News Archive

Dasos Capital gave a presentation at “Digital Forestry – Major Trends and Challenges in the International Forest Industry” event on 29 November 2019. More than 100 attendees participated in the event focusing on new technologies and solutions in forest planning and optimisation, wood supply chain and assessment of climate changes impacts.

Dasos Capital’s Senior Partner Sami Veijalainen talked about the requirements for the forest planning tools and the accuracy of the forest inventory data from a timberland investors’ point of view. He also presented ongoing Dasos projects focusing on forest data digitalization and planning tool development in Estonia and Ireland utilizing artificial intelligence, most recent high-resolution satellite images and laser scanning data. It is expected that new technologies facilitate progress in planning, optimization and monitoring of forest management and harvests through more accurate and up-to-date data.

The event was a pre-event for the Slush Helsinki, which is the world’s leading start-up and tech event with an attendance of 25,000 (see Slush has been organised in Helsinki since 2008. 

Dasos Capital gave a key note presentation at “Nordea in the Woods” event in October 2019 aimed at Nordea’s Private Banking customers. Interest in sustainable timberland investment is high as the asset class can combine responsible investing and low risk adjusted non-correlated returns.

Dasos Capital partner Tapani Pahkasalo highlighted some successful European investment cases and later the audience, some 300 people, had the opportunity to visit the Dasos Capital stand to discuss timberland investment opportunities. Climate smart forestry, including management of carbon stocks, targets a resource efficient way of meeting the challenges of climate change via sustainable use of land and forest resources and increasing carbon storage in wood constructions.

Nordea is the largest financial services group in the Nordic region with some 11 million private customers.   

The 8th edition of the Sustainable and Responsible Investment Week (SRI Week) took place from 12 to 21 November 2019 in Italy. The initiative was promoted and coordinated by the Italian Sustainable Investment Forum (Forum per la Finanza Sostenibile, or ItaSIF) and it is amongst the leading events on sustainable investment in Italy.

In this context a seminar on “Investing in forests and natural resources: Opportunity and experiences for Italy” was held in Milan on 14 November 2019 where Dasos Senior Advisor Pedro Ochoa gave a presentationWhy forests and natural resources are today a strategic and sustainable investment?”. Please find a summary of the presentation below:

Three responses from sustainable forests (main drivers of value for public and private investors):

  • The current development model increases the demand for wood, especially that of long fibers. All market segments are growing: (i) wood products; (ii) paper and packaging; (iii) hygiene and textiles; and (iv) chemicals and biofuels.
  • The growing evidence of climate change makes more urgent the EU's determination to become a low-energy economy and the use of energy that is safe, competitive, locally produced, renewable and sustainable. The bioeconomy is growing with:
    • The carbon-based economy and GHG emission reduction;
    • The renewable energy policy;
    • Biorefineries and derived products;
    • Sustainable housing policy; and
    • The circular economy for waste and the responsible use of products.
  • The protection of biodiversity is paramount. Biodiversity and ecosystem services are undervalued and a market price exists practically only for wood. Avoiding the deforestation of primary forests and sustainable forest management is the most ecological and cheap response to climate change and the biodiversity loss.

Public and private funding flows to the forests and institutional investors participate in the development of the sector with green financing. Types of financing for forests:

  • European forestry incentive(s);
  • European programs for supporting natural capital and sustainable forestry investment;
  • National forest programs and programs to support Payments for Ecosystem Services (PES);
  • Multilateral funding;
  • Carbon credits;
  • Habitat banking;
  • Green Bonds;
  • Impact Responsible Investments;
  • Environmental, Social and Governance (ESG) investments; and
  • Corporate/private investments.

Timberland funds are a good opportunity in terms of portfolio diversification for institutional investors because of:

  • Long-term competitive returns on investment as measured by the National Council of Real Estate Investment Fiduciaries (NCREIF);
  • Portfolio diversification;
  • The wood has no loss of value if the forest is not used; and
  • Protection against inflation, lands are real assets and low correlation with the stock market.

For further information please contact

Dasos Capital is pleased to be sponsoring Environmental Finance's inaugural Natural Capital Investment Conference, taking place in London on 25 November 2019.

This conference will cover the various opportunities through thematic spotlights in water, forestry, oceans, biodiversity, and agriculture, while also considering the overarching themes and challenges that apply to natural capital investment as a whole.

Dasos Senior Partner & CEO Olli Haltia will moderate a thematic spotlight panel on forestry.

He will be joined by Andrew Heald, Technical Director at Confederation of Forest Industries, Darius Sarshar, Investment Director at SLM Partners, and Pat Snowdon, Head of Economics and Woodland Carbon Code at Scottish Forestry.

Special offers: 30% discount with VIP code DC30

For more information please email or visit the conference webpage

We hope to see you there!

Currently, some 24% of Dasos managed properties in Ireland are managed in the regime of Continuous Cover Forestry (CCF) targeting primarily biodiversity benefits. Dasos is now launching an additional process of identifying forests in our Irish portfolio with high biodiversity, environmental and climate change potential to  be managed based on CCF silvicultural regime, i.e. maintaining tree cover at all stages of a forest rotation.

Being one of the largest forest owners in Europe with the most internationally diversified forest assets, Dasos pays special care to apply the best silvicultural regime suited for each specific site. Consideration is particularly given to species, biological and physical site properties, as well as social and economic issues.

Over the years, substantial experience has accumulated within Dasos regarding CCF as applied in various environments and in wide geography. Some key findings and laws seem to be generally valid and transferable whilst specific forestry issues in Ireland have to be paid attention to.

It should be noted that the regime of CCF represents in fact a remarkable range of potential silviculture measures depending upon the situation, not least in the dimensions of commercial forestry vs. conservation. For example, some 18,000 hectares of forests across Europe are managed by Dasos to target mainly conservational and biodiversity means. Substantial CCF areas are also managed to serve predominantly social as well as economic aims.

In Ireland, Dasos is choosing management regimes to optimise both environmental benefits and commercial return, adapting silvicultural practice to local needs and conditions. Dasos believes that a simplistic approach will yield sub-optimal results. To gain overall and holistic perspective, Dasos is making use of a broad range of proven silvicultural practices, including (but not exclusively) CCF which sits at one end of a continuum of silvicultural options, and ranging to even-aged forestry.

Based on its research work and forest management experience across Europe, Dasos has gained a deep understanding of how to adapt silvicultural practice to deliver enhanced environmental and carbon benefits while at the same time preserving and enhancing commercial value. Dasos continues to refine and develop best practice silviculture for these sensitive areas through an extensive network of research plots and programmes.

As a wider context, since the beginnings of silvicultural science in the 16th and 17th centuries, foresters have been tailoring forest management regimes to deliver a varying mix of sustainable benefits to society e.g. amenity, hunting, firewood, commercial lumber, etc. Lately, carbon and biodiversity have become increasingly critical components of this mix. Dasos' team of internationally trained foresters are pushing the boundaries in developing innovative silvicultural regimes to ensure Irish forests deliver on climate change and biodiversity. 

For further information please contact:

Petteri Seppänen
Tel:. +358 40 728 2819

Vain monimuotoisen geeniperimän avulla suomalaiset puut voivat selvitä muuttuvista ympäristöolosuhteista kuten ilmastonmuutoksesta. Mäntänvuoren suositulla ulkoilualueella sijaitsee geenireservimetsä, jossa säilötään kuusen geenivaroja. Metsästä kerätään kuusen siemeniä ensimmäistä kertaa Finsilvan ja Luonnonvarakeskuksen yhteistyöhankkeessa.

Mäntänvuoren alueella kaadetaan loka–marraskuussa 25 kuusta käpyjen keräämistä varten ja kävyistä saatavat siemenet säilötään Luonnonvarakeskuksen (Luke) siemenpankkiin. Alueen kuuset ovat arvokkaita niiden perimän monimuotoisuuden vuoksi, sillä puusto on syntynyt luontaisesti eli sitä ei ole istutettu tai kylvetty.

Siemenpankissa Mäntänvuoren kuusten siemenet säilyvät kymmeniä vuosia, ja niiden avulla uudistetaan tarvittaessa alueen puustoa esimerkiksi myrskytuhojen tai metsäpalon jäljiltä. Siemeniä voidaan käyttää myös metsägeneettisessä tutkimuksessa edustamaan alueensa luontaista kuusialkuperää. Lisäksi säilöminen takaa, että suomalaisen puuston monimuotoinen geeniperimä säilyy. Perinnöllinen monimuotoisuus on edellytys sille, että laji pystyy sopeutumaan ympäristön muuttumiseen kuten ilmastonmuutokseen.

– Suomessa puulajit ovat vuosituhansien saatossa sopeutuneet tietyille alueille. Jos esimerkiksi Mäntänvuoren puusto tuhoutuisi, sinne ei voisi istuttaa tilalle Rovaniemeltä kerättyä siementä. Se ei ole sopeutunut Mäntänvuoren ilmastoon, kertoo Luken metsänjalostuksen asiantuntija Leena Yrjänä.

Mäntänvuoren siemeniä kerätään ensimmäistä kertaa

Siemenpankin tarkoitus on toimia geenien hätävarastona, mutta tärkein säilytysmenetelmä on geenireservimetsä itse. Geenireservimetsässä puulajin perimää suojellaan luonnon olosuhteissa, alkuperäisellä kasvupaikalla.

