Investment strategies at the leading edge of forestry, land management, and conservation

Investing in Sustainable Real Assets

New Forests is a sustainable real assets investment manager offering leading-edge strategies in forestry, land management, and conservation.

Founded in 2005, we offer institutional investors targeted opportunities in the Asia-Pacific region and the United States and have more than AUD 7.7 billion in assets under management globally. Our assets include sustainable timber plantations, rural land, and conservation investments related to ecosystem restoration and protection. New Forests focuses on managing our clients’ assets for a future in which landscapes will encompass both production and conservation values. New Forests manages over 1 million hectares of forests, rural land, and conservation investments and is headquartered in Sydney with offices in San Francisco, Singapore, and New Zealand.

New Forests’ investment strategies take into account a long-term view of economic and market trends and emphasise positive environmental, social, and development outcomes. We concentrate on buying well and then steadily adding value through productivity enhancements, market development, and a focus on commercial management.

Sustainable forestry investment in Australia and New Zealand.

Forestry investment in Australia and New Zealand offers access to mature timber markets, well-established forestry management systems, and new opportunities from increasing Asian demand for wood products. Investors can be exposed to Asian growth while investing in a stable, low-risk business environment. New Forests is the largest timberland investment manager in Australia and has operated in New Zealand since 2005.

Sustainable forestry in emerging markets of Southeast Asia.

Tropical Southeast Asia is an emerging market for sustainable plantation forestry investment by institutional investors. Our Southeast Asian investment strategy focuses on certified plantation forestry with an emphasis on technological and silvicultural improvements and a rigorous approach to environmental and social values and good governance. With an eye toward future growth, New Forests manages the first dedicated institutional timberland fund in Southeast Asia.

Conservation forestry and ecosystem restoration in the United States.

Forestry investment in the United States has evolved beyond traditional forest management to also encompass returns driven by conservation management strategies and the valuation of ecosystem services in growing environmental markets. New Forests’ US business focuses on strategies related to carbon forestry and conservation finance. We established the first institutional fund investing in both forest carbon and mitigation banking and have developed additional investment products that build on our track record.

Learn more about the markets in which we invest


Our Roots

March 2020

Announced ambitious Climate Action Plan and released inaugural Climate Disclosure Report

July 2019

Settled purchase of Aratu Forests Limited in New Zealand, one of the largest forestry estates in the Gisborne region.

June 2017

Australia New Zealand Forest Fund 3 closed with AUD 873 million in capital commitments for continued investment in the Australia New Zealand region

October 2015

Launched subsidiary New Forests Timber Products to market and sell Australian hardwood chip

February 2014

Completed the final close of the Australia New Zealand Forest Fund 2 with commitments of AUD 707 million

June 2013

Completed final close of the Tropical Asia Forest Fund, the first dedicated institutional forestry fund in Southeast Asia

June 2011

Launched Forest Carbon Partners, an investment vehicle to supply the California carbon market with high-quality forest carbon offsets

October 2010

Closed our first regional timberland investment fund, the AUD 490 million Australia New Zealand Forest Fund

August 2008

Established subsidiary New Forests Asia to manage assets and grow institutional interest in forestry investment in the Southeast Asian region.

January 2008

Launched the Eco Products Fund in a JV partnership

January 2007

Opened US subsidiary, New Forests Inc., to lead investments in US environmental markets

July 2005

New Forests founded with headquarters in Sydney

Forestry Markets

While institutional investment in timberland and ecosystem services expands, the nature of the forest sector is evolving. Investors need to navigate a maturing asset class and position their timberland portfolio to benefit from shifts in market conditions and competitive dynamics. Explore the key forestry markets in which New Forests invests and operates by clicking the interactive icons.

Construction and Housing

Radiata pine grown in Australia and New Zealand

Australia is a net importer of timber products, consuming nearly all of its domestic softwood supply for construction and housing.

New Zealand exports over 75% of its production to China, with the rest sold elsewhere in the Asia-Pacific region.

Softwood grown in the Southern Hemisphere is more productive than in the Northern Hemisphere, where commercial softwood deficits are increasing.

