BTG Pactual Timberland Investment Group Raises US$1.24 Billion for Largest Reforestation Fund to Date[1]

BTG Pactual Timberland Investment Group (BTG Pactual TIG), one of the world’s largest timberland managers, today announced the close of fundraising for its Latin American Reforestation Strategy, reaching US$1.24 billion in commitments. This represents the largest reforestation fund closed to date,¹ providing a model for large-scale reforestation and restoration that seeks to deliver durable climate impact, tangible benefits for rural communities, biodiversity outcomes, and sustainable commercial production.

Global environmental organization Conservation International serves as Impact Adviser to the strategy, providing input and advice to help strengthen environmental, climate, and social outcomes related to the strategy’s conservation and restoration activities. Together, BTG Pactual TIG and Conservation International are advancing an approach that aims to conserve, restore, and reforest approximately 660,000 acres of degraded landscapes in Latin America. The approach blends commercial reforestation with science-based restoration practices and is designed to be replicable at scale in Latin America and beyond. The strategy also incorporates the IFC Performance Standards across all operations.

A prominent group of global investors are participating in the strategy, including Azarine, BNDES, CAF – Development Bank of Latin America and the Caribbean, the German development finance institution DEG, FMO – Dutch entrepreneurial development bank, GenZero, Green Spark Ventures, Hempel Foundation, IFC – International Finance Corporation, Impact Fund Denmark, the Mobilising Finance for Forests program, which is funded by the UK government and the government of the Kingdom of the Netherlands and managed by FMO, Mitsui O.S.K. Lines, New Zealand Superannuation Fund, NGS Super, the San Francisco State University Foundation, advised by Cambridge Associates, Tokio Marine & Nichido Fire Insurance Co., Ltd., and Vale S.A.

“Achieving this milestone reflects both an innovative strategy and TIG’s ability to execute at scale, and we are honored to have reached it in partnership with this group of leading institutional investors,” said Gerrity Lansing, Head of BTG Pactual TIG. “We designed this strategy to demonstrate that restoration at landscape scales can deliver both environmentally and commercially. We are grateful to our investors and partners for their trust as we continue advancing a model that we believe can help shape the future of sustainable commercial forestry and large-scale ecosystem restoration.”

“Our partners’ commitments to the reforestation strategy are a powerful validation that sustainable commercial forestry, rural community development, and native ecosystem restoration can be mutually reinforcing,” said Mark Wishnie, Chief Sustainability Officer at BTG Pactual TIG. “The strategy demonstrates how sustainable production can provide an enduring economic engine to power climate resilience, biodiversity conservation, and rural economies — all while producing renewable materials to supply the global bioeconomy. With over 50,000 acres already under restoration, our collaboration with Conservation International is delivering tangible outcomes that demonstrate the strategy’s potential for broad applicability."

"We have always sought innovative solutions to protect the world’s most vital and at-risk ecosystems, and few are more threatened than the Brazilian Cerrado – more than half of its original land cover has been cleared over decades,” said Deborah Spalding, Global Head of Nature Finance at Conservation International. “This restoration effort represents the kind of forward-thinking approach that conservation needs. In a short time, its impacts already show the return of biodiversity, critical water resources and carbon-storing vegetation. At a time when the world needs to mobilize far more funding for nature, efforts like this help demonstrate what effective, scalable investment can look like. Working alongside communities, there is great potential to scale these positive outcomes."

A category-defining milestone for natural capital investing and restoration at scale

The close is a landmark achievement for restoration-focused natural capital investing, demonstrating that ambitious collaboration can mobilize large-scale private capital when projects are designed for both environmental integrity and long-term performance. It also reinforces the importance of collaboration among investors, timberland managers, and conservation organizations to deliver outcomes that are credible, measurable, and resilient over time.

On-the-ground progress already underway in priority ecosystems

The strategy focuses on restoring biodiversity and climate resilience in critical ecosystems in Latin America, including Brazil’s vast but often overlooked Cerrado, which is one of the world’s most biodiverse seasonally dry and threatened ecosystems, where large-scale restoration is urgently needed.