Mäntänvuoren alue on toiminut kuusen geenireservimetsänä jo vuodesta 1995 asti, mutta nyt siemeniä kerätään ensimmäistä kertaa. Käpyjen keräämisen jälkeen siemenet karistetaan, kuivataan miedossa lämmössä ja lopulta jäähdytetään -18 asteeseen ja säilötään Luken metsäpuiden geenivarahankkeen siemenpankkiin.

– Kuusen kukinta tapahtuu Etelä-Suomessa parhaimmillaan noin kymmenen vuoden välein. Nyt on kypsymässä kauan odotettu käpysato, joten saamme kerättyä siemeniä varastoon, Yrjänä iloitsee.

Suurin osa, noin kolme neljäsosaa, Suomen geenireservimetsistä on valtion omistamia. Yksi harvoista yritysomistajista on metsäalalla toimiva Finsilva Oyj, joka omistaa Mäntänvuoren reservimetsän.

– Finsilva harjoittaa monimuotoista metsätaloutta ja haluaa turvata sekä edistää metsien terveyttä ja kestävyyttä myös ylläpitämällä monipuolista geenivarantoa, sanoo Finsilvan toimitusjohtaja Harri Viitaniemi.

– Kuusen siementen kerääminen on tärkeää. Siten varmistetaan, että arvokasta ja paikallista siemenmateriaalia on saatavilla myös mahdollisissa tuhotilanteissa. Mäntänvuoren alue halutaan säilyttää monipuolisena virkistys- ja suojelumetsäalueena lähialueen ihmisille.

Median edustajat ovat tervetulleita seuraamaan käpyjen keräämistä. Ilmoitamme päivämäärän myöhemmin. 


Harri Viitaniemi, toimitusjohtaja, Finsilva Oyj, puh. 050 370 6902

Leena Yrjänä, asiantuntija, metsänjalostus, Luonnonvarakeskus, puh. 029 532 5240



Only through a diverse gene family can Finnish trees survive in changing environmental conditions, such as climate change. In the popular recreational area of Mäntänvuori, there is a gene reserve forest where the genetic resources of spruce are preserved. Spruce seeds are harvested from the forest for the first time in a cooperation project between Finsilva Oyj and The Natural Resources Institute Finland.

A total amount of 25 Mäntänvuori spruces are being felled in October-November in order to collect cones and their seeds which are then stored in the seed bank of The Natural Resources Institute Finland. Spruces in the area are valuable because of their inherent diversity, as the trees are naturally born, i.e. they are not planted or sown.

At the seed bank, the spruce seeds of Mäntänvuori will survive for tens of years and will be used to rebuild the area's stand when needed, for example, after a storm or a forest fire. Seeds can also be used in forest genetic research to represent the natural spruce origin in the area. In addition, preservation ensures that the diverse genetic heritage of Finnish trees is preserved. Inherited biodiversity is a prerequisite for species' ability to adapt to environmental changes, such as climate change.

- Over the millennia, tree species in Finland have adapted to certain areas. For example, if the forest in Mäntänvuori was to be destroyed, it would not be possible to plant seeds collected from Rovaniemi. It has not adapted to the climate of Mäntänvuori, says Leena Yrjänä, Forestry Specialist at The Natural Resources Institute Finland.

For the first time, the seeds of Mäntänvuori are collected

The purpose of the seed bank is to serve as an emergency repository for genes, but the most important method of preservation is the gene reserve forest itself. In the gene reserve forest, the genus of a tree species is protected under natural conditions, in its original habitat.

The Mäntänvuori area has been a gene reserve forest for spruce since 1995, but for the first time seeds are being collected. After harvesting the cones, the seeds are shelled, dried in a mild heat and finally cooled to -18 degrees Celsius and stored in the seed bank of Forest Trees Genetic Reserve Project at The Natural Resources Institute Finland.

- Spruce blooms in southern Finland are at best around every ten years. Now the long-awaited cone harvest is maturing, so we can collect seeds for storage, Yrjänä says.

The majority, about three-quarters, of Finland's gene reserve forests are state-owned. One of the few private sector owners is Finsilva Oyj which owns the Mäntänvuori reserve forest.

"Finsilva Oyj is engaged in diverse forestry and wants to safeguard and promote the health and sustainability of forests also by maintaining diverse genetic resources," says Harri Viitaniemi, Managing Director of Finsilva Oyj.

- Collecting spruce seeds is important. This ensures that valuable and local seed material is also available in future. The aim is to preserve the Mäntänvuori area as a versatile recreational and protected forest area for the people.

For further information:

Harri Viitaniemi, Managing Director, Finsilva Oyj, tel. +358 50 370 6902

Leena Yrjänä, Forestry Specialist, The Natural Resources Institute Finland, tel. +358 295 325 240

Impact investments are investments made with the intention of generating measurable social and environmental benefits alongside a financial return. The Global Impact Investing Network (GIIN) has just published a fresh report “Sizing the Impact Investing Market” (2019) that indicates that since the term ‘impact investing’ was formally coined in 2007, the industry has grown rapidly, and continues to expand. It is estimated that over 1,340 organizations currently manage USD 502 billion in impact investing assets worldwide. In addition, one in four dollars of professionally managed assets (amounting to USD 13 trillion) now consider sustainability principles. These figures indicate that significant amount of capital is at work to address the world’s social and environmental challenges including those related to the UN Sustainable Development Goals (SDGs) and promoting sustainable forest management (SDG Goal 15). Very recently, GIIN published another report that demonstrates the good past performance and the potential to scale up impact investment in forestry.

Currently, the measurement and monitoring of impacts is being standardized and mainstreamed. IRIS+ has emerged as the leading accepted system for measuring, managing, and optimizing impact (, and provides also a general framework with metrics for assessing impacts in the forest sector. To ensure harmonization between impact investment indicators and Global Reporting Initiative‘s (GRI) Sustainability Reporting Guidelines, GRI and GIIN provide guidance on aggregating and comparing the standardized performance information.

Given the potential benefits for investors, improved metrics and emerging standards, SDGs are now gradually being mainstreamed in international investment and corporate sustainability contexts, including forestry investments and the work of Dasos Capital.  The forest sector is in a strong position to influence the global response to many of the challenges that the SDGs aim to solve. GIIN’s research (2019) in forestry demonstrates favorable financial performance, a sustained track record, and a positive impact on carbon sequestration as well as several other environmental conservation benefits. In fact, investing in sustainable forestry, is about impact investing.

Timberland investment funds have emerged focusing on sustainable wood production sometimes complemented with provision of ecosystem services. These funds are also increasingly interested in monitoring and reporting their development impacts using various metrics, often integrated into their sustainability reporting. Starting in 2019, Dasos has started to report on its contribution to the core SDG-based indicators and above- mentioned metrics that capture tangible and sustainable impacts on the economy, the environment and society. SDG reporting is meant to inform current and possible future investors, who want sustainable investment targets that align with their investment strategies and indicators and create value while controlling environmental and social risks.

As part of Dasos SDG annual reporting and as a response to the emergence of climate change as one of the most crucial challenges facing the mankind, Dasos has strengthened reporting on the funds’ carbon footprint. Dasos initiated carbon assessment for its investments already in 2011. Continuing the development and fine-tuning the measurement methodology, a full-stream carbon impact evaluation at the portfolio level has recently demonstrated a positive overall impact on the on the carbon balance in 2018.

Dasos has designed a new investment vehicle targeting environmentally valuable properties. The concept is based on internalising ecosystem services - such as biodiversity management and carbon farming - to compensate for the generated environmental benefit. Whilst focusing to maximise the value of the environment, the instrument minimises the trade-offs for wood production in order to enhance economics. The approach targets to increase the average size of an individual private sector conservation area, as well as to increase overall areas designated for such ecosystem services as biodiversity and carbon sink/storage. The concept is first applied for forestland properties in Nordics but it can be extended into most European countries -  and even globally in suitable environments.

For further information, please contact olli.haltia (a)

The issues of climate change mitigation and adaptation were addressed in RISI Timberland Investment Conference held in London on 7-9 May 2019. There seems to be a wide consensus that tree planting is one of the most cost efficient ways to mitigate climate change. Furthermore, job opportunities created in connection to afforestation and forestry sector in general can help rural communities to adapt to climate change – an important view to consider when talking about Africa in particular.

In Africa (excluding RSA), only some 20 million new trees are planted annually compared to Finland with 200 million trees being planted every year – i.e. 10 times more in a country with a size of only some 1% of the land area in Africa.

Experiences, working methods and business models from countries with significant track and skillsets in afforestation should be taken into consideration when formulating forestry policy, timberland investments and large scale afforestation in emerging countries like in Africa, a continent with huge potential comparable to Latin America.

For further information, please contact Petteri Seppänen, tel. +358 40 7282819

Truth and Justice (Estonian: Tõde ja õigus), a pentalogy by Anton Hansen Tammsaare, is one of the foundational works in Estonian literature. The epic describes the evolution of Estonia from a province of the Russian Empire to an independent nation. A movie based on the book published recently was filmed on a rural farm located on land managed by Dasos. The farm will be opened for public on May 26, 2019. Dasos also cooperates for the maintenance of the farm.

