Transforming the Way We Protect Nature.
NatureVest is TNC's in-house impact investing team.
NatureVest is the in-house impact investing team at The Nature Conservancy, working with our colleagues and conservation collaborators around the world to source and structure investment products that support TNC’s mission at scale.
Our team has helped TNC and its partners originate, structure, fund and close investment vehicles representing more than $3.1 billion of committed capital.
Latest Updates
NatureVest 2022 Impact Report: Conservation Alongside Financial Returns.
Learn about NatureVest and The Nature Conservancy's impact capital portfolio.
The Nature Conservancy Announces Its Third Global Debt Conversion in Barbados
This project will enable the Government of Barbados to protect and effectively manage up to 30% of Barbados’ waters.
The Nature Conservancy and BTG Pactual Timberland Investment Group
Joining forces to pursue climate action and conservation on more than $850 million of timberland assets in the U.S.
Bridging the Nature Funding Gap
Could the Sustainable Water Impact Fund (SWIF) provide a new conservation north star for impact investing?
Our Mission
While philanthropy and public funding have long been essential to conserving our natural resources, the massive scale of today’s environmental challenges requires additional sources of financing. NatureVest’s mission is to engage private capital to rapidly scale critical conservation work around the world by creating investment opportunities in a wide variety of sectors that deliver environmental results and financial returns for investors.
To achieve this, we source and structure investments that support The Nature Conservancy’s mission, raise capital from investors looking to generate both financial returns and conservation outcomes and share our experience with the investment and conservation communities to accelerate the growth of the conservation investing marketplace.
Our Approach
Since 2014, we have helped source more than $3.1 billion of investment capital to put to work toward measurable conservation outcomes. In order to continue growing TNC's impact capital portfolio, NatureVest does three things:
Our team members work with our colleagues in TNC’s operating units, as well as with conservation collaborators around the world, to source and structure investment products that support the organization’s mission.
We engage impact investors to source impact capital in effective, scalable ways—using the TNC's deep insights in science, policy and practice and its relationships with the capital markets, businesses and government.
We share our knowledge and experience broadly to build a stronger community of support for investing in nature.
Our History
Throughout its history, TNC has achieved results through innovative transaction-based structures, such as fishing quota acquisition, debt restructuring, water funds, New Markets Tax Credits and others.
As the impact investing market began to take shape and grow, TNC saw an opportunity to leverage private capital for conservation. With support from the Robertson Foundation in 2010, TNC launched its impact capital strategy and created a deal team charged with developing investable conservation deals in North America. This support led to the 2012 launch of the Conservation Note—the organization’s first broad investment offering, providing all types of investors with a way to support conservation through investment. The response from investors was swift and positive, and the Note was fully subscribed within a year.
With support from the Jeremy and Hannelore Grantham Environmental Trust, TNC created an international deal team focused on sourcing deals from around the world, including forest carbon finance, mitigation and debt restructuring for climate adaptation.
In 2014, with founding sponsorship from JPMorgan Chase & Co., TNC formed NatureVest, a dedicated and more comprehensive conservation finance platform. This allowed us to bring the two deal teams together and to leverage the combined expertise, scope and scale of both teams and of JPMorgan Chase & Co. NatureVest’s founding also enabled us to add additional expertise to build thought leadership for the growing conservation investing space.
Leadership Team
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Impact Finance & Markets Advisory Board
A Platform Dedicated to Conservation Investment
The NatureVest team sources, structures, and executes investments aimed at delivering conservation alongside financial returns—globally, across multiple sectors.
Investment strategies include:
- Forestry and Carbon
- Agriculture
- Fisheries and Aquaculture
- Clean Water Solutions
- Sovereign Debt Solutions
- Conservation Tourism
- Infrastructure
NatureVest deals are designed to support TNC’s 2030 goals, which include conserving 1.6 billion acres of land and reducing or storing three gigatons of CO2 emissions each year.
A Sample of Our Impact Deals
BLUE BONDS IN BARBADOS
- Deal closed: September 2022
- Committed capital: $150M debt co-guarantee
Barbados’ high debt burden had stifled the country’s efforts to invest in essential conservation and climate change adaptation activities that would allow its nature-based economy to thrive.
