Silver Creek Capital Management Adds Maine Public Employees Retirement System as Investor to Complete Funding for Twin Creeks Timber
Silver Creek Capital Management (“Silver Creek”), an alternative investment boutique focusing on private credit, hedge fund and real asset strategies, announced today that Twin Creeks Timber (“Twin Creeks”) has completed the acquisition of its initial portfolio of 260,000 acres of Southern U.S. timberland located in five states sourced from Weyerhaeuser Company (NYSE: WY) (“Weyerhaeuser”) and valued at approximately $560 million.
Silver Creek also announced that Maine Public Employees Retirement System has committed the final $150 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 $300 million, $200 million and $100 million, respectively. In addition, Weyerhaeuser has total committed capital of approximately $200 million, which includes approximately $118 million of contributed timberland, bringing the total capital commitments to Twin Creeks to approximately $950 million. After the acquisition of the initial portfolio, Twin Creeks will have approximately $400 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 U.S. 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,” said Bob Ratliffe, 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.
About Silver Creek
Silver Creek is an alternative investment boutique with a focus on private credit, hedge fund and real asset strategies. Silver Creek specializes in developing highly structured, unique investment solutions for a global client base which includes public and corporate retirement plans, insurance companies, foundations, endowments as well as Registered Investment Advisors and family offices who seek to access these asset classes. With its history beginning in 1994, Silver Creek has over $7 billion of assets under management and committed capital. For more information about Silver Creek, its team and investment approach visit: www.silvercreekcapital.com
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Contact
Media:
Sard Verbinnen & Co
Jonathan Gasthalter, 212-687-8080
jgasthalter@SARDVERB.com
or
Investors:
Silver Creek
Bob Ratliffe, 206-774-5996
bob@silvercreekcapital.com
