Gresham House Timberland LP

GRESHAM HOUSE TIMBERLAND LP (TLP)

Before making any decision in relation to the Fund amalgamation, Limited Partners should read and consider the following document in full:

Memorandum to Limited Partners (dated 30 June 2026)

Gresham House Asset Management (GHAM), the Manager, is amalgamating three Gresham House forestry Funds (Forest Fund I LP (FFI), Sustainable Timber and Energy LP (STELP), and TLP – together the Funds) by way of a series of steps, concluding with the transfer of the STELP and TLP assets into FFI (the amalgamated Fund).

In summary:

  1. To implement this process, Limited Partners in STELP and TLP can transfer their holdings into FFI and the corresponding value of assets from those Funds will then be transferred into FFI. These transfers will be non-dilutive for all Limited Partners.
  2. The amalgamated Fund will commence a new 10-year initial term, with continuation votes for five-year extensions at years 10, 15, and 20, thereby resetting the duration for a long-term horizon (with a final termination date in November 2051)
  3. The recurring and non-recurring Gresham House annual management fees in the amalgamated Fund will be less than the current weighted average fee across the three Funds (a reduction from 0.62% to 0.60%). Certain transactional fees will also be reduced, which will further benefit Limited Partners.

Please see the following documents:

A Meeting of Limited Partners was held on Wednesday 29 July 2026 at Shoosmiths, 1 Bow Churchyard, London, EC4M 9DQ to vote on the Resolution (to amalgamate the Funds).

The outcome of the vote in the LP was as follows: turnout was 91.3% by value, with 99.8% of those voting being in favour.

Under the terms of the LPA, the approval of Limited Partners representing 50% by value of the Capital Contributions of the Limited Partners voting on the Resolution was required to pass the Resolution. Separate votes were also held and approved by overwhelming majorities in FFI and STELP.

Subsequent to the formal passing of the Resolution, Limited Partners who did not vote can still instruct the Manager to transfer their holding into FFI, ensuring that they are not left in a small remnant Fund with next to no liquidity and minimal assets.

If opting to transfer, Limited Partners can add to their holding using the process described in Section 3 of the Memorandum to Limited Partners.

PRINTABLE TRANSFER FORM

ONLINE TRANSFER FORM

The Transfer Form must be signed and returned by close of business on 21 August 2026, by either:

  1. the online Form
  2. being attached to an email and forwarded to admin@greshamhouse.com
  3. by post to Gresham House Asset Management, 1 Des Roches Square, Witney, OX28 4BE

The Manager hosted a webinar on 8 July 2026 to discuss the Fund amalgamation. You can view the recording via this link: Webinar Recording.