Through a new co-guarantee structure, TNC worked alongside the Inter-American Development Bank (IDB), to enable Barbados to complete a debt conversion that will facilitate the expansion of the country’s marine protected areas—from virtually zero to approximately 30%. The project is expected to free up approximately $50 million to support environmental and sustainable development actions in Barbados over the next 15 years, making both the country and the livelihoods of its people more resilient in the face of climate change.
Contribution to TNC’s 2030 Goals
Ocean conservation, biodiversity protection, and support of local stewards
Read more details about the project in TNC's official press release
Just released: The Barbados Blue Bonds for Ocean Conservation Case Study
SUSTAINABLE WATER IMPACT FUND (SWIF)
- Deal closed: April 2020
- Committed capital: $900+ million in equity
TNC worked with RRG Capital Management LLC (“RRG”)—an experienced investment and asset management firm focused on sustainable, innovative approaches to agriculture, water, and renewable energy—to create a new model for investing.
The result is the $900+ million Sustainable Water Impact Fund (“SWIF” or the “Fund”), which closed in April 2020. SWIF’s strategy is to acquire land and water assets, improve the management of farms and water sources, and ultimately address the needs of people and nature.
Multiple projects to date demonstrate how water and land can be managed to better meet the needs of both people and nature.
Contribution to TNC’s 2030 Goals
Land conservation, clean water and biodiversity protection and support of local stewards
For the latest impact and progress, see the latest SWIF Impact Report
BLUE BONDS IN BELIZE
- Deal closed: October 2021
- Committed capital: $364M
Working with Belize, TNC arranged an innovative financial structure that allowed the country to address its marine conservation and debt challenges simultaneously.
The resulting $364 million debt conversion for marine conservation enabled Belize to repurchase its debt at a significant discount and then to direct a portion of the savings into marine conservation, with a commitment to protect 30% of its ocean.
The Blue Bonds in Belize transaction won two Environmental Finance Bond Awards the 2022 Grunin Prize for Social Entrepreneurship and the 2022 IFLR Editor’s Choice and Deal of the Year Award (Debt and Equity Linked).
The deal is the world’s largest debt refinancing for ocean conservation to date.
Contribution to TNC’s 2030 Goals
Ocean conservation, biodiversity protection, and support of local stewards
CUMBERLAND FOREST
- Deal closed: April 2019
- Committed Capital: $130.8M equity and debt
TNC acquired 253,000 acres of working forests, containing over 700 miles of streams that feed into globally important river systems.
Under TNC’s management, sustainable forestry is providing long-term land protection, habitat restoration, and carbon sequestration. Other project benefits include public recreation access and contributions to local economic development.
Contribution to TNC’s 2030 Goals
Carbon sequestration, land conservation, clean water, biodiversity protection, and support of local stewards
BTG PACTUAL TIG/TNC COLLABORATION
- Deal closed: November 2021
- Portfolio: 1.16M acres (as of June 2022)
TNC and TIG joined forces in 2021 to advance the potential of sustainably managed forests across the U.S. to address the twin crises of biodiversity loss and climate change.
Through a first-of-its-kind agreement, the initiative has the potential to sequester millions of tons of CO2e and set a new industry benchmark for forestry management. The collaboration will also seek options to provide outdoor recreation and development opportunities to benefit rural communities.
Contribution to TNC’s 2030 Goals Carbon sequestration, land conservation, and biodiversity protection
LOCAL FISH FUND
- Deal closed: February 2019
- Committed capital: $1.5M
The Local Fish Fund pilot is a collaborative effort spearheaded by the Alaska Sustainable Fisheries Trust (ASFT), a Sitka-based nonprofit organization that protects and promotes local fishing and fisheries.
Using an innovative revenue share model, the loan fund aims to support Alaska’s fishing communities by reducing barriers to entry into commercial fisheries and engaging fishing communities to promote sustainable fisheries management, protect biodiversity and increase industry stewardship.
Contribution to TNC’s 2030 Goals
Support of local stewards
See the Local Fish Fund’s website to learn more
Read more about the project on P8 of NatureVest's 2020 Impact Report
MURRAY-DARLING BASIN BALANCED WATER FUND
- Deal closed: November 2020
- Committed capital: AU$27.9M equity and debt
The Murray-Darling Basin Balanced Water Fund was established to balance agricultural, financial, and environmental demands, by securing water and water rights for irrigation, habitat restoration, wetland conservation, and the preservation of Aboriginal cultural value.
