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Forest Invest
Bringing you expert insights on creating profitable and impactful forest investments.
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46. Investing at the Intersection of Traditional Forest Investment and Nature-Based Solutions - with Margaret Morales
45:14||Season 2, Ep. 46This episode flips the usual format. Instead of hosting, I’m the one being interviewed by Margaret Morales during a live webinar, which is now being shared with you in this special release. We dive into the evolving landscape of forest investment, where carbon and timber strategies increasingly overlap with climate and impact goals. I share what I’ve learned from advising asset managers and project developers across geographies: from return expectations and capital stacks to risk mitigation and community engagement. If you're navigating nature-based solutions and forest finance, this conversation is full of practical insights.Quote"If you're not talking about risk early on, that’s a red flag. Every project has risk—it’s how you acknowledge and plan for it that matters."Useful resourcesMargaret Morales on LinkedInTrellis (the company where Margaret is a director)Alexandra Holmlund (Biodiversity credit methodologies)The ForestLink newsletter signupProduction TeamFounding Director and Host: Shauna Matkovich - The ForestLinkProducer and Editor: Magdalena Laas - Unscripted CreativesTime Stamps[2:07] Shauna’s background – from forester to investment professional[4:11] Types of clients Shawna works with (traditional vs. new investors)[6:14] Return expectations in forest investments[7:38] Multi-revenue stream projects – timber + carbon[10:11] Carbon as a “sweetener” in early-stage projects[12:20] Timeline expectations – 10 to 15 years typical hold period[13:50] Explaining greenfield vs. brownfield forest projects[16:57] Growing interest from new climate-focused investors[18:47] Geographic trends in forest investments[20:40] Afforestation projects: high impact, high capital need[21:22] How developers can solve early-stage funding gaps[25:45] Typical capital stack in forest funds[27:40] Blended finance and concessional capital in forest investment[30:00] Why debt is rare in early forest projects[31:33] Biodiversity credits – demand, challenges & local approaches[34:44] Sustainable community credits & the role of community[36:49] What investors want to see on community engagement[37:09] Pure carbon funds – challenges and exit strategy concerns[40:53] Biodiversity credit methodologies (e.g. Alexandra Holmlund's work)[42:23] Carbon price projections – conservative modeling adviceSound LibraryNature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudAmbient Documentary by Sound Guru (Pixabay)
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45. Investor Pulse Check: Top Timberland Challenges Revealed – with Tracy Buran Evens
46:02||Season 2, Ep. 45Today, I’m joined by Tracy Buran Evens, Principal of TimberLink, who shares insights from a recent survey capturing the biggest challenges facing institutional Timberland investors today. We unpack the top themes that emerged from both asset managers and investors—return expectations, macroeconomic pressures, ESG obligations, strategy, and valuation concerns. Tracy explains why there’s a disconnect between stumpage prices and timberland valuation, the flood of new climate-focused capital, and how different fund structures are suiting different investor types. Whether you’re new to forest investing or a seasoned pro, this episode offers a reality check and a roadmap for navigating today’s Timberland landscape.Quote“This is really a sea change—almost $10 billion in new capital has been committed to timberland, much of it targeting natural capital and climate-based solutions.”Useful ResourcesTimberlinkTracy’s email: tevens@timberlink.netTracy on LinkedInFavorite tree: Ginkgo Biloba treeProduction TeamFounding Director and Host: Shauna Matkovich - The ForestLinkProducer and Editor: Magdalena Laas - Unscripted CreativesTime Stamps01:03Overview of Timber Link02:58Recent survey for investors and TIMO’s - what is the biggest challenge you face with your timberland portfolio?09:36Five key themes in responses11:05Do TIMO’s have insight into clients’ struggles?12:50Any follow-up questions?13:49Are timberland allocations decreasing, increasing, or staying the same?18:16Clarification about the seeming discrepancy between investor concerns about returns and new investors and capital who seek new assets?22:15The challenge of the difference between timberland valuation and timber prices - is the market saturated or is the climate spin creating new assets?26:02Consolidation in smaller plots?27:06How does this tie into the challenge of valuations?29:47What caveats should new investors consider, and how can these concerns be addressed?31:55ESG concerns (incl. carbon credits and biodiversity calculations and reporting)37:40Thoughts on approaches to investing in forests40:33Evergreen vs. closed-end structures?42:58Concerns around uncertainty in the macroeconomic environment 44:45Actionable advice to new investors45:37Contact detailsSound LibraryNature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudAmbient Documentary by Sound Guru (Pixabay)
44. Manulife’s 480M Forest Climate Fund - with Eric Cooperström
