Season 4 Episode 18:
Natural Capital with John Gilleland

Our viewpoint

You can listen to our podcasts online via the player below or search for 'Investment Uncut' and review, rate and subscribe on Apple Podcasts, Spotify, Pocket Casts or SoundCloud

This week we’re joined by John Gilleland of Campbell Global (part of JPMorgan) to discuss one of the fastest-growing areas in investment (no pun intended) – forestry! – and how it fits within the broader category of natural capital.

We discuss:

  • Natural capital – different assets within this space, and what kind of characteristics you can expect, from those that are more equity-like to bond-like, or infrastructure-like
  • Fund structures available to investors – whilst this is predominantly an illiquid opportunity there are some liquid methods of accessing the ideas too
  • How to measure and reward performance, including the NCREIF Forest/Agriculture Index and innovative ideas to ensure alignment between the manager and investor on sustainable goals
  • How John got into forestry given his base in the Pacific Northwest “timber land”
  • Why it makes sense that forestry is correlated with GDP growth, and how to think about onshore vs offshore demand in both the investment case and from a sustainability perspective
  • How ESG has always been key to the investment case, but how the conversation both at ground level and with investors has changed over time
  • Certifications like the Sustainable Forestry Initiative

What’s one thing you would like listeners to take away from this?

There are already nature based avenues available to investors. You can invest to generate returns, benefit society and benefit the environment.

What is the most underappreciated thing about investing?

The known risks are more manageable and less dramatic than perceived, the value of the investment opportunity is still in its infancy.

Any recommendations for good books or podcasts:

How to access our podcasts

You can access all our podcasts across all major audio platforms via computer or devices.


Apple Podcasts

Pocket Casts


Each LCP investment uncut podcast is for information and marketing purposes only and does not constitute any form of investment or financial advice or a financial promotion (under the Financial Services and Markets Act 2000). All views expressed by the podcast hosts and guests are purely their own opinions and do not represent those of LCP, its clients or affiliates. Our podcast listeners should always seek independent financial or legal advice before making any financial or investment decisions. Please refer to the Legal Notices section on the LCP website for further information.​