For further information, please contact sami.veijalainen (a)       

Tapani Pahkasalo joins Dasos team as Partner, strengthening the new business development and portfolio company management. Mr Pahkasalo joins Dasos from a European investment manager where he has worked with international forest investment management for the past four years. Prior to this he worked with forest industry consulting and with an international organization. Mr Pahkasalo is an investment professional who specializes on natural resources, biodiversity management and forestry in the private equity environment. In his past career, Mr Pahkasalo has exposed especially to forestry and conservation in Europe, Africa and Latin America.

50 global development financiers and business managers met in Finland on March 13-15 2019 to see what more private businesses could do to save the forests of Africa, Latin America and Asia. The round table meeting was organized by Finnfund. See  ( for Finnfund’s blog about the meeting.

Timberland investment activity emerged in the US during 1980’s. During the past ten years forests have become an asset class in Europe. In Europe, some 3.5 million hectares of commercial forests were divested to new investors by 2018. At the same time, the consumption of domestic wood by the industry continued to increase.

Dasos has played an active role in the development.

In emerging markets timberland is a recognized asset class in Latin America. In selected regions in Africa there is huge tree planting potential, but timberland is still far from being an asset class in Africa. In order to un-tap the potential of afforestation/reforestation investment for the climate change mitigation/adaptation, timberland has to become established as an asset class. The lessons learned in the European development should be taken advantage of.

For more information, please contact Petteri Seppänen, tel. +358 40 728 2819

VTT Technical Research Centre of Finland Ltd has developed a new technique based on gasification, which offers a sustainable way to turn forest industry by products, such as bark, sawdust and forestry waste, into transport fuels and chemicals. The new technique reduces carbon dioxide emissions by approximately 90% compared to fossil fuels.

The new approach uses gasification to turn biomass into intermediate products – liquid hydrocarbons, methanol or methane – in production units integrated with communal district heating plants or forest industry power plants. The intermediate products are processed further in oil refineries to make renewable fuels or chemicals. 

VTT developed and piloted the new gasification process and evaluated the competitiveness of plants based on the technique in the course of a recently concluded project called BTL2030. The distributed generation process developed by the project team makes efficient use of the energy content of biomass. Approximately 55% of the energy content is turned into transport fuels and a further 20–25% can be used to provide district heating or to produce steam for industrial processes. The new technique reduces carbon dioxide emissions by approximately 90% compared to fossil fuels. 

Sustainable bioenergy plays an important role in the fight against climate change

According to the International Energy Agency (IEA), modern bioenergy plays a key role in building a cleaner and more sustainable energy system. Bioenergy currently accounts for approximately 50% of the world's renewable energy consumption, and the IEA estimates that bioenergy will be the most rapidly growing form of renewable energy between 2018 and 2023. In the longer term, limiting global warming to two degrees requires, according to the IEA, almost quadrupling bioenergy's contribution to the world's energy consumption, from the current 4.5% to approximately 17% by 2060.

Bioenergy is needed, in particular, for reducing emissions from air transport and shipping and as a back-up fuel for road transport as more electric cars are introduced. The use of forest industry by-products, such as bark, forestry waste, recycled wood, straw or other biomass as raw materials does not impact on the carbon sink effect of forests, and they do not compete against forest industry raw material procurement or food production.

By-products to provide heat throughout the year

The process is based on VTT's low-pressure, low-temperature steam gasification technology, simplified gas purification and small-scale industrial syntheses. Thanks to the small-scale approach, the heat generated by the process can be used throughout the year, and the process can be fuelled with local waste. Finland's previous plans have involved considerably larger gasification-based diesel plants, the raw material demands of which could not have been satisfied with locally sourced waste. Moreover, it would have been impossible to make full use of the by-product heat of the large plants, and their energy efficiency would have therefore been easily less than 60%.

Considerable improvements expected in the competitiveness of plants

"Not one of the large gasification plants of more than 300 MW that have been planned for Europe has been built yet. The almost EUR 1 billion investment needed together with the risks associated with new technology has proven an insurmountable obstacle. The smaller scale of our solution makes it easier to secure funding for building the first plant based on the new technology", explains VTT's Senior Principal Scientist Esa Kurkela.

The BTL2030 project team estimates that the production costs of transport fuels made from domestic waste would amount to EUR 0.8–1 per litre of petrol or diesel. The new technology is set to become considerably more competitive as the costs of the raw materials of competing technologies increase, and the process is expected to be highly competitive at least from the year 2030 onwards. The project involved mapping out the path from pilot-scale development to demonstrations and commercialising the technology with participating businesses. Even in the short term, the ultimate competitiveness of the new technique hinges on the prices of crude oil and carbon dioxide quotas as well as the taxation of renewable transport fuels.

Gasification technology projected to have huge export potential

Experts estimate that, in addition to other measures, Finland will need sustainable biofuels to account for 30% of the energy consumption of the transport sector by 2030. Supplying half of this demand with domestic waste would require 5–10 locally integrated energy production plants. The 3.6% target set for advanced biofuels in the European Commission's Renewable Energy Directive (RED2) equates to 11 million tonnes of oil, which would mean approximately 200 gasification plants in Europe alone.

In addition to transport fuels, the biomass gasification technique can be used to produce renewable raw materials to replace oil and natural gas in various chemical industry processes. Synthesis gas applications, on the other hand, could help in the attainment of several circular economy goals, such as close-loop recycling of plastics and other packaging materials. 

Research and development work to continue through EU projects

The development of gasification technology is set to continue through two EU Horizon 2020 projects coordinated by VTT. The projects focus on gas purification and increasing the efficiency of synthesis technology and aim to demonstrate the performance of the entire biofuel chain at VTT's Bioruukki piloting centre in Espoo, Finland. Another solution under development is a flexible hybrid process based on biomass and solar and wind energy, which can either be run on just biomass or be boosted with electrolysis. This provides an efficient way to store solar or wind energy as a renewable fuel and could as much as double the renewable fuel output of the biomass sources available.

Dasos Capital Oy was member of the Steering Committee Group of the research project.

BTL2030 project partners: VTT Technical Research Centre of Finland Ltd, Fortum Corporation, Gasum Ltd, Helen Ltd, Kumera Corporation, Gasification Technologies Inc, Oy Brynolf Grönmark Ab, ÅF-Consult Ltd, Oy Woikoski Ab, Dasos Capital Oy, Kokkolanseudun Kehitys Oy and MOL Group from Hungary.

For further information please contact Olli Haltia, olli.haltia(a), tel. +358 40 901 0338

The European Commission’s High-Level Expert Group (HLEG) on Sustainable Finance Final Report (2018) (1) outlines the urgent need to identify opportunities promoting sustainability in European finance. This means finance in alignment with the Paris Agreement (2015) (2) and the Sustainable Development Goals (SDGs) (3).

In alignment with HLEG’s recommendations, Dasos Capital will implement the Climate Resilience Strategy, Threatened Species Policy and pilot SDG reporting in 2019.

By reporting on our natural capital impacts and contributions to the SDGs, Dasos Capital is confirming to sustainable development as part of the decision-making. Starting with a materiality assessment and a bespoke reporting framework, closely aligned with the Global Impact Investment Network’s IRIS catalogue of indicators (4), we are demonstrating how our sustainable investments in forest contribute towards a more sustainable European financial system. Our pilot reporting scope includes our Finnish and Estonian assets as the first step towards coverage of all our assets.

Our SDG reporting approach draws on the Finance Sector Supplement to the Natural Capital Protocol (5), as HLEG recommends, to quantify, report and manage the forest natural capital risks and opportunities that are impacted by our management decisions. The Natural Capital at Risk (2013) (6) study outlines how primary production sectors, such as forestry, have an important role to address greenhouse gas emissions and ecosystem resilience and stability.

Our SDG reporting pilot encompasses the interrelated climate change and biodiversity impacts through ten initial indicators. The indicators cover six SDGs from #7 (Affordable and Clean Energy) to #8 (Decent Work and Economic Growth) and #15 (Life on Land). Two indicators relate to the development of a Climate Resilience Strategy and a Threatened Species Policy as part of an enhanced Investment Policy. As European reporting and investment guidelines develop, we will continue to expand and improve our approach taking into account sustainable financial sector guidance.

For further information please see


For further information please contact: Olli Haltia, tel. +358 40 901 0338

A large Swedish forest company Euroforest AB (publ) and Dasos Capital Oy have signed an agreement on the 22nd October 2018 in which Euroforest AB (publ) sells its Lithuanian timberland portfolio to a consortium led by Dasos, and formed by Dasos Timberland Fund II and its anchor investors. Dasos fund will acquire Euroforest AB’s (publ) entire operations in Lithuania.

“Euroforest has been the forerunner in investing in Lithuanian forest assets since 2009. After several years of intensive and successful acquisitions, the portfolio has reached a scale of critical mass, and Euroforest investments in Lithuania have come to its end. Further development of the established asset would require substantial investments in forest assets and advanced forest management systems. Consolidation and the current status allow a natural transfer of assets to a new owner. I would like to take this opportunity to thank Euroforest’s investors for continuous support in the past years. I’m also happy that the Lithuanian assets are going to be in good hands also in the future, as they will be managed by such a reputable and capable company as Dasos”, says Patrik Lingårdh, founder and Chairman of Euroforest AB (publ).