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Pulp and Paper

Eucalyptus and other hardwoods species across Asia Pacific

The pulp and paper sector uses over 40% of all industrial wood traded globally, and paper use is linked with per capita GDP. Australia, Indonesia, Thailand, and Vietnam account for the majority of woodchip exports to Japan and China. This is primarily hardwood chips, but some softwood chips are also traded.

Australian blue gum plantations provide the highest yielding pulping material in the world. The future of the Asian pulp and paper industry depends on high-quality, technically managed, FSC certified plantation supply.

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Furniture and Feature Timbers

Tropical hardwood plantations in Southeast Asia

The supply of feature-grade timbers from natural forests has sharply declined. Yet demand for such timber is rising due to the growth and urbanisation of the Asian middle class and aging populations in developing and mature economies.

The future of Southeast Asian forestry will be based on a shift to sustainably-managed, high-quality timber plantations. The primary plantations species in the region are teak, rubberwood, acacias, mahoganies, and eucalypts.

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Environmental Markets

Innovation in forestry investment management

Regulated environmental markets in the US for carbon and mitigation banking are leading to new investment opportunities in forestry and land management. These impact investments create conservation outcomes and commercial returns, and innovative business models are now being replicated in the Asia-Pacific region.

Renewable energy demand also provides new market opportunities for wood waste, residues, and woodchip through biomass and biofuel markets. Fast-growing tree plantations can provide a dedicated source for woody biomass, and wood waste is used in bioenergy markets, which are developing in Australia, New Zealand, and throughout Asia.

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Forest Carbon Partners

Forest Carbon Partners finances and develops forest carbon offset projects for the California Carbon Market.

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New Forests Timber Products

New Forests Timber Products is the wood fibre marketing agent for New Forests, one of the world’s largest timberland investment managers.

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Our Team

Meet the Executive Team

  • Chief Executive Officer
    David Brand

    David Brand

    Chief Executive Officer

    David Brand founded New Forests in 2005 and leads the company’s investment programs. He is a member of New Forests’ Board of Directors and is the Chair of the company’s Investment Committees. David has over 40 years’ experience in forestry investment, forest management, science, and public policy. David is dedicated to innovative, responsible investment strategies in the forest sector and associated assets, including infrastructure, wood processing, and environmental markets. Previously, David was responsible for investment programs that integrated forest management with emerging environmental market opportunities at Hancock Natural Resources Group (HNRG). Prior to joining HNRG, David was the Executive General Manager of State Forests of NSW where he led pioneering transactions in the commercial development of environmental markets. From 1985-1995, David worked with the Canadian Forest Service as a scientist, director of scientific programs, and ultimately as national Director-General of Science and Sustainable Development. He serves on the Advisory Board of The World BioEconomy Forum, the Board of Directors of the Washington, DC-based non-governmental organisation Forest Trends, the Board of Trustees of Bangkok-based Intergovernmental Organisation The Centre for People and Forests, and is Chair of wood processing business, Timberlink Australia. David has a PhD from the University of British Columbia and a Bachelor of Science in Forestry from the University of Toronto in Canada.

  • Executive Director, Human Resources
    Katie Lintner Chambers

    Katie Lintner Chambers

    Executive Director, Human Resources

    Katie Lintner Chambers leads New Forests’ Human Resources function and is a member of the Executive Committee. She oversees the development and delivery of best practice Human Resources strategy across the company and manages consistent learning and development, recruitment, leadership, and well-being programs for all employees. Katie has more than 20 years of experience across the financial services, legal, and architecture industries in Australia, Asia, and the UK. She is experienced in employee relations, recruitment, training, and the development, implementation, and management of significant HR change programs within growing businesses. Katie has a Bachelor of Arts (Psychology/Art History) degree from the University of Sydney and is a Professional Member of the Australian Human Resources Institute.

