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| Fund Description |
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The Pharos Miro Timber Fund is focused on investing into in a global portfolio of plantation timber and sustainable forestry businesses and assets in Africa, Asia and Latin America. The Fund targets annualized capital returns of 20-25% for investors investing into sustainable timber businesses located in the emerging-market countries in tropical regions where high biological growth rates create a tremendous potential for returns.
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| Investment Strategy |
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Investment into timber companies
Investment into early stage and established timber plantation companies
Investment into sustainably managed forestry companies
Focus on high-quality management teams
Socially and environmentally responsible investment
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Diversified portfolio of assets
Geographical spread of investments
Variation of tree species and age-classes
Balance of capital appreciation and cash generation
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Fast-growing timber in emerging-market countries in tropical regions
High biological growth rates
Low land and planting costs
Strong and growing local timber markets
Increasingly stable political climates
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Social and environmental responsibility
Commitment to Forest Stewardship Council certification
Working in alignment with local governments and
communities
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Summary |
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- Experienced management consisting of "dream team" of emerging markets investment manager and global
agriculture asset manager with successful track record of expanding timber businesses in emerging markets
- High quality investment pipeline and access to "off-market" opportunities through exclusive network
- Diversified portfolio - variety of investment types, territories, companies, species and age-classes
- Excellent entry point into the market post global crisis
- Play on "Real Assets": fast-growing timber in emerging economies
- Geographical scope: emerging-market countries in tropical regions
- Target annualized capital returns of 20-25% |
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| Fund Name | Pharos
Miro Timber Fund |
| Structure | Cayman
Islands Exempted Limited Partnership |
| Currency | US Dollar |
| Target Fund Size |
US $350 million |
| Minimum Investment |
US $5 million |
| Target Return |
20-25% per annum |
| Preferred Return |
9% per annum |
| Term | 6 years,
subject to two 1- year extensions |
| Commitment Period |
3 years, subject to 1 year extension |
| General Partner |
Pharos Miro Timber Fund General Partner L.P. |
| Investment Manager |
Pharos Financial Advisors Ltd. |
| Asset Manager |
Miro Asset Management Limited |
| Performance Fee |
20% with catch-up |
| Management Fee |
2% of Commitments during Commitment Period,
Thereafter 2% of Invested Capital |
| Clawback |
Yes |
| Investment Advisory Committee |
Yes |
| Legal Advisors |
Allen & Overy |
| Auditor |
Deloitte |
| Fund Administrator |
Apex Fund Services |
| Banker | HSBC |
| Reports | Annual
audited financial statements, Semi-annual
unaudited financial statements |
| | PETER M. HALLORAN, CEO, Pharos Financial Group |
| Co-Portfolio Manager |
Mr. Halloran has twenty-three years financial markets experience.
Pioneered Russian capital markets since their inception, including
acquisition of over 7.5% of voucher market, first placements of local
debt to foreigners, $3bn privatization bids, 1st domestic IPO in Russia and
bringing over $8bn of capital to the market. Originally in New York
with Morgan Grenfell, Salomon Bros. and CS First Boston. Moved to
Moscow in 1995 establishing CSFB as #1 broker in market; ran trading,
research, sales and $300mm prop book. Established Pharos in 1997.
Adviser to Soros Fund Mgmt 1999-2000. Ran local investment bank Aton
Capital 2000-2002. Created Eurasian natural gas fund in 2004.
Founded oil exploration company in 2006 with interests in W. Siberia
and Caspian regions. Member advisory board of Cayenne Oil & Gas in
Texas. Yale University-B.A., 1984.
| | ANDREW COLLINS, CEO - Forestry, Miro Asset Management |
| Co-Portfolio Manager |
Mr. Collins is a specialist in structuring and completing emerging market investments and driving the development of forestry businesses on behalf of shareholders. Mr. Collins, previously a corporate finance investment banker, has a family background in forestry and has spent over five years successfully developing forestry businesses in emerging markets. Mr. Collins holds a Masters in Engineering from the University of Bristol and a Masters in Finance from the Cranfield School of Management.
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| Subscription Information |
| Apex Fund Services Ltd. |
Enterprise House, Watersedge, Midleton, Co. Cork, Ireland
Tel: +(353) 21 463 3366 - Fax: +(353) 21 463 3377
Contact: Ms. Anne Marie Quinn, Annemarie@apexfunds.ie |
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