“Dasos has already a strong presence in the Baltic Sea region where wood demand is growing rapidly. We are very pleased to conclude this major transaction with Euroforest, strengthening further the position of Dasos as major wood supplier in the region. The large initial portfolio size, as well as the option for the right of first refusal on adjacent property sales, will provide us the scale needed for efficient operation. We appreciate the excellent work that Patrik has done in Lithuania by consolidating a large high-quality forest portfolio in a very fragmented market. We are confident that we can take the asset to a next level by focusing on sustainable certified forest management, including biological and silvicultural information systems, and leveraging on our Nordic experience in enhancing forest assets”, says Olli Haltia, the managing director of Dasos Capital Oy.

Euroforest AB (publ) ( is a Swedish company with headquarters in Linköping. The company acquires and manages forest land in Europe with aim to provide competitive shareholder value. Euroforest AB (publ) shares are traded in the market place of Alternativa aktiemarknaden, Sweden.

Dasos Capital Oy ( based in Helsinki, Finland, acts as an investment advisor to institutional investors, endowments, private banks, family offices and other clients interested in sustainable international timberland investing. Dasos generates returns in the form of net cash flows from sustainable forest management, forest certification and from utilising identified market and management inefficiencies. 

For further information:

Patrik Lingårdh, Euroforest AB, +46 70 629 4322

Olli Haltia, Dasos Capital Oy +358 40 901 0338

Ett stort svenskt skogsföretag Euroforest AB (publ) och Dasos Capital Oy har den 22 oktober 2018 avtalat om att Euroforest AB (publ) säljer sin litauiska skogsmarksportfölj till ett konsortium lett av Dasos, och bildat av Dasos Timberland Fund II och dess nyckelinvesterare. Dasos fond förvärvar Euroforest AB:s (publ) hela verksamhet i Litauen.

"Euroforest har sedan 2009 varit en föregångare i att investera i litauiska skogstillgångar. Efter en intensiv och framgångsrik förvärvsfas har skogsportföljen nu nått en kritisk massa och Euroforests investeringar i Litauen har nått sitt slut. Ytterligare utveckling av den etablerade skogsportföljen skulle kräva betydande investeringar i ytterligare skogstillgångar, och i avancerade skogsförvaltningssystem. Behovet av konsolidering och den nuvarande statusen på skogsportföljen möjliggör en naturlig överföring av tillgångarna till en ny ägare. Jag skulle vilja ta tillfället i akt att tacka Euroforests investerare för kontinuerligt stöd under de senaste åren. Jag är också glad att de litauiska tillgångarna även fortsättningsvis kommer att vara i goda händer då de kommer att förvaltas av ett så välrenommerat och kompetent företag som Dasos." Säger Patrik Lingårdh, grundare och Ordförande för Euroforest AB (publ).

"Dasos har redan en stark närvaro i Östersjöområdet där efterfrågan på virke växer snabbt, och därför är vi väldigt nöjda med att kunna genomföra den här transaktionen med Euroforest. Den stora skogsportföljen samt rätten till förstahandsköp av intilliggande skogsfastigheter kommer att kunna ge oss den skala som behövs för en effektiv verksamhet. Vi uppskattar det utmärkta arbetet som Patrik har gjort i Litauen med att konsolidera en stor skogsportfölj av hög kvalitet på en mycket fragmenterad marknad. Vi är övertygade om att vi nu kan ta den förvärvade portföljen till nästa nivå genom att fokusera på hållbar certifierad skogsförvaltning med moderna informationssystem för skogsförvaltning. Vi kommer att ha stor nytta av vår nordiska erfarenhet av att förbättra skogstillgångarna i regionen ", säger Olli Haltia, verkställande direktör för Dasos Capital Oy.

Euroforest AB (publ) ( är ett svenskt bolag med huvudkontor i Linköping. Bolaget förvärvar och förvaltar skogsmark i Europa för att skapa reellt aktieägarvärde. Aktierna i Euroforest AB (publ) handlas på Alternativa aktiemarknaden, Sverige.

Dasos Capital Oy ( är baserat i Helsingfors, Finland och är investeringsrådgivare till institutionella investerare, kapitalfonder, privata banker, Family Offices och andra kunder som är intresserade av hållbara internationella skogsinvesteringar. Dasos strävar efter avkastning i form av nettokassaflöden från hållbar skogsförvaltning, skogscertifiering och utnyttjande av identifierade marknads- och förvaltningsineffektiviteter.

För ytterligare information:

Patrik Lingårdh, Euroforest AB, +46 (0)70 629 4322

Olli Haltia, Dasos Capital Oy +358 40 901 0338

The Sustainable Development Goals (SDGs) of the United Nations (UN) provide a globally agreed framework to map progress towards sustainable development at large. The SDG process explicitly calls on companies to address sustainable development challenges; assessing and communicating transparently about their impacts. The framework provides a general approach for integrating sustainable development into business operations by minimizing negative impacts and maximizing positive benefits on people and the environment, and reporting the outcomes.

UN Secretary-General, Mr. António Guterres, notes that we need “all financial actors to align investments with the needs of climate action and sustainable development”. Dasos Capital answers to this call through certified sustainably and climate-smart forestry, and by reporting about related sustainability performance. Starting in 2018, Dasos Capital reports on the core SDG-based indicators and metrics that capture our tangible and sustainable impacts on the economy, the environmental and society.

Reporting demonstrates our commitment to making sustainability investable, through value creation activities that account for core economic, environmental and social benefits. SDG reporting complements Dasos Capital’s current annual reporting as a signatory to the Principles of Responsible Investment (PRI); the world’s leading proponent of responsible investment. It also further strengthens Dasos Capital’s environmental, social and governance (ESG) efforts and contributes to informing all key stakeholders, and society at large, about the company’s work.

SDG reporting is also meant to inform current and possible future investors, who want sustainable investment targets that align with their investment strategies and indicators and create value while controlling environmental and social risks. Each indicator that we report on is carefully selected from the Global Impact Investing Network (GIIN)’s IRIS catalogue and Global Reporting Initiative (GRI) Standards.

Reporting on our SDG progress Dasos Capital continues to be at the forefront of meeting global investors’ needs for information on the company’s sustainable development contributions. Reporting on progress within the SDG framework also helps ensure that our forests contribute to a sustainable development pathway for our economy, society and planet.

For further information, please contact Brent Matthies, tel. +358 45 665 1445, brent.matthies(at)

Dr Cormac O’Carroll has until recently served as Global Practice Head at Pöyry Management Consulting, leading and coordinating Pöyry´s assignments in the fields of forestry, biomass and wood industries. Cormac’s previous positions include CEO at Pöyry Management Consulting (London) Ltd and marketing/strategic planning roles at Jefferson Smurfit Group. Cormac is a widely known and recognized expert in the field of forestry and timberland with extensive world-wide exposure.  

For more information, please contact Cormac O’Carroll +44 7767 623 457 or Olli Haltia +358 40 901 0338

Finsilva Plc is one of the largest independent forest owners in the Northern Europe holding approximately 130,000 hectares of forest constituted mainly of Scotch pine, Norway spruce and birch stands in southern and central Finland. Dasos Timberland Fund II with its investors owns 50.1% of Finsilva Plc.

The entire forest area of Finsilva Plc has now received dual-certification by both PEFC™ and FSC®. Third-party certified forests indicate sustainable management and responsible use.

"Demand for FSC certified wood is increasing in the market and we feel that FSC® certification is beneficial to Finsilva," says Harri Viitaniemi, Managing Director of Finsilva Plc.

Approximately 600,000 m3 of pulpwood and sawlogs are harvested annually from Finsilva-owned forests. Finsilva's wood trading partner is Metsä Group.

FSC certification has some impact on forest management. FSC certification requires, inter alia, that 5% of the certified area is permanently protected. In addition, 5% of the area is treated with special harvest protections.

Finsilva’s FSC licence code is FSC-C139460.

For further information, please contact Harri Viitaniemi, tel. +358 50 370 6902, harri.viitaniemi(a)

In Ireland, wind turbines generate about 25% of Ireland's electricity demand. This represents one of the highest electric grid wind power penetration levels in the world. Ireland's more than 200 wind farms (with min 3 wind turbines) are almost exclusively onshore. A typical wind park consists of several, say up to 10-20 turbines, and each turbine plus the required road infrastructure occupy some 1-2 hectares of land. Given the fact that the required distance between turbines is several hundreds of meters, wind power requires large areas of land which can be supplied by forestry entrepreneurs. Due to the very fragmented structure of forest ownership in Ireland, a wind farm developer normally has to reach an agreement with several land owners before launching the project. The transaction cost for wind power is reduced with the consolidation of forestland.

Dasos has recently signed the first wind power development agreement, and there are several further cooperation ventures under discussion with several wind farm developers.

From forestry point of view, a wind power project represents a scope for HBU (Higher and Better Use) of land, and the revenue streams at an individual property level can be significant. On larger portfolio scale, the main value creation will continue coming from the production of wood.

