Apex Group Ltd, the Bermudian-based global financial services provider, has been appointed by New Forests to deliver fund services to Tropical Asia Forest Fund 2.

New Forests, a global investment manager of nature-based real assets and natural capital strategies, has been investing in South-East Asia for more than a decade and has an office in Singapore.

This month, New Forests announced the first close of TAFF2 with $120 million of capital commitments.

TAFF2 aims to capitalise on the long-term investment opportunities in sustainable plantation forestry in South-East Asia.

It is New Forests’ second fund dedicated to sustainable forestry in South-East Asia after closing the Tropical Asia Forest Fund in 2013.

Apex said it will provide fund administration services to TAFF2, including share registry and KYC/AML solutions.

Investors in the first close include the Asian Development Bank, the Australian Government, the David and Lucile Packard Foundation, Sumitomo Mitsui Trust Bank, Temasek and TotalEnergies.

Apex said New Forests will continue to raise capital for TAFF2 and anticipates a second close later this year, with a goal of raising $300 million.

Andrea Gallenca, head of private market — sales, Australia, at Apex Group, said: “We are delighted to partner with New Forests, who are undertaking pioneering work in the growing nature-based real assets space and to support their innovative role in driving sustainable forestry.

“By providing a suite of robust, flexible and reliable fund administration solutions, we will allow the New Forests team to focus on the job at hand: raising capital ahead of the fund’s second close and generating prosperity for both people and planet as they accelerate the transition to a sustainable future.”

New Forests also has offices in Sydney, Australia and San Francisco.