TIR Europe holds $74m first close for timberland fund

Timberland Investment Resources Europe has held a first close for its TIR Europe Forestry Fund, with an initial $74 million of committed capital. The global timber fund will invest approximately 40 percent in the United States, 20 percent in Europe, 20 percent in South America, 10 percent in Australia/New Zealand and 10 percent in niche markets.

A diverse, mostly European group of limited partners made initial commitments to the fund, including public and private pension plans, insurance companies and family offices.

“Real assets such as timberland have a compelling role to play in an investor's portfolio, given the bond-like characteristics with a solid source of alternative yield,” said GianPaolo Potsios, managing partner with TIR Europe, in a statement.

TIR Europe will invest the fund’s capital using a strategy that focuses on building a diversified portfolio of global timberland properties and related assets. However, the IR