Further information:

Petteri Seppänen
petteri.seppanen (at)
+358 40 728 2819

Dasos Capital publishes an article in Environmental Finance “How private finance can raise efficiency in conservation markets”. The European Union’s 2011 Biodiversity Strategy obliges Member States to halt net biodiversity loss by 2020. However, the midterm review of that strategy noted considerable efforts were still required to halt the loss of ordinary biodiversity. A recent review of network funding found a gap for public conservation finance of 80%. Private finance offers a way forward to fulfil existing financing gaps. Over-the-counter (OTC) biodiversity offsets, executed with individually created case-by-case conservation contracts, create greater market liquidity and efficiency, while addressing the principles of additionality and permanence. Socially and environmentally-friendly actions can be achieved through investments in conservation assets, and increase the liquidity and functioning of the conservation marketplace in parallel.

To learn more about private conservation finance kindly read the article Laininen and Matthies: How private finance can raise efficiency in conservation markets. Environmental Finance 12.9.2017.


For further information, please contact Brent Matthies, brent.matthies(a) or Jenni Laininen, jenni.laininen(a)


Mr Jari Mikkola (M.Sc. Econ) has joined Dasos as Financial Manager. He has previously worked at Indufor Oy as Chief Financial Officer. Jari has expertise in financial and management accounting. At Dasos, he is responsible for back-office financial management.

Estonian Sustainable Forestry OÜ, Karusambla OÜ and Palumetsa OÜ, the wholly–owned subsidiaries of Dasos Timberland Funds, have certified their forests in Estonia within Forest Stewardship Council® (FSC) standard. Now all the Estonian forests owned by Dasos Timberland Funds have been double-certified within FSC and PEFC™ (Programme for the Endorsement of Forest Certification).

With the upgraded certification status, the companies are strenghthening their position in the roundwood market. There is increasing interest in FSC certified wood. In general, forest certification (PEFC or/and FSC) marks for sustainable forest management, being a requirement by an advanced wood production sector.

Two global certification systems, the FSC and the PEFC, are used in Estonia. Around 13% of Estonian private forests, which are widely applied for commercial purposes, have been certified within FSC, and some 20% within PEFC standards. Interest in FSC certification has been increasing in recent years, mainly among corporate forest owners.

For further information, please contact Sami Veijalainen, tel. +358 40 516 5794.

A group of Estonian investors with a long-term forestry and wood industry experience has announced their intention to build a next generation biorefinery in Estonia. The planned EUR 1 billion investment would be the largest ever industrial investment made in Estonia. The biorefinery with an annual production capacity of 700,000 tons would use around 3 million m3 of wood a year. According to the preliminary wood supply plan, two thirds of required wood would be supplied from Estonia and the rest from Latvia.

The sawmills in Estonia and Latvia currently consume approximately 85% of the annual sawlog harvesting volume in the region (about 9 million m3 per annum).

However, for pulpwood the situation is drastically different due to lack of suitable processing capacity in the region. Estonia and Latvia currently export more than 55% of the annual total pulpwood supply (appr. 8 million m3) as well as a substantial volume of wood chips (2 million m3 per annum), which highlight the opportunity for the domestic processing, and the envisaged biorefinery investment.

To find additional information on the project, kindly visit the project’s homepage

For further information, please contact Sami Veijalainen, tel. +358 40 516 5794.

Katri Konttinen has been appointed as Analyst at Dasos Capital.

Katri holds B.Sc. (Forest Economics) at Helsinki University, in the Faculty of Agriculture and Forestry.

Arbolat SIA and Zemgale Timberland SIA, the wholly-owned subsidiaries of Dasos Timberland Funds, have certified their forests in Latvia within Forest Stewardship Council® (FSC) standard. The advanced standard of certification marks the status for the concept of sustainable (environmental, economic, social) forest management set as a target for the Latvian forest assets since last years. With such upgraded certification, the companies seek to ensure high demand for their wood in all market conditions as well as to promote sustainable and responsible forest management and diverse utilisation of their forests. Advanced and responsible forestry will create value for all stakeholders in the long run.

Only 11% of Latvian private forests and 50% of state-owned forests have been certified within FSC.

For further information, please contact Sami Veijalainen, tel. +358 40 516 5794.

Jenni Laininen, Investment Manager at Dasos Capital, publishes an article of evergreen investment funds in Defensor Legis 3/2017. Evergreen investment funds are funds created for unlimited duration, compared to funds which are set up for a limited period. The evergreen structure is particularly well suited for funds which invest in targets where the investment horizon is long. Evergreen investment funds became a real option after the amendment of the Finnish Partnerships Act (Laki avoimesta yhtiöstä ja kommandiittiyhtiöstä 29.4.1988/389) in January 2016. Evergreen investment funds are still rare in Finland but due to their encouragement for longer investment horizons their popularity is anticipated to grow.

To learn more about evergreen investment funds kindly read the article Laininen, Jenni: Ikivihreät kommandiittiyhtiöt pääomasijoitustoiminnassa. Defensor Legis 3/2017, s. 309-321 ./dz/documents/DL_317_Laininen_e%20(1).pdf

For further information, please contact Jenni Laininen, jenni.laininen(a)

Mr Brent Matthies joins Dasos from Indufor where he has worked as a management consultant focusing on natural capital accounting and valuation, as well as conservation finance. Brent holds BSF in forest engineering from the University of British Columbia, Canada and MSc and PhD degrees in forest business economics from the University of Helsinki, Finland. Prior to joining Dasos, Brent has worked extensively with international private and public sector clients in Europe, North America, Africa and South East Asia. At Dasos, he is responsible for ecosystem services, timberland valuations, due diligence and business development.

Recent experience includes Consultant at Indufor Oy (2016-2017), such as the IFC’s Natural Capital Case project in Indonesia partnering with the Natural Capital Coalition and Olam International; Researcher at the University of Helsinki (2012-2016) on forestland and ecosystem service valuation research.

"Pääomasijoittajilla on merkittävä rooli suomalaisten yritysten kasvun ja kansainvälistymisen mahdollistamisessa", kertoo tuore Suomen pääomasijoitusyhdistyksen puheenjohtaja Juha Tukiainen. Hän toimii pääomasijoitusyhtiö MB Rahastojen toimitusjohtajana ja partnerina.

"Suomessa on nyt nähtävillä positiivisia pilkahduksia", Tukiainen iloitsee. "Saman aikaisesti pääomasijoitusalalla on hyvät mahdollisuudet tukea ja kehittää kasvavia yrityksiä."

Esimerkiksi viimeisen kahdentoista kuukauden aikana uusiin pääomasijoitusrahastoihin on kerätty lähes miljardin euron arvosta uusia varoja. Nämä rahat tullaan sijoittamaan kasvuyrityksiin lähivuosina.  

Tukiaisen mukaan lainsäädännössä on kuitenkin vielä erityisiä piirteitä, joita voitaisiin parantaa. 

"Kansainvälisten rahastojen mahdollisuuksia sijoittaa suomalaisiin pääomasijoitusrahastoihin tulisi parantaa verrokkimaiden tasolle", Tukiainen vaatii. Tällä hetkellä kansalliset veroesteet ohjaavat ulkomaisten rahastojen varat muihin maihin.

"Lisäksi kotimaisten yleishyödyllisten säätiöiden tulisi saada sijoittaa pääomasijoitusrahastoihin samalla verokohtelulla kuin muihinkin sijoituskohteisiin”, Tukiainen toteaa.

Näillä helpoilla muutoksilla suomalaisille kasvuyrityksille olisi luvassa noin 400 miljoonaa euroa lisää kasvurahoitusta. Veromenetyksiä muutoksista ei aiheutuisi.

Kasvurahoituksen määrän kasvulla olisi merkittävä vaikutus niin kasvuyrityksille kuin pääomasijoitustoimialalle, muistuttaa myös pääomasijoitusyhdistyksen toimitusjohtaja Pia Santavirta

"Suomalaisten innovatiivisuus ja menestyneet kansainväliset kasvuyritykset ovat ylipäätään herättäneet ulkomaisten rahastosijoittajien mielenkiinnon", Santavirta kertoo. "Ulkomaista pääomaa kerätessään pääomasijoittajat myyvät suomalaista osaamista ja tietotaitoa ulkomaille."

Maan hallituksen puoliväliriiheen Santavirta ja Tukiainen antavat ytimekkäät terveiset:  "Lisää pääomia kasvuyrityksille olisi luvassa, jos kansalliset sääntelyesteet saadaan raivattua positiivisen kehityksen edestä." 



As an European pioneer in timberland investments, Dasos Capital launches a new business model for nature conservation. The new Dasos Habitat Foundation seeks to materialise compensations also for natural capital services of forests, such as water, landscape, flora and fauna, culture and history, i.e. for forest products which are not typically valued in the market place. Dasos Habitat Foundation employs a concept of “conservation contract“ entered with various private sector entities. In essence, the purpose of Dasos Habitat Foundation is to internalise nature values with a conservation status.

To learn more about Dasos Habitat Foundation, kindly read our article published in Talouselämä on 21st April 2017.

