€7,952,100
Independently appraised market value: 166 properties, 1,648.9 ha (EVS 2025, February 2026)
Why Forest Assets
Forestry performs unlike anything else.
The return driver is biological. Timber grows season after season, outside any market cycle, independent of rates, credit conditions, politics, or where equity markets happen to trade. That growth continued through the global financial crisis, the COVID-19 pandemic, and periods of elevated inflation.
Biological Growth Advantage
Biological growth has historically produced resilience across market cycles, low correlation to equities and bonds, and positive sensitivity to inflation. For a portfolio, that combination is rare, and it is why timberland earns its own allocation.
Growth on the Stump
Timberland carries a flexibility few real assets have. When timber prices soften, the harvest can be deferred: the trees keep growing, and value compounds on the stump rather than forcing a sale into a weaker market.
Disciplined Acquisition
More than half of Latvia's forests are state-owned and rarely traded. The private remainder is fragmented, with the three largest private holders controlling about 11%, a structure that rewards disciplined consolidation.
Revenue Model
Three revenue streams. One asset-backed vehicle.
Stream 01
Land appreciation
Institutional demand for Baltic timberland has consistently outpaced available supply. The Fund acquires undervalued plots targeting 25–40% below prevailing market benchmarks and consolidates them into larger, more marketable holdings.
Stream 02
Timber harvest
Timber volume typically grows naturally by 3–8% per year, increasing the underlying value of the forest over time. Revenue is generated through sustainable timber harvesting, while continued biological growth supports the long-term renewal of the asset base.
Stream 03
Carbon credits
Afforestation on suitable land may generate verified carbon credits over time. Any carbon-related revenue is subject to applicable certification standards, regulatory requirements, and independent third-party verification. It represents a potential additional source of long-term value, rather than a committed income stream.
Target Combined YieldUp to 13.5% p.a.
Over the 24-month term, a projection based on assumptions regarding land appreciation, timber revenues and operating costs; not guaranteed. Investors should treat committed capital as illiquid for the full term. Full Risk Disclosure Statement available under NDA.
Fund Structure & Terms
Precisely structured. Plainly disclosed.
Finforest Fund Usaldusfond is an Estonian limited partnership, internally managed by P11 Management OÜ, operating exclusively within its Offering Memorandum and Investment Policy.
Minimum Investment
€5,000
Investment Term
24 months
Target Yield (Full Term)
Up to 13.5% p.a.Projection, not guaranteed
Early Exit (From 12 Months)
11% p.a.Conditional, subject to available liquidity
Fund Name
Finforest Fund UsaldusfondReg. no. 17461892
Jurisdiction
Republic of EstoniaEuropean Union
Internal Manager
P11 Management OÜReg. no.
14576146
Security
Fund assets registered directly under the fund structure
Fees & Full Terms
Per the Offering MemorandumAvailable under NDA
Eligibility
Professional and other eligible investors only
Structure
A regulated wrapper with on-chain rails.
The Fund is a conventional Estonian AIF at its core. What differentiates it is the distribution layer under construction: permissioned, tokenized fund units designed for digital subscription and settlement.
Forest properties
Registered to the fund
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FinForest Fund Usaldusfond
Estonian AIF · reg. 17461892
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Fund units
Professional investors
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In Development
Permissioned token feeder
Legal structuring underway
Tokenized fund units will be issued through infrastructure connected to institutional digital-asset ecosystems and institutional-grade blockchain networks. This will enable interoperable settlement and permissioned digital-asset operations for qualified investors.
Manager Track Record: Related Vehicle
The model is already working. The Fund replicates it.
Before establishing the Fund, the team built and manages a separate forestry vehicle applying the same strategy: acquire undervalued plots below market benchmarks, improve them through active management, consolidate into a cash-flow-generating portfolio.
~41%
Appraised value above average acquisition cost per hectare, an acquisition discount, not market movement over the holding period
1,310.5 ha
Additional portfolio area acquired during the March–July period and currently subject to an independent valuation
The appraisal was conducted by accredited Recognised European Valuers under EVS 2025. The uplift over acquisition cost reflects the strategy of acquiring at 25–40% below prevailing market benchmarks. Full appraisal available under NDA.
The portfolio described above is held by a separate vehicle managed by the same team. It does not form part of Finforest Fund Usaldusfond, and investors in the Fund have no claim on its assets. Past performance of a related vehicle is not indicative of the Fund's future results.
Market
Institutional capital has moved in.
Baltic forestry has evolved from a niche allocation into a competed institutional market, with over €780 million in publicly announced commitments in 2025 alone.
Ingka / IKEA Baltic Acquisition
€720M
Acquisition of ~153,000 ha in Latvia and Estonia from Södra, announced October 2025, Ingka's largest-ever forestland purchase, making it Latvia's largest private forest owner.[1]
SCA Baltic Programme Since 2019
~70,000 ha
One of Europe's largest forest products companies has run a continuous Baltic acquisition programme since 2019, holding approximately 70,000 ha across Estonia, Latvia and Lithuania.[2]
Lars Larsen Group
€67M
DKK 500 million committed to Baltic forestry and afforestation with Dalgas (Hedeselskabet), announced August 2025.[3]
[1]Source: Ingka Group newsroom, October 2025.
[2]Source: sca.com, company disclosures.
[3]Source: larslarsengroup.com, August 2025. Transaction values as publicly reported by the acquirers.
Fund Governance
Governed by process, not discretion.
The Fund operates exclusively within its Offering Memorandum and Investment Policy. Investment decisions follow the Internal Manager's documented approval process (due diligence, valuation review, sanctions and AML screening), supported by experienced advisers in fund management, law and financial compliance.
Fund Management
Guntars Pupelis
Hedge fund and fintech advisor with more than 15 years of expertise. VP of Funds and Capital Markets at EXANTE.
LinkedIn ↗
Fund Administration
Edgars Koskins
Attorney at law with over 20 years' experience in business law, tax structuring, fund administration, and investor protection.
LinkedIn ↗
Compliance
Andra Dudareva
Over 15 years of experience in banking and financial services, specializing in AML/KYC and regulatory compliance.
LinkedIn ↗P11 Management OÜ, Internal Manager. Responsible for portfolio management, risk management, compliance oversight, valuation oversight and investor reporting, acting in the best interests of the Fund and its investors. Registered with Finantsinspektsioon as a small fund manager under the Estonian Investment Funds Act.
Request Access
Fund materials are shared with eligible investors.
The Offering Memorandum, Subscription Agreement, and related fund documentation are provided to professional and other eligible investors, subject to applicable legal requirements and, where required, execution of a non-disclosure agreement.
WhatsApp
The fastest way to reach the team, a direct line for questions, eligibility and next steps.
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