SAO PAULO, May 12 (Reuters) - Grupo BTG Pactual SA's asset management unit on Tuesday closed fundraising for a new timberland fund, collecting $860 million from investors increasingly interested in forestry assets across Latin America.
The fund, known as BTG Pactual Brazil Timberland Fund I, will invest in timberland, forestry and related assets in the country and other countries in Latin America, according to a statement. Some of the fund's members include large global and Brazilian institutional investment firms.
The so-called Timberland Investment Group at BTG Pactual Asset Management currently manages over $3 billion in timberland assets. BTG Pactual Asset Management is Brazil's largest independent money manager and the nation's fourth biggest with over 167 billion reais ($55 billion) under management. ($1 = 3.0509 Brazilian reais) (Reporting by Guillermo Parra-Bernal; Editing by Jeffrey Benkoe)