Stafford today announced a final close on Stafford International Timberland VII Fund of $484 million from investors in the UK, Europe and Australia. The new fund's final close exceeded the target fund size of $400 million, according to a press release.
The new fund is a specialist timberland fund of funds which will acquire secondary positions in existing timberland funds as well as invest in primary timberland funds and co-investments.
“We are very pleased with the support we continue to receive from existing investors and grateful for the confidence new investors have given us," noted Angus Whiteley, Stafford’s Group CEO, in the release.
"To assist in the investment of this latest fund, we have increased our investment team with the addition of two investment managers and a further analyst to support the finance function, as well as plans to open an office in Latin America in the third quarter of this year.”
The fund, Stafford's seventh, has already made two secondary investments, one co-investment and a primary commitment, all with leading timberland investment managers. When added to a further co-investment and a primary commitment made recently, the fund will have already deployed nearly 21% of committed capital.