For further information, please contact Jenni Laininen, jenni.laininen(a)

Dasos Timberland funds are located in Luxembourg to allow investments by Finnish and all foreign investors, including fund-of-funds, on an equal basis. Since 2007, Luxembourg has offered a regulatory framework for funds which is demanded by large institutional investors for timberland, still a new asset class in Europe.


The SIF Law (the law of 13 February 2007 related to specialised investment funds) requires that the Luxembourg fund has a general partner (GP) located in Luxembourg. Hence, a separate Luxembourg company has been set up to act as the GP for each Dasos fund. The said GP companies as well as the funds themselves are regulated by the Luxembourg financial supervisory authority CSSF. Also, all the accounts of the above mentioned companies are held under a Luxembourg custodian, as regulated by the SIF Law. Dasos funds and the GP companies are taxed in accordance with the Luxembourg tax regime. The average tax rate of Dasos GP companies in Luxembourg has been around 25%.  


For more information, please see section "Q&A" on Dasos web pages.

For the Estonian 100th year of independence, many cultural events are in motion to celebrate the country’s independence. The film making of “Truth and Justice” (“Tõde ja õigus” in Estonian) is one of the remarkable cultural events in honouring the 100th independence. The movie is based on the first book of pentalogy Truth and Justice written by A.H. Tammsaare in 1926-1933. The novels are considered to be one of the major works in Estonian literature and have gained Tammsaare a prominent place in Estonian literature.


The main theme of the books is the life of Estonian farmers battling against the nature. The novel series deal with many literary and philosophical issues, mainly the balance of truth and justice and how people interpret those values from their own perspective. The book series are also mandatory curriculum in Estonian schools and therefore have an impact for the majority of Estonian people.


Allfilm Production Company has chosen to film the movie on Dasos sceneric lands in South of Estonia. Dasos is happy to assist the production team in the film making. The construction for creating the film shooting ground is already ongoing. The movie premiere will be in 2019 as a part of the Estonian 100th independence celebration. If you wish to see the progress of the project: (in Estonian)


For further information, please contact Sami Veijalainen, sami.veijalainen(a)

Salla-Mari Maisila and Eero Virkkunen have been appointed as Analysts at Dasos Capital.

Salla-Mari and Eero both hold B.Sc. (Forest Sciences) at Helsinki University, in the faculty of Agriculture and Forestry.

With closing the books for 2016, Dasos reviews the tax position for its asset management services over the recent years. Dasos Capital Oy is an Alternative Investment Fund Manager (AIFM) with two timberland funds and a timberland partnership in Luxembourg jurisdiction (established under the law of 13 February 2007 related to specialised investment fund, the "SIF-Law"). For the previous two years 2014-2015, the corporate tax rate for Dasos GP companies has varied between 5% and 30%. The aggregate corporate tax rate of Dasos GPs in Luxembourg was 24.8% in 2014 and 25.5% in 2015 (non-consolidated). It is estimated that the aggregate tax of Dasos Luxembourg GPs will grow somewhat in 2016 and exceed slightly the effective tax rate in 2015. In Finland, the operating income of Dasos Capital Oy has been taxed at 20% during the recent years. The effective tax rate in Finland for Dasos Capital Oy has been 16% in 2015-2016, in view of intergroup transfers. The consolidated tax rate for Dasos Capital group companies in Luxembourg and Finland was 25.6% in 2013 and 21.1% in 2014. For more information on the subject and related matters, please see section "Q&A" in Dasos website.

Dasos Capital is participating in a remarkable research project, KäPy, examining consumer needs, municipality views and business ecosystem in sustainable wooden living. KäPy project is executed together with Helsinki University, Tekes and six other businesses operating in the field of wood construction. The aim of KäPy project is to enhance the competitive edge of industrial wood construction.

Dasos is particularly interested in the emerging markets of wood- based construction.

KäPy was launched in autumn 2016 and the first results are expected to be ready in autumn 2017. For more information on KäPy please visit

For further information, please contact Olli Haltia, olli.haltia(a)

The European Investment Bank (EIB) and Ireland Strategic Investment Fund (ISIF) have agreed to back a new initiative expected to support EUR 112 million of new investment in privately owned forests across Ireland. This new engagement with Dasos represents the first Irish agricultural project and the first forest project in Europe to be supported by the Investment Plan for Europe that seeks to unlock EUR 315 billion of new investment.

The project will see the EIB and the Ireland Strategic Investment Fund work together for the first time in the agriculture sector and support a EUR 112 million investment by Dasos, a specialist forestry investment fund. The Ireland Strategic Investment Fund will provide EUR 55 million and the EIB EUR 28.5 million for this scheme. Additional support is expected from other investors as the initiative progresses. The EIB support is backed by the European Fund for Strategic Investments (EFSI).

Pan-European forest investment fund Dasos will seek to address issues faced by small scale forests across the country by working to improve forest management and strengthen the supply of wood for commercial use. The investment will support crucial upgrades to Ireland's forestry infrastructure through the consolidation of its management.

The initiative was announced in County Wicklow earlier today by Minister Andrew Doyle, European Investment Bank Vice President Andrew McDowell, European Commissioner Phil Hogan, Director of the ISIF Eugene O’Callaghan and Chief Executive of Dasos Olli Haltia.

Speaking at the event Minister Andrew Doyle highlighted that “This significant investment in Ireland’s forestry sector will underpin continued expansion and development of the industry. The most recent forecast of timber production on the island of Ireland highlights the maturing nature of this sector where much of the States investment in past decades is now ready to be harvested. This announcement today will help ensure that this economic potential is realised by consolidating smaller forests under a single management plan. The mobilisation of timber from privately owned forests is a key objective of my Department and this investment fund will make a significant contribution towards achieving this goal.”

“Over the coming years The Foraois Limited Partnership, Dasos investment instrument in Ireland, intends to help overcome diverse challenges faced by a fragmented industry and revitalise forestry in rural communities. Working with both Irish and European partners I am currently pleased to launch the partnership’s first operations in Ireland.” confirmed Dr Olli Haltia, Chief Executive Officer of Dasos, Finland-based timberland and natural capital company.

By supporting direct land acquisition, lease contracts and other forms of land management the Dasos initiative intends to develop into a professionally managed portfolio of up to 15,000 hectares of forests across Ireland in the coming years. New forest management investment by Dasos across the country seeks to ensure a more predictable supply of wood including from previously subsidised forests where subsidies are coming to an end.

ISIF will provide up to EUR 55 million and the European Investment Bank up to EUR 28.5 million for this scheme.

“Forestry is a natural asset class for long-term, patient capital investors like ISIF and we are pleased to invest alongside Dasos and EIB in this initiative which is very consistent with our mandate and with Government policy. It will create a better structure to support availability of timber from Ireland’s private Forestry estate and will seek to support greater afforestation levels” said Eugene O’Callaghan, Director of ISIF.

There are an estimated 19,500 private owners of small forests across Ireland. Many of these plantations were originally supported by land based grants that are now expiring as the plantations reach an age that requires more scale efficient forest management.

European Commissioner for Agriculture and Rural Development Phil Hogan said: "Forests help to keep our rural areas vibrant and sustainable, providing over three million jobs in the EU. They also play a major role in the protection of EU biodiversity and represent a key sector in the transition towards a low-carbon and climate friendly economy. Continued investment in the sector is therefore a win-win for our economy, for our local communities, and our environment. This strategic partnership with the European Investment Bank will help to achieve these objectives, deliver the Investment Plan for Europe and support jobs and growth in rural Ireland."

The new initiative was one of two Irish forest initiatives announced in County Wicklow earlier today representing the EIB’s first support for agriculture in Ireland for 20 years.

“Dasos have proven experience improving forests across northern and southern Europe, and their exciting plans have the potential to transform some of the world’s best forests here in Ireland.  The European Investment Bank is pleased to work with Dasos and in further partnership with ISIF on an initiative that can strengthen the Irish forest industry and boost rural employment and economic growth.” highlighted Andrew McDowell, European Investment Bank Vice President.

The European Investment Bank also confirmed that additional support for agriculture in Ireland was expected to be confirmed in the coming months.

Since 1973 the European Investment Bank has provided more than EUR 15 billion for investment to improve public services, key infrastructure and unlock new opportunities for companies across Ireland.

The EIB is one of the world’s largest financiers for forests and has invested EUR 4.5 billion in forest related projects across Europe and worldwide over the last five years.

Background information:

The Dasos Ireland forestry fund announced today is called The Foraois Limited Partnership.

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

The Ireland Strategic Investment Fund (ISIF) (€8.1 billion at end Sept. 2016) has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. The fund, which is controlled and managed by the National Treasury Management Agency (NTMA), has made investment commitments to date of €2.4 billion (including investments made by its predecessor, the National Pensions Reserve Fund). For more information about the Ireland Strategic Investment Fund and how it invests visit

For further information please contact Olli Haltia, Dasos Capital Oy, tel. +358 40 901 0338, olli.haltia(at)


In addition to eucalyptus plantations in Southern Portugal (mainly Algarve region), Dasos lands are occupied by 190 ha of riparian areas and cork oak areas and other local species. Attending to the uses of the assets: 78% is dedicated to wood production; 13% are nature protection areas and conservation areas amount to 9%.

