The past 12 months have been a challenging period of fundraising for private equity vehicles investing in timber. Data from Preqin’s Funds in Market database, which tracks fundraising globally, documents the volatility in the market since the economic crisis. Timber fundraising reached a peak in 2008, with five vehicles reaching a final close, having raised $2.9bn in commitments. Comparatively, in 2009 five private equity vehicles closed, but only raised an aggregate $562mn in capital commitments. Timber fundraising returned to relatively healthy levels in 2010, with six vehicles closing having raised an aggregate of $1.7bn; however in 2011 fundraising decreased slightly, with five vehicles reaching a final close, having raised an aggregate $1.1bn in investor capital commitments. So far in 2012, only three funds have closed, having raised an aggregate $483mn for investment.