At full scale, the strategy aims to conserve, restore, and reforest approximately 660,000 acres of degraded landscapes in Latin America — protecting and restoring approximately 330,000 acres of native forests and other habitats, while planting millions of trees across approximately 330,000 additional acres as sustainably managed commercial tree farms, certified to Forest Stewardship Council (FSC)™ standards. At US$1.24 billion, the strategy is also the largest-known reforestation and restoration fund closed to date.¹

Nearly 29 million trees have been planted across the strategy on over 64,000 acres of degraded land in Brazil. As of 2025, 100% of the strategy’s forests are FSC-certified or in the process of certification.

Over 53,000 acres are under conservation, while restoration of native and biodiverse vegetation has been initiated on more than 50,000 acres to date. This restoration effort is designed to connect more than 100,000 acres of natural habitat across the broader landscape, an area approximately one-third the size of the city of Rio de Janeiro.

More than 1,000 species of plants and animals have already been identified across the strategy. Over 400 miles of streams are under enhanced protection and riparian buffer zones have been expanded up to 1,300 feet—nearly seven times local legal requirement—helping to strengthen ecologically important riparian zones and expand wildlife corridors.

The strategy also aims to increase rural employment and support community development. At full deployment, the strategy is expected to support approximately 2,700 direct and indirect full-time equivalent (FTE) jobs, significantly increasing employment compared with previous land uses such as cattle ranching. In 2025, the strategy supported 518 FTE jobs.

The strategy has carried out numerous community engagement initiatives aimed at expanding sustainable income opportunities for local populations. In collaboration with the Mato Grosso do Sul Native Seed Network and local organizations, the strategy’s native seed collection program has trained 26 new seed collectors and gathered 5.6 tons of native seeds. Seeds sales to nurseries and restoration projects have generated meaningful income equivalent to approximately 20% of the regional average household income per collector.

Science-based learning and continuous improvement

A cornerstone of the strategy is its commitment to transparency, learning, and improvement, supported by ongoing research. This includes a long-term collaboration with the Forest Restoration Laboratory at the Federal University of Viçosa in Minas Gerais, Brazil to test and compare the effectiveness of different restoration methods. These include direct seeding, native seedling planting, and natural regeneration techniques, through an established 200-acre field experiment.

As one of the largest restoration experiments ever conducted in the Cerrado, this research will provide insights into the ecological impact, cost effectiveness, and economic efficiency of different restoration methods. Initial findings indicate positive results and steady progress across treatments, with strong site occupancy, seedling growth, and natural regeneration underway. Insights from this work will help further strengthen the strategy’s restoration outcomes and inform best practice for Cerrado restoration efforts over time.

“This innovative project represents one of the largest ecological restoration research initiatives in the Cerrado. Due to its scale and the variety of treatments, involving more than 40,000 seedlings of various native species and over 1 ton of seeds, this research is expected to make valuable contributions to Cerrado restoration,” said Professor Sebastião Venâncio Martins, Department of Forest Engineering at the Federal University of Viçosa. “The data will allow for the identification of the most effective restoration techniques, which can be replicated on other properties in Mato Grosso do Sul, aiming to accelerate restoration, reduce costs, and identify species with the greatest potential for carbon sequestration.”

High-integrity carbon credit supply

The strategy is designed to generate millions of high-integrity removal carbon credits, supporting global climate commitments and setting a new benchmark for scale. BTG Pactual TIG has already finalized two landmark nature-based carbon removal credit agreements in June and September of 2024, which were among the largest on record at the time of their announcement.

In April 2026, the strategy’s first carbon project, Brazil Cerrado 1, became the first project globally to be issued credits under Verra’s afforestation, reforestation, and revegetation (ARR) methodology, VM0047. The methodology is among those approved by the Integrity Council for the Voluntary Carbon Market (ICVCM) under its Core Carbon Principles (CCPs) assessment framework, the global benchmark for carbon credit quality and integrity.