Dasos Algarve property is FSC certified and it has a program of biodiversity management. Main actions are to clean riparian zones from exotic species as well as to sustainably manage cork oak biotope.

In order to increase biodiversity in a sustainable way, Dasos is developing a project based on the Best Uses of 2 ha of vacant area that is enhancing FSC certification aspects. The basic idea is to develop a plantation of autochthonous improved plant improving the revenue of the area by realizing new fruit uses.

The focus will go to a robust local fruit bush/tree species resistant to dryness and forest fires. The fruit is widely used by local communities as an alcohol raw material and has commercial possibilities as fresh fruit that will be exploited with the project.

Arbutus unedo, Strawberry Tree, Medronheiro in Portuguese, is an Ericaceae xerophyte plant resistant to dryness. Medronheiro is a perennial leaves bush endemic in Portugal and in the Mediterranean coast. It is a plant tolerant to shadow as it is usually associated with oaks and cork oaks and requires good soil drainage.

The leaves are dark green and glossy, 5–10 cm long and 2–3 cm broad, with a serrated margin. The hermaphrodite flowers are white (rarely pale pink), bell-shaped, 4–6 mm diameter, producing panicles of 10–30 together in autumn.

Medronheiro flowers from October to May at the same ripening time that previous years’ fruits. This particularity is appreciated in flower arrangements but by insects, mainly bees, that find flowers late in the season.

When mature the Medronho (fruit of Medronheiro) has red rough surface exterior and yellow interior, when raw it is yellow and green. A fruit can weigh 3-8 gr each.

Medronho is an acid fruit with high sugar content (~16%) and high anti-oxidant properties, and tastes similar to a fig. After harvesting it could be kept for two weeks under refrigeration.

Medronheiro tree grows to 5–10 m tall, rarely up to 15 m, with a trunk diameter of up to 80 cm. One tree can carry 10-15 kg of fruit.

Medronheiro honey is widely produced and consumed. Medronheiro leaves are also exported during winter time to Northern Europe flower preparations to be applied as a combination in flower bouquets.

The plantation will be dry farming but some watering during planting and eventually during first summer will be realized by the forest fire brigade. Tree formation will be in low vase by successive pruning to less than 2.2 m in total height. Planting in 6mx4m (416 trees/ha) has been successfully tested in new plantations in Portugal.

Harvesting is done from October to December in several passages. Plantations can be harvested from year 4 but full production is achieved from year 8. The plants for the project will be improved clones as the ones produced in vitro by Coimbra University (“Escola Superior Agraria”). It is important to use better genetic material because their better results could promote the use of the plant.

Medronheiro is not tolerant to late or early frosts if accompanied by wind. Medronheiro is a resistant tree but there are pests, as insects Otiorrynchus sulcatus, Totris pronubana, and diseases that have to be treated.

Dasos project will produce Medronho fruit for fresh consumption as the price is high and the project has a consistent volume to be sold. Special attention will be paid to packaging for better preserve the fruit and place it as upmarket priced one.

There are around 12,000 ha planted in Portugal mainly dedicated to own consumption alcohol production (fermentation in batches for 30-90 days, followed by artisanal distillation). 15 kg of fruit is required to produce 1.5-2 l of alcohol. Medronho alcohol is relatively expensive and it is sold locally between 7 and 20 €/l.

For further information, please contact Pedro Ochoa, tel.+352 621 239 696

Sustainable Forestry Finland Oy (SFF), the wholly-owned subsidiary of Dasos Timberland Fund l, has certified the rest of its holdings in Finland within Forest Stewardship Council® (FSC) standard (FSC C 109750). Currently, all the forests by SFF have been double-certified within FSC and PEFC™ (Programme for the Endorsement of Forest Certification). By certifying the forest, SFF seeks to ensure high demand for its wood in all market conditions as well as to promote sustainable and responsible forest management and diverse utilisation of its forests.

Two global certification systems, the FSC and the PEFC, are used in Finland. Some 6% of Finnish forests, which are widely applied for commercial purposes, have been certified within FSC, and 85% within PEFC standards. Interest in FSC certification has been increasing in recent years.

For further information, please contact Sami Veijalainen, tel. +358 40 516 5794

Wood-based building sector requires focus on consumer needs and efficient networking

University of Helsinki launches a new research project focusing consumer needs and development of innovative business networks

University of Helsinki has started a three-year research project in September 2016 for unfolding the consumer needs related to industrial multi-storey building in housing. The focus of the project is assessing and developing innovative and efficient models for networking in the wood-based building. “The study combines innovatively academic research and three real construction projects during the years 2016‑2019”, tells Ms. Ritva Toivonen, Adjunct Professor and Project Coordinator at the Department of Forest Sciences, University of Helsinki. The study is financed by TEKES, Finnish Funding Agency for Innovation, and seven private companies.

“This study is innovative and topical. The study findings are likely to provide new information for the national and international industrial wood-based building”, underlines Mr. Olli Haltia, the Chair of the research project’s advisory group and CEO of Dasos Capital Oy Ltd. “The growing wood-based building sector represents a wide window of business opportunities for various stakeholders and investors. However, taking a full advantage of the opportunity requires better understanding of the market and the consumer behaviour”, continues Haltia.

“The targeted overall outcome of the study is set to facilitate, even radically, the development of the business in the wood-based building sector towards solutions capturing and meeting efficiently the consumer needs. Another aim is to contribute towards the development of flexible and efficient networks and business partnerships, so-called business ecosystems, in the wood-based construction sector”, explains Toivonen. “It is of particular interest to understand the process of collecting and sharing information regarding consumer needs in the business ecosystem”, she continues. “The drivers changing consumer needs include aging, urbanisation, strive for sustainable solutions and individualism. In addition, important issues include building and housing related needs, expectations and processes of municipal administrators designing the infrastructure for housing and living. These may considerably hinder or boost wood-based building.”

Innovative combination of practice and research

Increased innovativeness is supported by means of a research set-up that combines both an academic study as well as three real-life industrial construction projects of wooden multi-storey houses. This provides a unique opportunity to analyse the formation and operation of business ecosystems, producing the complete building project from the initial planning and design up to the interior and outdoor decoration.

The empirical study will be largely based on producing information about consumer perceptions and needs regarding sustainable housing and living in general, and especially for those who have actually decided to invest in an apartment in a wooden multi-storey building. The perceptions of municipal administrators are another angle of the relevant user needs to be unfolded. Additionally, the study also seeks to establish a comparative analysis of wood-based building markets in Finland, Sweden, Austria and Canada.

More information of the project:

Contact for additional information: Olli Haltia, olli.haltia(a)



Mrs Jenni Laininen has joined Dasos as Investment Manager.

Jenni, LL.M. and MSc (Econ) joins Dasos from a leading law firm and has carried out assignments to Dasos during previous years. Jenni has expertise in contracts, compliance and forest/nature related judicial as well as commercial issues. At Dasos, she is responsible for investments, due diligence, and contractual judicial issues.

Dasos has engaged Natural Resources Institute of Finland (Luke) to develop forest management optimization tools for sustainable management of Picea sitchensis forests in Ireland owned by Dasos Timberland Fund II. Luke is regarded as a globally leading expert in the optimization models for forest management. Luke’s scientists have coordinated the collection of field data based on scientific sampling to be applied in the context of a new software being designed. The established optimization tool allows to regulate and control the timing and intensity of thinning and final felling using the site quality, forest age and stocking (basal area) as a decision criteria internalizing sustainability implications for e.g. ecological management.

First stand-level simulation results indicate that forest value can be enhanced by 15% with “a rule of thumb” thinning, when compared with unmanaged forest. Detailed optimization improves the forest value by 25% in comparison to unmanaged forest and 10% in comparison to current “standard” forestry.

For further information, please contact Petteri Seppänen, tel. +358 40 728 2819

Metsä Fibre Oy, part of Metsä Group, has sold the entire share capital of Metsä-Botnia Metsät Oy to Dasos Timberland Fund II managed by Dasos Capital Oy. Metsä-Botnia Metsät owns land and water areas of about 34,000 hectares in Finland.

The transaction has no personnel impact. The long-term contracts between Metsä Group and Metsä-Botnia Metsät on wood sales and forest management services will remain in effect.

For further information please contact Olli Haltia, Dasos Capital Oy, tel. +358 40 901 0338, olli.haltia(at)

Metsä Groupiin kuuluva Metsä Fibre Oy on myynyt Metsä-Botnia Metsät Oy:n koko osakekannan Dasos Capital Oy:n hallinnoimalle Dasos Timberland Fund II:lle. Metsä-Botnia Metsät omistaa noin 34,000 hehtaarin maa- ja vesialueet Suomessa. 

Kaupalla ei ole henkilöstövaikutuksia. Metsä Groupin ja Metsä-Botnia Metsien väliset pitkäaikaiset sopimukset puunmyynnistä ja metsänhoitopalveluista säilyvät voimassa.

Lisätietoja antaa Olli Haltia, Dasos Capital Oy, puh. +358 40 901 0338, olli.haltia(at)

Dasos Capital Oy has received authorisation as Alternative Investment Fund Manager (AIFM) by the Financial Supervisory Authority (FSA) in Finland on 29 February 2016.

