Saffery Champness advises on True North's GBP30m Guernsey Green Fund
Saffery Champness Fund Services Limited has advised True North Real Estate Partners (TNREP) on the creation and launch of its first fund, focusing on positive environmental impact through re-forestation.
Saffery Champness has also been appointed to provide administrative and accountancy services to the fund through its Guernsey office.
The Forestry Carbon Sequestration Fund is a Guernsey closed-ended Private Investment Fund which, through qualification as a Green Fund, is able to use the Guernsey Green Fund designation.
The Fund must conform to strict guidelines (The Guernsey Green Fund Rules,2018) to achieve this designation and will aim to achieve its investment objective, including reaching a carbon sequestration target of 1.65 million tonnes, through the creation of newly planted UK forestry assets. This will include the purchase of farmland/forestry land with the intention of forestry planting in line with Forestry Stewardship Council standards for approval by the Forestry Commission. TNREP will provide advice to the fund manger in respect of the investment strategy and will work closely with farmers and land-owners to identify suitable sites where the land can be converted to forestry.
The Fund successfully launched having achieved reached its GBP30 million equity target.
The Saffery Champness team is led by Ian Powell, supported by experts from across the broader firm’s tax and advisory disciplines including Sean McGinness and Max Floydd within the UK-based Real Estate Practice Group. Law firm Carey Olsen acted as lead counsel to TNREP.
Harry Humble, founder and CEO of True North, says: “Creating value from ESG led strategies that deliver meaningful returns is central to our investment philosophy at True North and the launch of the FCS fund put us in a strong position to respond to investor appetite for opportunities that lead on environmental impact alongside financial returns. Ian and the funds team at Saffery Champness continue to be a terrific source of expertise and technical reliability particularly in relation to navigating the Guernsey Green Fund requirements, while being able to draw on Saffery’s wider pool of tax and advisory services, both offshore and in the UK mainland, has really been invaluable to us being able to proceed to launch as we have.”
Ian Powell, Managing Director of Saffery Champness Fund Services, says: “Principally it is pleasing to be working with an innovative fund and manager with a distinct aim to mitigate environmental damage.
Green investing is a growing and popular area of the market and one which is creating a lot of interest. With the Guernsey Green Fund, The Guernsey Financial Services Commission has created a platform which provides investors the comfort of knowing that the product conforms to the internationally agreed objective of mitigating environmental damage and climate change.
Harry Humble and James Jackson of True North bring a wealth of experience in the real estate and rural industries which have been instrumental in successfully launching this fund and the shared focus and ethos of the whole team to create value based on ESG principles is inspiring.”