Growth rings. Timber volume typically grows 3–8% per year.

Alternative Investment Fund · Professional Investors Only

Real forests. Digital access. Institutional infrastructure.

FinForest Fund deploys investor capital into a professionally managed, asset-backed portfolio of Baltic forest and agricultural land, consolidating fragmented plots into larger, more marketable holdings, with returns generated through land appreciation, timber harvest and, over time, carbon-credit monetisation.

The strategy replicates a model the team has already executed in a related forestry vehicle with an independently appraised portfolio. See Track Record.

Revenue Model View Fund Terms
Target Yield
Up to 13.5%
Annualised return, not guaranteed
Investment Term
24 months
Early Exit Available From Month 12
Minimum Investment
€5,000
Professional investors only
How It Works

From forest land to tokenized fund units.

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.

01

Forest land

The Fund acquires Baltic forest and agricultural land.

Registered to the fund

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02

FinForest Fund Usaldusfond

The Fund holds the assets, managed by P11 Management OÜ.

Estonian AIF · reg. 17461892

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03

Fund units

Eligible investors subscribe for units in the Fund.

Professional investors

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04

Permissioned token feeder

Tokenized fund units, issued via Brickken infrastructure.

In Development · Q4 2026

The blockchain does not replace the underlying forest assets. It provides the digital infrastructure for issuing and settling eligible fund interests.

Tokenization Partner

Tokenized fund units will be issued in partnership with Brickken, 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.

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

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.

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
Manager Track Record: Related Vehicle

The model is already working. The Fund replicates it.

Before establishing the Fund, the team has built and managed separate forestry vehicles applying the same strategy across multiple portfolios: acquiring undervalued plots below market benchmarks, improving them through active management, and consolidating them into cash-flow-generating holdings. The figures below reflect one representative portfolio.

Example portfolio of € 12.5M estimated market value:

€ 7,952,100
Independently appraised market value of the first 166 properties, 1,648.9 ha (EVS 2025, February 2026)
~ 41% uplift
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, included in the € 12.5M estimate 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.

We work with carefully selected forest management companies, each bringing over 20 years of experience. The portfolio above is one of two currently managed by our team.
Market

Institutional capital has moved in.

Baltic forestry has evolved from a niche allocation into a competed institutional market, with over €900 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
€100M

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.

Independent Oversight & Audit
Audit
Annual audit and NAV calculation by a Big Four audit firm, with annual third-party portfolio assessment and quarterly reporting
AML Policy
Coordinated directly with Finantsinspektsioon
Mandate
Strictly per the Offering Memorandum and Investment Policy
Governance
Guntars Pupelis
Fund Management

Guntars Pupelis

Capital markets advisor to SIA FF Forest, working closely with SIA Timbro on forestry operations. VP of Funds and Capital Markets at EXANTE.

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Edgars Koskins
Fund Administration

Edgars Koskins

Attorney at law with over 20 years' experience in business law, tax structuring, fund administration, and investor protection.

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Andra Dudareva
Compliance

Andra Dudareva

Over 15 years of experience in banking and financial services, specializing in AML/KYC and regulatory compliance.

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Board of Advisors
Kriss Pujats
Blockchain & Tokenomics

Kriss Pujats

Co-founder of Gravity Team. Advises the Fund on blockchain architecture and tokenomics for its permissioned token feeder.

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Randy Katzenstein
North America Markets

Randy Katzenstein

Founder, President and CEO of OBEX Group, a New York broker-dealer. Over 30 years in U.S. capital markets, including senior roles at Refco.

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Jacky Tsoi
Asia-Pacific Markets

Jacky Tsoi

Fintech and cross-border payments executive based in Hong Kong. Independent Non-Executive Director at Ambeon Group.

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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.

Telegram

The fastest way to reach the team, a direct line for questions, eligibility and next steps.

Message on Telegram
Email

For documentation requests, NDA execution and data-room access.

hello@finforest.fund