Beartooth Capital II, LP
United States of America
Last updated 13 May 2020, by Impactyield.
Developed countries (203) / More developed regions (202) / More developed regions (North America, Asia & Oceania) (153) / United States of America (112)
Beartooth Capital is a private investment management firm whose mission is to generate strong investment returns, real conservation results and community benefits. The firm seeks to acquire select ranchland in the Western U.S., improve it by restoring habitat, enhancing accessibility, fixing legal flaws, protecting landscapes and undertaking limited, ecologically appropriate development, and then sell it at a profit.
Beartooth Capital currently manages approximately $40 million in capital commitments in Beartooth Capital I, LP (Fund I). To date Fund I has undertaken 17 transactions totaling approximately 22,500 acres in 5 western states. Through Aug. 2013 these investments have generated 17 liquidity events, returning 29% of capital called while retaining ownership of 74% of the acreage acquired. 69% of the proceeds for these liquidity events were derived from conservation sources, with the remaining 31% from private buyers. These liquidity events allowed Fund I to make 9 distributions, including 7 since the recession set in during 2008. In addition to the cash generated by these events, 7 conservation transactions involved the partial donation of conservation easements or parcels of land valued at more than $4.1 million.
Offers to invest can only be made through a private placement memorandum that contains important information about the investment’s structure, risks, fees and expenses.
Beartooth Capital searches the inefficient ranch market for undervalued assets with substantial value creation potential. We acquire these properties and fundamentally transform them to create value and minimize risk. We then resell the properties and their assets in whole or in parts. Beartooth's overall investment strategy has these key components:
Invest in undervalued ranches sourced through closely-held relationships and assessed using extensive market data largely unavailable to others due to market inefficiencies
Create value through restoration and by fixing flaws, thereby transforming degraded agricultural properties into high-end ranches with substantial recreational value
Mitigate risk by generating early liquidity through conservation transactions and through other traditional and non-traditional means
Sell each ranch in turn-key condition to high net worth individuals, state/federal governments, non-profits, or agricultural users
Conservation is a competitive advantage, enabling us to mitigate risk and generate stronger returns due to:
High quality deal flow from conservation partners, brokers and others
Significant funding for land protection and restoration
Partnerships providing access to research and market data
Expanded resale opportunities of the land itself as well as other components of the property
of track record
the year funded
Key performance indicators
Asset manager: Beartooth Capital
Product track record: Fund has 12 years of track record
Target IRR: 15%
Committed Capital: 33,275,000 USD (US Dollar)
Target return category: Risk-adjusted market-rate of return
Fund domicile: United States of America
Product status: Closed - still investing
Inception year: 2011
Vintage year: 2011
Target region: Developed countries, More developed regions, More developed regions (North America, Asia & Oceania), United States of America
Target close date: 01/08/2012
Product term: 10 years, with up to three one-year extensions
Assets under management: n.a.
Investment size: Min: 500,000; Max: 10,000,000; Avg: 5,000,000
Co-investment policy: LPs have priority, With LPs and non-LPs
Currency of investments: USD (US Dollar)
Currency for fund / product figures: USD (US Dollar)
Fund investments to date: 4
Fund investments to date exited or repaid: 0
Management fee: 2%
Carried interest: 20%
Hurdle rate: 8.0%%
GIIN Investors' Council Investment: Yes
Limited Partners / Investors: Available upon request.
Limited Partner / Investor Type: Endowments/Foundations, Family Office, Pension Funds, Other Institutional Investors, Retail Investors
E-mail: firstname.lastname@example.org email@example.com
Phone number: 406-551-4769
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Director of Investor Relations
Beartooth Capital's mission is to generate strong investment returns, real conservation results and community benefits. Funds II invests in western ranchland to restore and protect important places, working in partnership with leading conservation organizations to source deals, protect habitat, restore creeks and streams and ensure ongoing stewardship. Conservation serves as a core competitive advantage, helping source opportunities, create tangible value, mitigate risk through substantial early revenue events and exit investments.
Beartooth Capital’s Fund I currently manages approximately 16,600 acres in 5 western states. We have protected more than 13,000 acres, restored more than 35 miles of creek and river and created 3 new parks providing public access to recreation areas. Our work has had other important impacts as well. We have rehabilitated tens of thousands of acres of pasture and hundreds of acres of productive farmland. We have modified management of water rights and kept large amounts of water in-stream where it has important positive impacts. We have provided economic benefits by improving fisheries and spawning areas for important species such as steelhead and wild Chinook salmon in communities where recreation and tourism play a large part in the local economy. We have protected populations of rare and endangered plants and animals.