NatureVest is TNC’s Impact Investing and Sustainable Finance team
Human well-being and all forms of economic and financial stability depend on natural capital, which can be measured and valued. Together with our TNC colleagues and external partners, we source, structure, fund, and close innovative investment deals that aim to generate environmental, social, and financial returns. All NatureVest deals support TNC’s 2030 goals of addressing the biodiversity and climate crisis.
We Are Facing Interlinked Climate and Biodiversity Crises
But, by valuing and investing in nature, at speed and scale, we can chart a new course.
Our team has experience across the finance, legal, environmental, science, and business sectors—enabling us to develop market strategies to transform the way nature is valued, and ultimately protected.
We are deal makers: Since 2014, our projects have raised $3.3 billion in committed impact capital. Through impact investing and innovative sustainable finance, we are working to create a future where all investing is impact investing.
Our investment and market innovation strategies focus on forestry and carbon, water and agriculture, fisheries and aquaculture, infrastructure and renewable energy, sovereign debt solutions, and conservation tourism.
NatureVest’s Impact Portfolio supports TNC’s 2030 goals by leveraging private capital to conserve nature, combat climate change, and safeguard communities.
Latest Updates
Announcing the 2023 NatureVest Impact Report
Tracking progress and outcomes across the globe for the 16 projects in TNC's Impact Investment portfolio. Access all of our reports here.
Celebrating the Largest Conservation Easement in Kentucky
The 54,560-acre Cumberland Forest Wildlife Management Area receives permanent protection and features public recreation access.
Blue Revolution Fund Exceeds Target, Raising €93 Million
BRF will invest in over a dozen early-stage aquaculture ventures with the aim of improving ocean health and supporting coastal communities.
Bridging the Nature Funding Gap
Could the Sustainable Water Impact Fund (SWIF) provide a new conservation north star for impact investing?
Measurable Conservation Outcomes
NatureVest directs private capital into climate-smart and nature-based projects that can deliver quantifiable outcomes for conservation and communities. Established in 2014, the NatureVest team has designed, structured, funded, and closed a portfolio of USD 3.3B in committed capital for conservation.
Our Impact Investment Strategy
- Source and structure investments with measurable conservation outcomes
- Identify new business models that can reduce negative environmental and social impacts and deliver conservation and community outcomes
- Pursue investments that directly support The Nature Conservancy’s 2030 goals
- Support the deployment of impact capital from investors across the risk/return spectrum to benefit nature
- Build pathways for new markets to finance conservation outcomes
- Manage and report on progress toward conservation goals
To Date, Our Impact Investment Portfolio Has Included:
- Leveraging nature-based solutions to address the climate crisis
- Equity funds investing in pathways to more sustainable land use
- Sovereign debt refinancing to generate conservation funding
- Flexible loans to ecotourism businesses on the front line of big landscape conservation
An Evolution in Strategy
The success of our sovereign debt refinancing initiatives—Blue Bonds and Nature Bonds—have raised significant capital for conservation, accounting for USD 1.2B of the total above. Since the first project launched in 2016, these initiatives have piqued interest from the media and demand from sovereign governments. In 2020, as a natural evolution, driven by the need for specialized expertise and dedicated focus, a distinct Sustainable Debt team grew out of NatureVest to focus exclusively on sovereign debt instruments. All non-sovereign-related debt financing facilities are still housed within the NatureVest team. One of NatureVest’s focus areas is pioneering and piloting replicable conservation finance models. The Sustainable Debt team showcases the effectiveness of these groundbreaking initiatives. Today the Sustainable Debt and NatureVest teams remain connected by insights, strategies, a unified approach to governance, and a common purpose: transforming how nature is valued.
Our Approach to Conservation Funding
As part of TNC’s Impact Finance and Markets Division, the NatureVest team innovates, develops, and tests new business and investment models that help achieve conservation at scale.
-
Collaborative Partnerships
In collaboration with TNC colleagues, external partners, and investors worldwide, NatureVest sources, structures, and manages investments and other market solutions that advance TNC’s mission. The team leverages TNC’s conservation science to integrate conservation and social outcomes into business operations and investments, maximizing the impact of closed deals and business interventions.
-
Market Solutions
The NatureVest team identifies and implements market solutions to maximize potential impact capital sources for TNC's existing conservation programs. By collaborating with other Impact Finance and Markets experts in corporate practices, economics, and carbon markets, the team leverages synergies across multiple pathways to maximize impact.
By combining global conservation expertise and capacity with an integrated sustainable finance team, TNC is helping to evolve the way conservation is funded worldwide
What’s Next
Having reached more than $3 billion in deals, NatureVest is now expanding its services to explore new opportunities for impact. With the addition of an internal Financial Advisory team helping TNC staff identify market solutions to conservation challenges, NatureVest is in a strong position to support TNC’s 2030 Goals below.
