Silver Creek Capital Management, an alternative investment boutique focusing on private credit, hedge fund and real asset strategies, has announced that Twin Creeks Timber has completed the acquisition of its initial portfolio of 260,000 acres of Southern US timberland located in five states sourced from Weyerhaeuser Company and valued at approximately USD560 million.
Silver Creek also announced that Maine Public Employees Retirement System has committed the final USD150 million necessary to complete institutional funding for Twin Creeks. Other lead institutional investors in Twin Creeks include the Washington State Investment Board, the Oregon Public Employees Retirement Fund, and the Alaska Permanent Fund Corporation, which have committed USD300 million, USD200 million and USD100 million, respectively. In addition, Weyerhaeuser has total committed capital of approximately USD200 million, which includes approximately USD118 million of contributed timberland, bringing the total capital commitments to Twin Creeks to approximately USD950 million. After the acquisition of the initial portfolio, Twin Creeks will have approximately USD400 million for future timberland acquisitions.
“We are pleased to have completed the funding and this transaction and look forward to being an active participant in the US timber market as we expand the portfolio in the future. We feel fortunate to have the support and partnership of these institutional investors who we will work closely with for many years to come,” says Bob Ratliffe (pictured), Silver Creek Managing Director and Head of Real Assets.
Twin Creeks was established by Silver Creek and Plum Creek Timber Company, Inc (Plum Creek) in September 2015 as a joint venture that enables institutions to directly invest in high quality timber assets. Subsequently, in November 2015, Plum Creek agreed to merge with Weyerhaeuser, which succeeds Plum Creek as an investor in Twin Creeks.