Contribution to TNC’s 2030 Goals
Land conservation, clean water and biodiversity protection and support of local stewards
KENYA VULTURE CONSERVATION LLC
- Deal closed: November 2020
- Committed capital: $10M
From a conservation perspective, wind power projects can present siting challenges and may introduce new impacts to wildlife, such as bird strikes with wind turbines. But, those same projects often secure long-term power purchase agreements, leading to predictable revenue streams—funding that can be utilized to support conservation.
One such project is the Kipeto wind farm project, 45 kilometers outside Nairobi. Working with the project’s owners, TNC designed an investment structure that provides a $10 million loan with a commitment from the project to make conservation payments totaling $500,000 per year for offsite mitigation. The use of the conservation payments is governed by an independent committee comprising TNC and several other leading local and international non-profits.
Biodiversity conservation includes vultures and other birds of prey, around the Kipeto Wind Farm, plus local benefits to communities and the provision of clean energy essential for economic development.
Contribution to TNC’s 2030 Goals
Biodiversity protection and support of local stewards
NatureVest has helped TNC colleagues and external partners originate, structure, fund, and close a portfolio of 15 investment vehicles.
DOWNLOADNews
Press Releases
The project is part of a groundbreaking, global plan to fund ocean conservation while providing fiscal and economic benefits for coastal nations
Collaboration aims to leverage potential of sustainably managed forests across the United States to address the biodiversity and climate crises.
One of the first utility-scale solar projects on former surface mines will be developed in the coalfields of Southwest Virginia.
Videos
Resources
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2022 NatureVest Impact Report
From oceans to forests, private capital is helping to deliver conservation at scale. NatureVest engages private investment capital to rapidly scale critical conservation work around the world. Download
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2022 Cumberland Forest Impact Report
The Cumberland Forest Project comprises 253,000 acres of working forest land in the Central Appalachians. Backed by private investors, the Project seeks to provide positive conservation, community, and financial returns. Download
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2022 SWIF Impact Report
SWIF targets underutilized assets that can be optimized for their water, agriculture, habitat conservation, and/or renewable energy potential. Download the 2022 report to read about progress to date and what's next for SWIF. Download
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Barbados Blue Bonds for Ocean Conservation Case Study
TNC"s third debt conversion is a deal that will unlock approximately $50M to support environmental and sustainable development actions. Read the new case study to learn more: Barbados Blue Bonds for Ocean Conservation. Download
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Belize Blue Bonds for Ocean Conservation Case Study
Learn about The Nature Conservancy’s award-winning debt conversion in this detailed case study: Belize Blue Bonds for Ocean Conservation. Download
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2021 NatureVest Impact Report
NatureVest 2021 Impact Report Download
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2020 NatureVest Impact Report
NatureVest 2020 Impact Report Download
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NatureVest Brochure
Philanthropy and public funding have long been essential to protecting our natural resources, but the massive scale of today’s environmental challenges requires additional sources of financing. Browse the brochure.
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Biodiversity Gap Paper
Closing the Global Biodiversity Financing Gap, Full Report Learn more
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Climate Finance Playbook
Innovative strategies to finance a cooler, safer planet. Read the report.
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Biodiversity Action Guide
A landscape assessment of an emerging market. This 2014 report documented the first-ever survey of conservation impact investing and revealed a market of approximately $23 billion between 2009-2014. Read the guide.
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Office of Investments
The Office of Investments is responsible for managing TNC’s long-term investments and endowment pools totaling approximately $4.0 billion. Learn more.
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Belize Blue Bonds for Ocean Conservation Case Study (Chinese)
Belize Case Study, Chinese translation Download
Organizations
Noted organizations in the impact investing space include:
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Conservation Finance Network
The Conservation Finance Network (CFN) advances land and resource conservation by expanding the use of innovative and effective funding and financing Learn more
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The Global Impact Investing Network
The Global Impact Investing Network is a 501(c)3 nonprofit organization dedicated to increasing the scale and effectiveness of impact investing. Learn more
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Conservation Finance Alliance
The Alliance promotes global awareness, expertise, and innovation in conservation finance. Learn more