The team at NatureVest is growing in size and refining its approach as it strives to develop market innovations, close impact investments, and influence the market. This growth reflects a significant positive trend within the impact investing sector, which allows us to undertake more projects that benefit people and the planet.
TNC’s Goals for 2030
We’re racing to hit these targets to help the world reverse climate change and biodiversity loss. Together, we find the paths to make change possible.
View Our Priorities-
3B
Avoid or sequester 3 billion metric tons of carbon dioxide emissions annually—the same as taking 650 million cars off the road every year.
-
100M
Help 100 million people at severe risk of climate-related emergencies by safeguarding habitats that protect communities.
-
650M
Conserve 650 million hectares—a land area twice the size of India—of biodiverse habitats such as forests, grasslands and desert.
-
4B
Conserve 4 billion hectares of marine habitat—more than 10% of the world’s oceans—through protected areas, sustainable fishing and more.
-
30M
Conserve 1 million kilometers of rivers—enough to stretch 25 times around the globe—plus 30 million hectares of lakes and wetlands.
-
45M
Support the leadership of 45 million people from Indigenous and local communities in stewarding their environment and securing rights.
Leadership Team
Key Contacts
NatureVest Team Directory
-
Meet the TeamMeet the individuals who bring our vision and mission to life. View our profiles in the Team Directory to get to know us better!
DOWNLOAD
Careers at The Nature Conservancy
Explore Life at TNC. People who work here are passionate, motivated, smart, and authentic. We strive to embody a philosophy of "Work That You Can Believe in." Check out current career opportunities and learn more about our work.
A Platform Dedicated to Conservation Investment
NatureVest, along with its sister Sustainable Debt team, sources, structures, and executes investments that aim to deliver conservation alongside financial returns—globally, across multiple sectors.
NatureVest Investment Sectors Include:
- Forestry and Carbon
- Water and Agriculture
- Fisheries and Aquaculture
- Conservation Tourism
- Infrastructure and Renewable Energy
Sustainable Debt Investment Sole Focus:
- Sovereign Debt Solutions
A Sample of Our Impact Deals
NatureVest and Sustainable Debt 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.
BARBADOS BLUE BONDS PROJECT
Sovereign Debt Solutions
- 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.
Learn more in the Barbados Blue Bonds for Ocean Conservation Case Study
SUSTAINABLE WATER IMPACT FUND (SWIF)
Water and Agriculture
- 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 updates on impact and progress, see the latest SWIF Impact Report.
BELIZE BLUE BONDS PROJECT
Sovereign Debt Solutions
- 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).
Contribution to TNC’s 2030 Goals
Ocean conservation, biodiversity protection, and support of local stewards
CUMBERLAND FOREST
Forestry and Carbon
- 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 provides 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
Forestry and Carbon
- 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
Fisheries and Aquaculture
- 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
Water and Agriculture
- Deal closed: November 2020
- Committed capital: AU$74M 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
Infrastructure and Renewable Energy
- 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 in the Kipeto Wind Farm area includes protecting vultures and other birds of prey. The project also benefits local communities by providing clean energy, which is essential for economic development.
Contribution to TNC’s 2030 Goals
Biodiversity protection and support of local stewards
Conservation Outcomes at a Glance
-
160.3M
Tons of CO2 emissions avoided
-
1.1M
Square Miles of ocean with improved management
-
12.4M
Acres of land protected
-
$3.28B
In committed capital
News
Press Releases
The Nature Conservancy Announces Innovative Nature Bonds project in The Bahamas
The Bahamas Debt Conversion Project for Marine Conservation expected to generate an estimated USD 124 million for nature & climate.
Blue Revolution Fund Raises EUR 93 Million to Invest in Sustainable Aquaculture Systems and Technologies
A collaboration between Hatch Blue and The Nature Conservancy, sustainability-focused impact investment fund raises the bar for the industry.
Investing for Impact: Backing Africa’s Conservation Tourism Sector
The Nature Conservancy and ThirdWay Partners establish a blended finance investment fund to support conservation tourism in sub-Saharan Africa.
Thought Leadership
Impact Management: From Intentions to Outcomes
Discover the invaluable lessons we've learned from managing projects that strive to achieve conservation impact alongside financial returns.
The Five Principles of Natural Climate Solutions
Read more about the principles of Natural Climate Solutions and see how these are being applied in projects around the world.
Voluntary Carbon Markets
How to build a high-quality voluntary carbon market.
