PORTLAND - J.P. Morgan has acquired timber investment giant Campbell Global. Terms of the deal were not disclosed.
Based in Portland, Campbell manages 1.7 million acres of forest worldwide, has $5.3 billion in assets, and employs 150 workers.
The deal will make J.P. Morgan a significant benefactor for thriving forests around the world, including in 15 U.S. states, New Zealand, Australia, and Chile.
All employees will be retained and Campbell Global will remain headquartered in Portland, according to a news release.
"This acquisition expands our alternatives offering and demonstrates our desire to integrate sustainability into our business in a way that is meaningful," said George Gatch, CEO of J.P. Morgan Asset Management. "Investing in timberland, on behalf of institutional and high net worth individuals, will allow us to apply our expertise in managing real assets to forests, which are a natural solution to many of the world's climate, biodiversity, and social challenges."
"Timber investing further enhances our asset class offerings in our alternatives business, ultimately passing along the unique benefits of forest management to our clients," said Morgan's Anton Pil. "Our knowledge of real estate and transport markets, in particular, is expected to provide opportunities to optimize the usage of timber and wood products more vertically."
The investment offering will sit within J.P. Morgan's $168B AUM Global Alternatives franchise. Campbell Global adds to this portfolio, filling an asset class gap in an attractive market while also supporting sustainability goals.
The transaction is expected to close in the third quarter.
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