Investor and collaborator participation

“BNDES approved an investment of up to R$300 million (~US$55 million)² to support this reforestation project and the restoration of degraded areas in Brazil. This initiative aligns with the directive of President Lula’s government to support environmental and climate projects, contributing to the ecological transition, decarbonization, and environmental conservation. Since 2023, BNDES has already mobilized R$7 billion (~US$1.27 billion)² for the conservation, restoration, and management of Brazilian forests—an amount equivalent to 280 million trees planted, 168,000 hectares restored, 70,000 jobs created, and 54 million tonnes of CO₂ equivalent (CO₂e) captured,” said Aloizio Mercadante, President of BNDES.

“CAF’s investment in The Reforestation Fund has contributed to the mobilization of private capital toward nature-based climate solutions, integrating biodiversity conservation with large-scale sustainable production models in the region. In this regard, we consider our participation in this Fund, developed by TIG and BTG Pactual, to be emblematic of our positioning as the Green Bank of Latin America and the Caribbean. The proposed model demonstrates that it is possible to align financial returns with measurable environmental impacts, contributing both to climate resilience and to the restoration of strategic ecosystems,” said Antonio Silveira, Vice President of the Private Sector at CAF – Development Bank of Latin America and the Caribbean.

“The need for a sustainable transition of the productive sector as a whole is known - what remains to be built are the pathways to reach it. The restoration approach in the Cerrado brings together science, mobilizes the productive sector and deploys innovative financing mechanisms. Together, this represents a meaningful step toward achieving impact at scale. As Impact Adviser, Conservation International supports evidence-based decision-making, contributing to the maximization of environmental and social benefits and the reduction of risks. By generating jobs, revealing the biodiversity of the region, and producing critical learnings on restoration, this initiative contributes to a concrete model with the potential to inspire other sectors,” said Mauricio Bianco, Chief Field Officer, Conservation International Brazil.

“DEG is committed to advancing natural capital solutions that deliver measurable benefits for climate, biodiversity, and local communities. BTG Pactual TIG’s reforestation strategy shows how high-quality natural capital projects can restore ecosystems, strengthen rural livelihoods and generate sustainable returns. We are pleased to contribute to a strategy that sets new benchmarks in the market and shows what impactful collaboration can achieve building a sustainable future,” said Monika Beck, member of the Management Board of the German development finance institution DEG.

“FMO is proud to have supported TRF from the early stages – both as an investor and through the catalytic role of the public funding deployed on behalf of the UK government and the government of the Kingdom of the Netherlands through the Mobilising Finance for Forests program – helping to crowd in institutional capital at scale. That the fund has surpassed its original US$1 billion target is a significant achievement and a clear signal of what is possible when commercial ambition and climate action align. We share TIG’s conviction that restoring degraded land, protecting natural forests, and building sustainable forestry value chains can generate strong long‑term returns while delivering meaningful climate and biodiversity impact across Latin America. This is exactly why FMO decided to invest in TRF, which is now FMO’s largest exposure in its forestry portfolio. We are pleased to see this strategy gaining momentum and look forward to the impact it will create over the long term,” said Huib-Jan de Ruijter, Co-Chief Investment Officer, FMO – Dutch entrepreneurial development bank.

“Latin America's degraded landscapes represent one of the most significant restoration opportunities on Earth. We believe The Reforestation Fund’s strategy of combining sustainable forestry and native restoration offers a credible, replicable model for unlocking the huge potential in the region, and we are glad to be part of that effort. This aligns well with GenZero’s mission to support nature-based solutions that can deliver real and measurable climate outcomes at scale, whilst maintaining commercial discipline and financial viability,” said Hoon Ling Min, Investment Director, GenZero.

“The Hempel Foundation invested in The Reforestation Fund (TRF) because - in addition to our philanthropic donations for tropical biodiversity conservation - we wanted our foundation’s financial investments to also contribute to conservation outcomes. We believe that TRF has a strong business model for scalable natural ecosystem restoration, and it is already demonstrating that it is possible to maintain and restore nature while generating strong financial and social investment returns,” said Anders Holm, CEO, Hempel Foundation.