Resources
-
2023 NatureVest Impact Report
TNC's Impact Investment portfolio represents $3.3 billion of committed impact capital, with projects ranging from sustainable forestry to sovereign debt refinancing. Read about our latest progress and outcomes for nature in this report. Download
-
2023 Africa Conservation and Communities Tourism Fund (ACCT) Impact Report
An innovative collaboration with ThirdWay Partners, ACCT adopts an impact-first approach to drive sustainable investment into tourism and benefit some of the continent’s most ecologically important landscapes and their surrounding communities. Download
-
2023 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
-
2023 Kenya Vulture Conservation Project Impact Report
The Kenya Vulture Conservation Project helps protect endangered species of vultures and improves livelihoods within local communities. Learn more about the project and the surprising use of “eye spots”. Download
-
2023 Sustainable Water Impact Fund (SWIF) Impact Report
SWIF targets underutilized assets that can be optimized for their water, agriculture, habitat conservation, and/or renewable energy potential. Download the 2023 report to read about progress to date and what's next for SWIF. Download
-
Investing in Adaptation for Small-Scale Agriculture
TNC developed this guidebook to provide a step-by-step process to help the private sector identify, evaluate and integrate adaptation strategies that support Small-Scale Producers Download
-
Collaboration at Scale: Enhancing Impact in U.S. Working Forests
Learn about TNC’s collaboration with BTG Pactual Timberland Investment Group (TIG) and the development of management interventions to deliver biodiversity and climate benefits across TIG’s million-plus acre core U.S. timberland portfolio. Download
-
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
-
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
-
Belize Blue Bonds for Ocean Conservation Impact Report
Belize Blue Bonds for Ocean Conservation Impact Report Download
-
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
-
2021 NatureVest Impact Report
NatureVest 2021 Impact Report Download
-
2020 NatureVest Impact Report
NatureVest 2020 Impact Report Download
-
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.
-
Biodiversity Gap Paper
Closing the Global Biodiversity Financing Gap, Full Report Learn more
-
Climate Finance Playbook
Innovative strategies to finance a cooler, safer planet. Read the report.
-
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.
-
Belize Blue Bonds for Ocean Conservation Case Study (Chinese)
Belize Case Study, Chinese translation Download
-
Estudio de Caso: Bonos Azules para la Conservación de los Océanos: Belice
La segunda conversión de deuda soberana de TNC es una transacción que generará USD 180 millones para financiar proyectos ambientales y de desarrollo sostenible. Lea el nuevo Estudio de Caso para aprender más. Descargar
-
Estudio de Caso: Bonos Azules para la Conservación de los Océanos: Barbados
La tercera conversión de deuda soberana de TNC es una transacción que generará USD 50 millones para financiar proyectos ambientales y de desarrollo sostenible. Lea el nuevo Estudio de Caso para aprender más. Descargar
Other Organizations
Noted organizations in the impact investing space include:
-
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
-
The Global Impact Investing Network (GIIN)
The Global Impact Investing Network is a 501(c)3 nonprofit organization dedicated to increasing the scale and effectiveness of impact investing. Learn more
-
Conservation Finance Alliance
The Alliance promotes global awareness, expertise, and innovation in conservation finance. Learn more
-
Mission Investors Exchange (MIE)
Mission Investors Exchange is the an impact investing network for foundations, philanthropic asset owners, and their partners. MIE provides resources, inspiration, and connections to help members increase the scale of their impact. Learn more
-
The Economics of Ecosystems and Biodiversity (TEEB)
TEEB seeks to draw attention to the invisibility of nature in the economic choices we make. TEEB advocates a three-step approach valuing biodiversity and ecosystem services; recognizing, demonstrating and capturing value. Learn more
Private Investment and Capital Markets Have a Crucial Role to Play in Addressing the Climate and Biodiversity Crises
We are dedicated to developing a pipeline of impactful investments and broader market interventions that can deliver conservation at scale. Successful investing in conservation requires expert advisors, active management, and good governance. With NatureVest and the Impact Finance and Markets Division’s other market-facing teams, TNC has the experience and knowledge necessary to achieve measurable conservation.
Past Participants in Our Projects Have Included:
- Individuals
- Foundations
- Family offices
- Pension funds
- Insurers
- Investment banks
- Development finance institutions
Neither TNC nor any of its affiliates are registered, or intend to register, as an Investment Adviser under the U.S. Investment Advisors Act of 1940, as amended, or similar laws of any other country or jurisdiction. TNC does not engage in activities that could subject it (or any affiliate or subsidiary) to any regulation under relevant securities or investment adviser regulations. TNC is not a broker or dealer of securities and does not engage in brokering or dealing activities. The information provided by TNC does not constitute any offer or a recommendation to buy, or a solicitation of an offer to buy, any particular security or other financial product.