ABSTRACT
Institutional investors are establishments that hold forestland, along with numerous other assets, in large financial portfolios. Unlike industrial landowners, institutional landowners are not vertically integrated with their own wood processing facilities—although they may hold contracts to provide timber to mills under other ownership. Financial institutions comprise the majority of these landowners, and a broad range of financial institutions, including pension funds, insurance companies, banks, endowments, and foundations, invest in forestland. A few of these manage their own forestland investments but most contract with firms that specialize in managing land for financial institutions.