  • General Counsel
    Margaret Cole

    Margaret Cole

    General Counsel

    Margaret Cole is responsible for oversight of all legal, governance, risk, and compliance functions for New Forests. In this role she leads New Forests’ team of legal, governance, risk, and compliance professionals to provide services across the company’s international funds management business. Margaret has represented lenders and investors in emerging and developed markets worldwide and has also worked as counsel at the International Finance Corporation in Washington from 1991 until July 1995. She was a partner with international law firm White & Case from 1995-2005 and again from 2010-2015, working in London, Bangkok, Singapore, and Abu Dhabi. From 2005 until 2010, she was General Counsel of an internationally active principal investment and asset management company in the infrastructure, operating leasing, real estate, and corporate finance sectors. Prior to joining New Forests, Margaret was a partner with international law firm Pinsent Masons, based in Sydney. Margaret is a Graduate of the Australian Institute of Company Directors (GAICD), Member of the New York Bar, Solicitor, England and Wales, and a Member of the NSW Law Society.

  • Managing Director, Impact and Advocacy
    Radha Kuppalli

    Radha Kuppalli

    Managing Director, Impact and Advocacy

    Radha Kuppalli leads New Forests’ Impact and Advocacy group. She has primary responsibility for positioning New Forests as the world’s leading asset manager providing forestry and land-based investment solutions through New Forests’ impact strategy, reputation, and brand. Radha has oversight of the sustainability, communications, and markets research functions at New Forests and leads the advocacy and thought leadership strategy for the company. She is a director of the Board of New Forests Pty Ltd, member of the company’s Executive Committee, and a member of all Investment Committees. Radha has been with New Forests since 2006. She is also a Non-Executive Director of Timberlink Australia and a Non-Executive Director of Greening Australia, including chairing Greening Australia’s investment committee. Radha’s 20-year career has been focused on driving capital markets toward investing in climate change solutions and sustainable development. Radha has an MBA from Yale University’s School of Management and a Master’s degree in Environmental Management from Yale University’s School of Forestry and Environmental Studies. She is on the Advisory Board of the Center for Business and Environment at Yale University and is an associate of the Yale World Fellows Program.

  • Senior Managing Director, ANZ & US
    Mark Rogers

    Mark Rogers

    Senior Managing Director, ANZ & US

    Mark Rogers is responsible for managing the Australia-New Zealand and US (ANZUS) businesses and overseeing the investments in all product lines in those regions. Mark manages a team of dedicated professionals in forestry operations, acquisitions, and financial analytics for ANZUS with a key focus on client service and investment excellence. He has over 25 years’ experience in real asset sales and acquisition, regulation, greenfields project development, and finance. Mark is a member of several New Forests’ Investment Committees and operating company boards. He has also had extensive experience as a Non-Executive Director on numerous other real asset companies. Mark has a Bachelor of Arts, a Bachelor of Economics, and a Masters of Law from the Australian National University in Australia, and is a graduate member of the Australian Institute of Company Directors.

  • Managing Director, New Forests Asia
    Geoffrey Seeto

    Geoffrey Seeto

    Managing Director, New Forests Asia

    Geoffrey Seeto oversees New Forests’ timberland investment program in Southeast Asia, with 20 years’ experience in financial services, principally in private equity in the infrastructure, natural resources, and energy sectors. He is an experienced investor in the Asian region, having led, originated, and executed a wide range of transactions in various regulatory regimes. He has completed deals in Cambodia, the Philippines, Thailand, Laos, Malaysia, Singapore, Indonesia, and China. Outside of Asia, he has worked in North America, Europe, and Australia. Geoffrey was previously at KPMG, where he was Partner, Asia Infrastructure Markets. Geoffrey was also formerly Managing Director and Head of Investments for the China-ASEAN Investments Fund from 2009-2014 and has held senior positions investing in infrastructure for Babcock & Brown and ABN AMRO. Geoffrey has a bachelor’s degree in Economics and a Master of Laws from the University of Sydney.

