News in the spotlight: JPMorgan renames Forest Unit JPMorgan Natural Capital to expand nature-based asset focus
J.P. Morgan Asset Management has rebranded Campbell Global as J.P. Morgan Natural Capital, reflecting the expansion of the business from sustainable timberland investing into a broader natural capital platform.
Products and Services
Mars Impact Fund grants USD 13m for farming, research and animal welfare
Mars, Incorporated has awarded more than USD 13 million in new grants through the Mars Impact Fund to six partners across Côte d’Ivoire, India, the United States and Thailand. The investments advance the Fund’s three priorities: strengthening resilience in Mars sourcing communities, developing the next generation of scientists and improving companion animal wellbeing. In Côte d’Ivoire, a three-year, USD 2.07 million grant to Elucid, plus about USD 2 million in matching funds from Gavi, will enable up to 12,750 cocoa-farming households to access affordable healthcare and strengthen rural health systems, with vaccination and disease-prevention programmes reaching at least 200,000 people. In India, Mars is contributing USD5.6 million to Tanager to help 20,000 mint-farming families diversify into crops such as potato, mustard and rice, and is planning partnerships with Pratham Education Foundation and People’s Action for National Integration to improve early childhood development, school readiness and water, sanitation and hygiene infrastructure in rural schools.
JPMorgan renames Forest Unit JPMorgan Natural Capital to expand nature-based asset focus
J.P. Morgan Asset Management has rebranded Campbell Global as J.P. Morgan Natural Capital, reflecting the expansion of the business from sustainable timberland investing into a broader natural capital platform. The change signals a shift from a forestry-focused mandate to one that covers land, carbon, biodiversity and other nature-based assets for institutional portfolios. Since J.P. Morgan’s acquisition of Campbell Global five years ago, the platform has grown to manage more than 1.5 million acres across three continents and oversee about USD11 billion in assets under supervision as of end-2025. The team employs around 150 people across 15 U.S. states, the UK, Australia, New Zealand and Latin America. The rebrand follows the March 2025 close of Forest & Climate Solutions Fund II, a USD 1.5 billion vehicle described as the largest forestry fund raised to date. Including separate accounts, total capital raised for the strategy reached USD 2.3 billion. J.P. Morgan says the new name better captures the role of nature-based assets in delivering long-term financial returns alongside climate and biodiversity outcomes.
UK pledges GBP 400m to tropical forest protection fund
The UK has announced its intention to invest GBP 400 million in the Tropical Forests Forever Facility (TFFF) via a loan, subject to finalisation of the facility’s governance and operational arrangements and completion of due diligence. The TFFF, launched at COP30, is a Brazil-led fund that pays tropical forest countries for verified reductions in deforestation. By using a loan rather than a grant, the UK says it can deploy climate finance from a different budget line while still supporting forest protection. Forest countries will not be expected to repay the funding; instead, the facility is designed to generate investment returns from its performance-based model, enabling it to repay investors and reward countries that successfully protect tropical forests. The UK government says this structure demonstrates a new approach to climate finance, acting as an investor rather than a donor, and allows reprioritisation of other funding, including support for the cap on single bus tickets at GBP 2. As a condition of the investment, the UK is seeking participation in the relevant fund oversight mechanisms to help ensure strong outcomes for UK taxpayers and investors, including the City of London.
ESG- and Green Bond Issuances
MuniFin Green Bond demand tops EUR 8bn
MuniFin has issued its first euro green bond of 2026, a EUR 1 billion, five-year benchmark that attracted more than EUR 8.1 billion of orders. The transaction marks the largest green order book in MuniFin’s history and the largest order book for a Nordic SSA green bond. Books opened on 3 September with initial guidance at mid-swaps plus 11 basis points. Strong demand allowed MuniFin to tighten pricing by three basis points, closing at mid-swaps plus 8 basis points and achieving a one-basis-point greenium over its conventional curve. The bond carries a 3.250% annual coupon and matures on 14 September 2031. Investor participation was led by high-quality accounts. Banks received 37.6% of allocations, central banks and official institutions 29.1%, and asset managers, insurers and pension funds the remainder. Geographically, Nordic investors accounted for 37.2% of the book, with broad distribution across Europe and beyond. The transaction also marks the 10-year anniversary of MuniFin’s green bond programme, which began in 2016. Joint lead managers were Danske Bank, DZ BANK, J.P. Morgan and SEB, with SEB acting as sole green structuring advisor.