The AIFMD (Alternative Investment Fund Managers Directive, 2011/61/EU) was implemented in Finland on 15 March 2014. Its field of application is broad, covering private equity, real estate, commodity and hedge fund investment and other corresponding mutual investment activities. The Directive will regulate the management and marketing of alternative investment funds offered to professional investors. The AIFM passport is valid for the entire European single market.

The Directive is focused on regulating the managers of alternative investment funds and places e.g. the following requirements on activities:

  • risk management and liquidity management
  • a separate securities depository for each fund
  • arrangement of yield calculations
  • reporting of data to supervisory authorities
  • disclosure of investor information

Dasos Timberland Fund II’s forests in Portugal are currently commercialising several non-timber forest products in parallel with the main core-business eucalyptus wood production. Eucalyptus branches and leaves are sold to a local entrepreneur who wrap them into bundles and ships forward to flower industry to be used as fillers in flower bouquets. Eucalyptus leaves are utilised also to extract essential oils and eucalyptus flowers are utilised in honey production by a local beekeeper.


Areas planted with cork oak trees (Quercus Suber) are extracted averagely with a 9-years harvest cycle after which the bark of the trees regenerates naturally leaving the tree unharmed. Cork is typically used in the production of natural cork stoppers, floor and wall coverings, insulation and cork composites.

Significant part of Estonian pulpwood and energy wood are exported to Nordics and other European countries. Traditionally, primarily the Nordic pulp and paper industry has been interested to buy certified pulpwood from Estonia. Today, also the leading European bioenergy producers are more and more demanding woody biomass from responsible sources. This development is adding value to certified forests due to increased wood demand and higher wood prices compared to non-certified forests. PEFC certified forest area in Estonia is 1.0 million hectares, i.e. 45% of total forest area. However, the role of the private sector´s supply of certified wood in Estonia is still scarce: more than 90% (900,000 ha) of the certified forests are held by the State and only less than 10% (100,000 ha) by private forest owners. All Estonian forests owned by Dasos Funds have been certified according to PEFC.

Ms Jannica Lappalainen has joined Dasos as Financial Assistant.

Jannica has graduated from Metropolia University of Applied Sciences in 2015, majoring in Finance and Accounting. At Dasos Capital, she is assisting back office duties.

Singapore is currently hit by forest slash-and-burn related haze, reports Johanna Lindroos, Dasos Partner based in Singapore.

Southeast Asian haze is a forest fire -related large-scale air pollution that occurs on a regular basis in the region. The haze has adverse health and economics effects, such as respiratory problems and loss of business, e.g. in tourism. The effected countries include among others Singapore, Indonesia and Malaysia. Most haze events result from smoke from fires that occurs on Indonesian islands Sumatra and Kalimantan in Borneo. Some of the fires are nature caused during the dry season, but most are caused on purpose to clear land for various crops, often based on unsustainable cultivation methods. Fire is the cheapest and fastest method to clear the plant material left over from logging or old crops.

While in the short run the effected countries need to find ways to co-operate in fighting the fires, the long-run answer is sustainable forestry to supply the growing demand for wood. Luckily there are steps taken towards this direction too. For other crops, the state of Sabah in Malaysia is working on an initiative for 100% sustainably produced palm oil within the state by 2025. The palm oil industry is among the ones often mentioned in connection with the haze related forest fires and unsustainable practices.

For more news from South East Asia please contact johanna.lindroos (a)

For more information, please see the following links:

The largest owners of Finsilva Plc, Metsä Group’s parent company Metsäliitto Cooperative and Taaleritehdas metsärahasto Ky II, have signed an agreement on 28 April 2015 in which Metsäliitto sells approximately 30.13% and Taaleritehdas approximately 19.77% of Finsilva Plc’s shares to the timberland fund managed by Dasos Capital Oy. The deal closes during the second quarter of 2015 changing the majority ownership of the company. As a result of the deal, Dasos Timberland Fund II with its investors owns 50.1% of Finsilva Plc. The shareholding of the sellers, Metsäliitto and Taaleritehdas, decreases to about 19.8% each.

Finsilva Plc is one of the largest independent forest owners in the Northern Europe holding 130,000 hectares of forests growing as major species Scotch pine, Norway spruce and birch. The forest assets are located predominantly in the Central and Southern Finland.

For further information: Olli Haltia, Dasos Capital Oy +358 40 901 0338

Finsilva Oyj:n suurimmat omistajat Metsä Groupin emoyritys Metsäliitto Osuuskunta ja Taaleritehtaan metsärahasto II  Ky ovat 28.4.2015 solmineet sopimuksen, jolla Metsäliitto myy noin 30,13% ja Taaleritehtaan metsärahasto II Ky noin 19,77% Finsilva Oyj:n osakekannasta Dasos Capital Oy:n hallinnoimalle rahastolle. Osakekauppa on määrä saattaa voimaan vuoden 2015 toisen vuosineljänneksen aikana toteuttaen määräävän aseman muutos yhtiössä. Kaupan toteutumisen seurauksena Dasoksen metsärahaston omistusosuudeksi muodostuu 50,1%. Molempien myyjien Metsäliiton ja Taaleritehtaan metsärahasto II Ky:n omistusosuudet Finsilva Oyj:ssä laskevat yhtä suuriksi noin 19,8%:iin.

Finsilva Oyj:n omistuksessa on 130 000 ha metsää ja yhtiö kuuluu Pohjois-Euroopan suurimpien itsenäisten metsänomistajien joukkoon. Yhtiön metsät sijaitsevat pääosin Suomen etelä- ja keskiosissa.

Lisätietoja: Olli Haltia, Dasos Capital Oy +358 40 901 0338

Göran Persson (Prime Minister of Sweden 1996-2006) in Dagens Industri: Let the Forests Absorb the Global CO2 Emissions. (in Swedish)

Marko Katila, Dasos Capital's Senior Advisor, participated in a roundtable organized by Environmental Finance in London on the sustainability of woody biomass.

The sustainability of woody biomass, part 1

The sustainability of woody biomass, part 2


Eglon-Timbers S.A., the wholly owned subsidiary of Dasos Timberland Fund II, has certified 2,600 ha of forests within Forest Stewardship Council (FSC) standard in Southern Portugal. The asset has been planted mainly with Eucalyptus globulus clones reaching a harvestable size for pulpwood in 10 years. Secondary species include cork oak (Quercus suber), a traditional species in the Iberian Peninsula which produces cork with a 9-year harvest cycle. Significant areas have also been set aside for conservation purposes. By certifying the forests, Eglon-Timbers S.A. promotes sustainable forest management and is responsible for managing the forests in accordance with the FSC principles and criteria. In Portugal there are some 350,000 ha FSC certified forests.



Dasos Partner Johanna Lindroos has been appointed as Board member of Finnish Industry Investment (Suomen Teollisuussijoitus,

Mr Pedro Ochoa (M.Sc in Engineering (Madrid and CIHEAM)) has joined Dasos as Senior Advisor.

After an international and long-lasting consulting experience, during the past 27 years, Pedro has gained extensive experience in the identification, design and evaluation of forest and agricultural projects as well as related industrial investments in multinational financing institution environment. Pedro has worked with a wide range of private and public sector clients and is a recognized international expert in the field of forestry including also agro-forestry and agricultural dimensions.

For more information, please contact Pedro Ochoa +352 621 239 696 or Olli Haltia +358 40 901 0338

Established in January 2013, Dasos Timberland Fund II has performed its fifth and final closing reaching the size of EUR 234 million.

Dasos Timberland Fund II is regulated by Commission de Surveillance du Secteur Financier (CSSF) of Luxembourg. The reporting standards comply EVCA and FVCA with asset valuation being based on IFRS standards.

Established in January 2013, Dasos Timberland Fund II has performed Fourth Closing reaching the size of EUR 170.04 million.

Dasos Timberland Fund II is regulated by Commission de Surveillance du Secteur Financier (CSSF) of Luxembourg. The reporting standards comply EVCA and FVCA with asset valuation being based on IFRS standards.

The wholly-owned subsidiaries of Dasos Timberland Fund I, Sustainable Forestry Finland Oy (SFF) and Mielikki Timber Oy, have certified most of their holdings within Forest Stewardship Council (FSC) standard. Currently, all the forests by SFF and Mielikki Timber Oy have also been certified with Programme for the Endorsement of Forest Certification (PEFC). By FSC certifying its forests Dasos seeks to ensure high demand in all market conditions for the timber as well as to promote sustainable and responsible forest management creating value in the long-run for all the stakeholders. In line with the general concept of Impact Investing, the forest certification aims at promoting intangible values (environmental, social) alongside with tangible timberland assets. Only 2.1% of Finnish forests have been certified within FSC standard.

For further information, please contact Sami Veijalainen, tel. +358-40-516 5794.

Despite the mild and short winter, the Dasos’ portfolio companies in Finland and Estonia managed to reach the harvesting targets set for the winter season. The wet soils in the Finland and Baltics complicated the harvesting operations since frost is often needed to ensure high enough carrying capacity for the harvesting machinery. Due to the long-term wood supply agreements with the largest wood buyers in the region, Dasos was able to utilize the short harvesting window efficiently and conduct all harvests in time.

For further information please contact Sami Veijalainen, tel. +358 40 516 5794.

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