SEATTLE--(BUSINESS WIRE)--

Silver Creek Capital Management (“Silver Creek”), an alternative investment boutique focusing on private credit, hedge fund and real asset strategies, announced today the launch of a new joint venture with Plum Creek Timber Company (PCL) (“Plum Creek”), Twin Creeks Timber LLC (“Twin Creeks”), which enables institutions to directly invest in high quality timber assets.

Twin Creeks will provide institutional investors an opportunity to co-invest in timberlands currently managed by Plum Creek with the objective of growing the portfolio to approximately $1 billion in valuation over time through opportunistic, selective timberland acquisitions from third parties. The venture is intended to be a long-term timberland investment with an initial 15-year term. The initial portfolio, valued at $560 million, will consist of 260,000 acres of Southern U.S. timberland located in five states sourced from Plum Creek.

Plum Creek will retain a 25% interest in Twin Creeks and will serve as property manager of the timber assets. Silver Creek will provide fund management and fiduciary services to the venture.

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.

“This partnership provides sophisticated institutional investors a unique opportunity to directly access a portfolio of timber with a world class partner in Plum Creek, one of America’s largest timberland owners and most successful operators,” said Bryan Weeks, President and CEO of Silver Creek. “We believe fundamentally in the benefits and characteristics of this asset class and we plan to continue growing our timber portfolio in the years ahead.”