38:54||Season 2, Ep. 44DISCLAIMERForest Climate Fund is currently closed and not available for investment in all regions.Today, I’m joined by Eric Cooperström, Managing Director, Impact Investing & Natural Climate Solutions at Manulife Investment Management (Manulife IM). In this conversation, we explore Manulife IM’s Forest Climate Fund, examining its strategy characteristics and how it combines both timberland and carbon market return drivers at the portfolio level, and in some cases, at the asset level. We cover the diverse mix of investor types and how climate benefits are structured into the Fund. We break down the topic of quality prevalent in the forest carbon market and the Fund’s answer to this. Not only that, but we also discuss how Manulife IM is addressing investor concerns over wildfire risk and carbon market certainty. Eric closes by reminding us that sustainable timberland is a proven asset class, well-positioned to meet financial and climate objectives, as well as other impacts, such as biodiversity and social benefits."I think we need to have every realistic and cost-efficient approach on the table if we're going to effectively combat climate change.""I will be the first to say I'm not a forester by training, and I stand on the shoulders of giants. It's unbelievable what you can learn and the science and the rigor that forestry as a discipline has incorporated into it."Useful ResourcesManulifeManulife Investment Management on LinkedInEric Cooperstörm on LinkedInFavourite tree: Redwoods (Sequoioideae)Production TeamFounding Director and Host: Shauna Matkovich - The ForestLinkProducer and Editor: Magdalena Laas - Unscripted CreativesTimestamps01:47Eric’s professional background05:18Exciting trends in natural climate solutions07:27Funding strategy & Manulife’s suite of services10:31Ensure high-integrity carbon credits in forest fund that also targets timber production15:48Co-benefits/Core benefits19:52Structure of the fund22:10Carried interests of the fund23:05Targets for carbon credits24:10Investor concerns re. fire risks and manageme nt29:30Help investors to build confidence in new strategy33:18Existing timberland clients moved across?34:28Competition?Sound LibraryNature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudAmbient Documentary by Sound Guru (Pixabay)
43. Blended Finance 101 - with Heiner Skaliks
50:50||Season 2, Ep. 43Today, I'm joined by Heiner Skaliks, Senior Advisor and Head of Latin America and the Caribbean at Convergence. In this conversation, we discuss blended finance's role in forest investment. We unpack the fundamentals of blended finance and explore how it strategically combines public, philanthropic, or otherwise concessional capital with private investment to de-risk and catalyze impactful investments. Heiner outlines six core archetypes of blended finance – from building concessional finance in the capital stack to technical assistance and results-based financing – and illustrates their real-world application through forestry-specific case studies. If you're curious how development finance institutions, governments, and private investors can collaborate to close the $4 trillion SDG financing gap or how blended structures can make forest projects investable, this episode is for you. Plus, you'll hear insights into Convergence's role in fostering partnerships and designing solutions that help forest finance take root.QuoteBlended finance is really about partnerships—about working together with different stakeholders coming under one roof and coming up with solutions.Useful resourcesConvergenceEmail: heiner.skaliks@convergence.financeFavorite tree: EvergreenProduction teamFounding Director and Host: Shauna Matkovich - The ForestLinkProducer and Editor: Magdalena Laas - Unscripted CreativesTimestamps01:08History of Convergence & Heiner’s professional background08:30Definition of blended finance14:09Two components of the finance structure16:59Six archetypes of blended finance29:33Examples in forestry36:53How do you bring different partners together?40:20Advice for investors concerned about blended finance structures43:29Lessons learnt across 10 years of Convergence’s existence48:33Actionable advice for new investors49:55Contact detailsSound libraryNature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud
42. Multilateral Investment in Forestry - with Daniel Farchy
43:17||Season 2, Ep. 42Today, I’m joined by Daniel Farchy, an expert in multilateral finance who has worked across the World Bank, the International Finance Corporation (IFC), the European Investment Bank (EIB), and the Green Climate Fund (GCF). In this conversation, Daniel describes the development and impact mandate behind most multilateral finance institutions. We talk about blended finance (particularly what structure works well for forestry) and the power of concessional capital to crowd in more risk-averse investors. Daniel explains the conundrum of the finance available in capital markets compared to the relatively small need for climate and nature solutions – where legally restricted allocations mean the finance pool is not as big as we think. We discuss the heavy lifting that multilateral or DFI finance can do in screening and due diligence. Conversely, this can also be perceived as a downside, as the investment process in such a partnership takes more time.QuoteFor asset owners, that's [forest investment] very attractive because if you're a pension fund, and you need to be able to deliver, a boring, steady, predictable return over 10 number of years, it's great to have that kind of thing in your portfolio because that gives you a certain degree of sustainability of return, which you will not get in much more volatile sectors.Useful ResourcesGreen Climate Fund (GCF)LinkedIn: Daniel FarchyFavourite tree: Diterocarp Production TeamFounding Director and Host: Shauna Matkovich - The ForestLinkProducer and Editor: Magdalena Laas - Unscripted CreativesTimestamps01:20Daniel’s career path03:44Multilateral funding & its limitations07:36What happens with ROI?10:14What should investors be aware of when exploring an partnership with a multilateral16:18Spectrum of investor profiles17:49Blended finance definition22:24An alternative way – a waterfall27:29Pension funds – allocating more capital to nature forestry, regenerative agriculture29:39Where do negotiations get sticky between multilaterals and private investors?35:16Examples where investors pulled out?38:43Tips on engaging institutions for fund managers40:16Actionable advice42:33Contact detailsSound LibraryNature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud
41. Five Sustainability Reasons Your Forest Investment Fund isn't Closing with Shauna Matkovich
17:15||Season 2, Ep. 41In this solo episode, I reflect on Posaidon's outlook for nature finance in 2025, highlighting why it's a pivotal moment for forest investment. With rising demand for nature-based climate solutions, global biodiversity concerns, and a shift toward renewable products, forests are uniquely positioned to help asset owners meet fiscal regulatory requirements—while delivering strong returns. Yet, new forest investment strategies are slow to close. Beyond the usual hurdles like track record and pipeline, what about sustainability challenges? I break down five key sustainability reasons your fund isn’t closing — and how to fix them. Plus, I offer a free advisory call for those looking to refine their sustainability approach.If you're raising capital for a forest investment strategy, forest business, or forest assets, and you think part of the reason you might be struggling could be due to sustainability. I'm offering 6 sessions to spring your sustainability into action. Over this free 45 minute advisory call, we'll go over what's working, what isn't, and I'll provide tailored recommendations.Useful resourcesFree advisory call: Click on the link to book a timePosaidon Capital: Nature Finance Market Outlook 2025Production teamHost and Forestry Investment Expert: Shauna Matkovich - The ForestLinkProducer and Editor: Magdalena Laas - Unscripted CreativesTime stamps01:34Quote – Nature Finance Market Outlook 202503:03Interesting time for forest investment (great opportunities) 03:48Questions to ask — when investment strategy does not succeed in raising capital04:19Sustainability factors holding back forest investment strategy from landing investors05:13Reason # 1: weak sustainability ethos07:04Possible solutions08:22Reason #2: no point of difference in sustainability strategy objectives from peers09:06Possible solutions09:48Reason #3: SFDR Article 8, 9, or EU Taxonomy alignment10:27Overview – SFDR Article 810:38Overview – SFDR Article 910:48EU Taxonomy11:19Possible solutions12:12Reason #4: weak sustainability track record13:06Possible solutions14:33Reason #5: wrong investors15:07Possible solutionsSound libraryNature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudAmbient Documentary by Sound Guru/Pixabay
40. Voluntary Biodiversity Net Gain in Forest Investment with Maurice Ryan
42:14||Season 2, Ep. 40Today, Maurice Ryan, Director of Business Development at Green Belt, joins me in conversation. We dig into the voluntary approach of biodiversity net gain that Green Belt applies to some of its forest assets. At this point, biodiversity net gain is not legislated in Ireland as in other jurisdictions. Still, Maurice is finding that some forest owners and capital providers are nonetheless interested in reshaping low-production areas into highly productive ones in nature. We discuss what is needed to scale this approach in Ireland and how encouraging or accelerating natural regeneration is a pragmatic way to restore biodiversity to a site. Maurice explains the breadth of biodiversity data they collect to demonstrate the improvements on the sites where they take this approach. We talk about how to bring this biodiversity net gain approach to other jurisdictions and the importance of stakeholder engagement when defining biodiversity objectives.Getting on the ground and touching, feeling, smelling in a forest is a whole different ball game altogether, you know, and depending on what their mindset is, whether it's a long-term legacy and it's a nature-based project or it’s commercial return, feet on the ground makes all the difference.We like to bring them [investors] on the journey with us because then there's a sense of trust from the off and decision-making then is much easier if they've spent time with us and our foresters on the ground.Useful resourcesGreenbeltMaurice email: maurice@greenbelt.ieApple tree (Malus domestic)Production teamHost/Expert: Shauna Matkovich - The ForestLinkProducer and editor: Magdalena Laas - Unscripted CreativesTimestamps01:50Intro to Maurice and Greenbelt04:20Production forestry in Ireland &08:33Definition of biodiversity net gain11:27Approach in operations under regulations14:12Main challenges with approach17:16Corporate or institutional investors?19:06Irish governmental initiatives?21:06Best type of land for project24:12Assessments?27:42Costs and additionality?31:48Local land ownership & expansion of more biodiversity-enriching projects36:52Insights gained that can be used by other jurisdictions39:14Exciting time in forestry40:23Actionable advice41:34Contact detailsSound libraryNature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, CoTipperary, IRELAND by wild_rumpus/Soundcloud