Today, I’m joined by Matt Purdy, Director of Forest Investments at The Conservation Fund, a national nonprofit focused on conserving land in the U.S. while strengthening local communities and economies. In this conversation, Matt explains how their Working Forest Fund protects large, productive forests in perpetuity by taking conversion off the table—often through conservation easements designed specifically for sustainable timber management.

We unpack how The Conservation Fund acts as a bridge owner for public agencies and land trusts, what their capital stack looks like (including low-cost debt and a green bond), and why they always underwrite multiple pathways to a conservation outcome. We also dig into how carbon projects fit into their model, including their first issuance under ACR’s IFM 2.1 “removals-only” methodology, and the trade-offs of financing conservation without “turning off the saws.” Finally, Matt shares what’s changing in private capital—from mission-aligned family offices to corporate partners like Apple, and why mill closures remain one of the biggest risks to working forests and forest-based livelihoods.

Most investors look at conservation easements after they’ve exhausted every other revenue source. For us, the conservation easement is the first thing we underwrite.”

“We’re very aware that turning off the saws can hurt communities. Our goal is to balance carbon projects with continued harvesting so forests remain working forests.”

00:00 Welcome to Forest Invest

00:31 Matt Purdy’s favourite tree and personal background

01:19 From timber cruiser to Director of Forest Investments

02:27 What is The Conservation Fund and its dual mission

03:52 What does “working forest” really mean?

05:39 Conservation easements and permanent forest protection

06:09 The bridge-ownership model explained

09:06 Managing risk with multiple conservation exit paths

10:09 Capital stack, low-cost debt, and green bonds

11:25 Two conservation pathways: public ownership vs private resale

12:30 How The Conservation Fund compares to other nonprofits

14:16 NGOs vs TIMOs: mission-first vs return-first investing

17:43 Plantation forests, natural forests, and partner priorities

18:58 Conservation easements as an investment tool

20:03 Carbon projects and Improved Forest Management (IFM)

21:00 Balancing harvests, carbon, and community livelihoods

23:24 ACR IFM 2.1 and removals-only carbon credits

24:20 Inside their first IFM 2.1 project

27:04 Working with private capital and mission-aligned investors

29:30 The Apple co-ownership deal explained

32:18 Corporates vs institutional investors: key differences

35:35 Opportunities and challenges for conservation ownership

41:07 Mill closures and risks to forest-based livelihoods

43:10 What’s next for The Conservation Fund

44:41 One piece of advice for new forest investors

46:57 Where to learn more and closing remarks

Production team

Founding Director and Host: Shauna Matkovich - The ForestLink

Producer and Editor: Magdalena Laas - Unscripted Creatives

Sound library

Nature by MaxKoMusic/Soundcloud

Sopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud

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Conserving US Working Forests with Mission-First Capital - with Matt Purdy