North Sydney-based institutional fund manager New Forests says it plans to manage $25 billion of forestry investments by 2030 in what could become a trillion-dollar asset class after being jointly acquired by Japanese giants Mitsui and Nomura.
The sale, announced on Friday, signifies the rapid growth of the forestry fund, founded in 2005 by David Brand, to $7.8 billion, making it the second-largest asset manager globally in the space.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