"The Reforestation Fund demonstrates that nature-positive investment can be commercially viable at scale. IFC's participation reflects our commitment to mobilizing private capital into solutions that restore degraded landscapes, protect biodiversity, generate quality jobs, and provide lasting benefits for local communities — all structured in accordance with IFC's Performance Standards for environmental and social management,” said Manuel Reyes Retana, Division Director for Brazil, Argentina, Paraguay and Uruguay, IFC – International Finance Corporation. “We congratulate BTG Pactual TIG on this significant milestone and look forward to seeing this model expand in Latin America and beyond,” he added.

“This is an investment in a scalable model where sustainable forestry, nature restoration and local value creation go hand in hand. The fund creates the foundation for growth through local nurseries, contractors and input providers, while building a portfolio with both strong commercial potential and clear climate and biodiversity benefits,” saidOtto Vinther Christensen, Managing Director, Impact Fund Denmark.

“As a long-term investor with an intergenerational mandate, we want to invest in a way that generates strong and sustainable financial returns without compromising the environmental and social foundations on which our society depends. Climate change, biodiversity loss, ecosystem degradation and the uncertain viability of rural communities have the potential to create not only serious social and environmental problems, but also systemic investment risks. With The Reforestation Fund, TIG has created an investment opportunity that delivers truly sustainable returns: we are pleased to be part of it, and to see it continue to gather significant support and momentum through to its final close,” Brendon Jones, Head of Real Assets, New Zealand Superannuation Fund.

“NGS Super’s commitment to BTG Pactual TIG’s reforestation fund reflects our belief that high quality natural capital projects can strengthen long term member outcomes while delivering measurable real-world benefits. The fund’s strategy offers diversified return drivers through sustainable timber, land value creation and removal-based carbon credits. We value TIG’s local capability and experience, and we’re pleased to support the fund as it reaches its final close,” said Ben Squires, Chief Investment Officer, NGS Super.

“Vale’s investment in this reforestation strategy is directly linked to our Forestry Target 2030, through which we voluntarily committed to protecting 400,000 hectares of forest and restoring an additional 100,000 hectares beyond our operational boundaries, anchored in sustainable business models,” said Camilla Lott, Corporate Sustainability Director at Vale S.A. “We believe that restoring forests at the scale required by the climate crisis is only possible through the combination of long-term private capital, scientific rigor and economically viable models that generate income, strengthen local value chains and keep forests standing. This strategy embodies that vision: it mobilizes capital at scale, integrates ecological restoration with sustainable commercial forestry, and delivers measurable climate, biodiversity and social outcomes. By supporting initiatives like this, we accelerate progress toward our forestry targets while demonstrating that forest recovery and economic development are not opposing goals — they must advance together.”

Investor statements were provided by current investors in The Reforestation Fund and reflect their independent experiences with BTG Pactual TIG. No cash or non-cash compensation was provided to any investor in connection with these statements. Each investor’s experiences and opinions may not be representative of all other investors. BTG Pactual TIG is not aware of any material conflicts of interest associated with these investor statements.

About BTG Pactual Timberland Investment Group (BTG Pactual TIG)

The BTG Pactual Timberland Investment Group (BTG Pactual TIG) is one of the world’s largest timberland investment managers, managing US$ 7.5 billion in assets and commitments and 3.0 million acres under management throughout the U.S. and Latin America. TIG has approximately 160 professional staff and an on-the-ground presence through 23 offices across the Americas, bringing local, regional, and global experience to bear on the careful management of our

clients’ investments (as of December 31, 2025).

About Conservation International

Conservation International protects nature for the benefit of humanity. Through science, policy, fieldwork and finance, we spotlight and secure the most important places in nature for the climate, for biodiversity and for people. With offices in 30 countries and projects in more than 100 countries, Conservation International partners with governments, companies, civil society, Indigenous peoples and local communities to help people and nature thrive together. Go to Conservation.org for more, and follow our work on Conservation News, Facebook, Twitter, TikTok, Instagram and YouTube.

¹ Largest greenfield, reforestation and restoration-focused fund closed to date as reported by Agri Investor in January 2026 and based on third-party data published by Preqin as of March 2026. 
² USD amounts are approximate and were calculated using an exchange rate of BRL/USD 0.1817.

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