  • Chief Financial Officer
    Adrian Williams

    Adrian Williams

    Chief Financial Officer

    Adrian Williams is responsible for all finance, information technology, and business services functions of New Forests. He has oversight of New Forests’ finance and fund administration functions, including fund and client reporting, corporate financial reporting, and financial administration. Adrian is also on the executive team of New Forests, contributing to oversight and strategic planning for the business. Adrian works closely with New Forests’ funds management teams and directly with portfolio managers to oversee all funds accounting, ensuring it meets the company’s corporate standards and complies with all relevant legal and reporting obligations. Adrian has over 25 years’ experience leading finance, strategy, governance, risk, project, and operational teams and as a Chief Financial Officer and Chief Operating Officer. Prior to joining New Forests, Adrian held a number of senior leadership roles in investment and funds management, real estate, media, and accountancy. Adrian has a Bachelor of Business (Accounting) from the University of Technology, Sydney and a Post Graduate Certificate in Social Impact from the University of NSW, Sydney. Adrian is also a Certified Practising Accountant and Graduate Member of the Australian Institute of Company Directors. Adrian also has a strong history of community involvement and board memberships across a range of not-for-profit and social enterprises in the arts sector and assisting Indigenous Australians to pursue careers in finance and accounting.



Latest Reports

  • This paper sets out New Forests’ position on addressing quality and integrity in the development and use of carbon credits. This statement addresses our views on supply-side integrity, i.e. that carbon credits deliver the emissions reduction they claim to represent, and demand-side integrity, i.e. that the purchaser of the carbon credit is using it as part of a credible strategy in line with achieving the goals of achieving the Paris Agreement. Our position is based not only on our current understanding and assessment of global best practice and stakeholder expectations, but also our own beliefs around what comprises quality and leads to positive impact, given our many years of experience investing in sustainable forestry, land and carbon markets.

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  • In this paper, CEO David Brand argues for integrating land use and forestry into climate policy at the international and national levels. He also suggests there may be new approaches beyond just using carbon offsets to provide financial support for the land use transition.

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  • IRIS+ was launched by the Global Impact Investing Network (GIIN) in 2019, and is a comprehensive system for impact investors to measure, manage and optimize their impact.

    Read about how New Forests uses IRIS+ to support its impact measurement and management practice. Specific topics addressed include adherence to the Core Characteristics of Impact Investing and use of IRIS+ to inform decision-making across the investment life cycle, including a specific example of how New Forests aligns to IRIS+ Core Metrics Sets.

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Responsible Investment

Responsible investment and sustainable management of land and natural resources are at the centre of New Forests' investment philosophy and corporate culture. We are committed to this management approach not only for risk management purposes but also because of commercial opportunities associated with innovative approaches to sustainable forestry management. In seeking to be a responsible investor, New Forests is committed to a set of principles and criteria that ensure our investments are aligned with the interests of the communities where we operate and with the needs of our clients.

New Forests has a Responsible Investment Policy and operates a company-wide Social and Environmental Management System (SEMS) designed to systematically identify, manage, and report on social and environmental issues and potential impacts of our investments. The SEMS ensures a consistent approach to social and environmental management across all investment activities and enables monitoring of performance, operational and management controls, and continual improvement. We report on our responsible investment activities through our annual sustainability reports and as a signatory of the Principles for Responsible Investment.

New Forests is committed to integrity in our business and upholds a Code of Conduct that reinforces our corporate values. We maintain a range of corporate governance, risk, and compliance processes that support us in operating with integrity, respect, transparency, and accountability. Our Whistleblower Policy is available publicly.

  • Health & Safety
  • Governance, Risk, & Compliance Systems
  • Community Relations
  • A New Bio-economy
  • Information Systems
  • Third-party Certification
  • Research & Development
  • Risk Management
  • Innovation
  • Commercial Returns
Responsible Investment



Get in touch

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    New Forests


    Level 23
    141 Walker Street
    North Sydney, NSW 2060
    Ph: +61 2 9406 4100

    Mailing Address

    PO Box 434
    North Sydney, NSW 2059

    New Forests


    1 Raffles Quay
    #09-05, North Tower
    Singapore 048583
    Ph: +65 6817 8620

    New Forests

    San Francisco

    150 Spear Street
    Suite 1350
    San Francisco, CA 94105
    United States
    Ph: +1 415 321 3300

    New Forests Timber Products


    Level 10
    492 St Kilda Road
    Melbourne, VIC 3004
    Ph: +61 436 675 880

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