By Staff Writer, Global AgInvesting Media
In a move that cements its position as a leader in the global timberland investment sector, Forest Investment Associates L.P. (FIA) has announced the successful acquisition of all remaining passive limited partner interests. This milestone transaction, announced on April 15, 2026, officially transitions the firm to 100% employee ownership, nearly four decades after its founding.
Since its inception in 1986, FIA has operated as a specialist in sustainable forest investments. While the newly acquired limited partner interests were historically passive — meaning they held no day-to-day management control — the consolidation of these interests represents a symbolic and operational evolution. By moving to a fully employee-owned model, FIA distinguishes itself as one of the largest independent timberland managers globally to be entirely owned by its staff.
“This is a compelling development and one that brings incredible pride across our firm,” shared Mike Cerchiaro, President & CEO of FIA.
The firm currently manages over $5.2 billion in assets under management (AUM), overseeing approximately two million acres (821,000 hectares) of sustainable forests across the United States, Brazil and Chile. This scale, combined with the new ownership structure, provides a unique value proposition for institutional clients who seek stability and long-term alignment.
Strengthening Client Alignment
The transition is more than just a corporate restructuring; it is a reinforcement of the firm’s core philosophy. Cerchiaro noted employee ownership is a natural extension of the firm’s long-term investment horizon.
“Employee ownership strengthens alignment across our organization and supports our focus on delivering investment outcomes for our clients,” Cerchiaro said in the press release. “As the largest employee-owned timberland manager in the world, our clients benefit from a firm solely focused on timberland investment execution, driven by our focus on innovation and building off our 40-year track record.”
Currently, 54 of FIA’s 56 employees are shareholders. This high rate of participation reflects a culture where responsibility and long-term thinking are shared across all levels of the organization.
A Legacy of Independence
The path to total employee ownership was a deliberate, multi-year process. A critical turning point occurred in 2012 with the development of an internal equity plan, designed to facilitate the orderly transfer of ownership. According to Marc Walley, Chairman of the Board and Senior Managing Director, this plan was essential in maintaining FIA’s independence.
“The orderly transfer of ownership over time has created stability within our organization and long-term alignment with our clients,” Walley said. He added that the 100%-ownership model is a key tool for talent acquisition and retention, ensuring the firm continues to attract top-tier professionals to manage its expanding investment platform.
Investing for Future Generations
For the leadership team, including Senior Managing Director Andrew Boutwell, the move is a “meaningful differentiator” in a competitive market. It signals to institutional investors, including pension funds, insurance companies, and endowments, that the team managing their capital is personally invested in the success of those assets.
“It speaks to the culture we’ve built and the long-term direction of the company,” said Boutwell.
As FIA enters this new chapter, its mission remains focused on the intersection of financial performance and environmental stewardship. By specializing in natural capital, the firm provides more than just wood production; its managed forests contribute to carbon sequestration, biodiversity conservation, and the support of rural economies. With 100% employee ownership now secured, FIA is poised to continue its legacy of responsible land use and disciplined investment for generations to come.
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