are forecasted to add value to investment returns

Diversity: Variety of fast growing plantation species used in solid wood, pulp and paper, panels, poles, and mining timbers

Domestic and Regional Demand: Growing middle class increases demand for all forest products

Structural Supply Shortage: Virtually all land with timber production potential is planted

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EUROPE

Why Now?

•Low timber and land prices in the Baltics versus Western Europe expected to increase in future as regional integration proceeds
•Import substitution and high quality timber export opportunities in Western Europe
•Export sector potential to Asia has yet to be fully realized

Resources: Extensive, high quality forest resources

Forest Products Sector: Scale in selected geographies, growing internal investment and investment from other EU countries

Consumption: Domestic consumption rising in East/Central Europe; high quality product exported to Western Europe and Asia

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4 - Europe
2- South America
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Responsible Investment & ESG

TIG is committed to responsible investment practices across all assets under its management. TIG carefully evaluates environmental and social governance attributes (“ESG”) before making any investment decision. As institutional investors, TIG believes it has a duty to act in the best long-term interests of our beneficiaries. We recognize that ESG issues can affect the performance of investment portfolios. TIG believes that application of the following nine principles, better aligns our investments with the broader goals of society.

 


 TIG's Nine Responsible Investment Principles

  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

 

 

 

 

 

Measuring ESG

TIG’s key performance indicators ("KPI’s") as they relate to sustainability are comprehensive and include:

  • Confirmation of pre-acquisition environmental integrity
  • Forest certification status
  • Chemical & production inputs
  • Forest productivity & soil health
  • Protection of special sites & biodiversity
  • Labor compliance
  • Worker health & safety
  • Ownership & local land rights
  • Indigenous rights
  • Community involvement & landowner outreach
  • Corporate commitment & responsibility
  • Commitment to continuous improvement
  • Tracking & resolution of environmental non-compliance
  • Appropriate ESG resources
  • Annual executive review

Forest Certification

TIG is an active partner with the world’s leading environmental and sustainability organizations that specialize in forest certification.

 

Sources: Forestfact.org; The Food and Agriculture Organization of the United Nations; National Alliance of Forest Owners publication – Economic Impact of Privately Owned Forests.

Sources: National Alliance of Forest Owners (“NAFO”); www.biomass1.org; www.stateconservation.org.

Sources: American Tree Farm System (“ATFS”); National Alliance of Forest Owners publication – Economic Impact of Privately Owned Forests; “Working Forest Easements” presentation made by the Conservation Fund

 

 

 

 

 

 

 

 

 

ATLANTA
1180 Peachtree Street NE Suite #1810
Atlanta, GA 30309
+1 (404) 551-4021

NEW YORK
601 Lexington Ave -57th floor
New York, NY 10022
+1 (212) 293-4600

SÃO PAULO
Av. Brg. Faria Lima, 3477
Itaim Bibi, São Paulo - SP, 04538-133, Brazil
+55 11 3383-2000

E-mail: TIGinfo@btgpactual.com

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