9AT: FOREST INVESTMENT ASSOCIATES

other names

FOREST INVESTMENT ASSOCIATES
AGVICTUS CAPITAL MANAGEMENT, LLC "RELYING ADVISER"
FOREST INVESTMENT ASSOCIATES L.P.

Adviser Profile

As of Date	03/25/2025
Registration	SEC, Approved, 06/20/1986
ADV Location	ATLANTA, GA, United States
Contact Info	404 xxxxxxx
Websites

AUM^*	5,228,063,835 4%
of that, discretionary	4,967,009,303 15%
Private Fund GAV^*	1,262,375,611
Avg Account Size	227,307,123 13%
% High Net Worth	21.74%
SMA’s	Yes
Private Funds	6

Adviser Type

- Large advisory firm

Number of Employees 60 11%

of those in investment advisory functions 13 18%

Client Types

- High net worth individuals
- Pooled investment vehicles
- Pension and profit sharing plans
- State or municipal government entities
- Insurance companies
- Other

Advisory Activities

- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees

Accounting Firm Name	Filing Date	Form ADV-E
Accounting Firm Name WIPFLI LLP	Filing Date10/23/2025	Form ADV-E View Report
Accounting Firm Name WIPFLI LLP	Filing Date11/20/2024	Form ADV-E View Report
Accounting Firm Name ELLIOTT DAVIS	Filing Date09/26/2023	Form ADV-E View Report
Accounting Firm Name ELLIOTT DAVIS	Filing Date01/26/2023	Form ADV-E View Report

SEC Fund Type	Count	GAV
Fund TypeReal Estate Fund	Count6	GAV$1,262,375,611

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser ACRES	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund1.3b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.3b	AUM3.2b	#Funds2
Adviser IDR INVESTMENT MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund5.9b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.9b	AUM8.5b	#Funds6
Adviser WATERTON INVESTMENT ADVISER, L.L.C.	Hedge Fund100.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund4.4b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV4.5b	AUM4.5b	#Funds16
Adviser CORTLAND INVESTMENT MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund2.1b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund3.4b	Total Private Fund GAV5.4b	AUM5.4b	#Funds6
Adviser SLATE ADVISORY SERVICE (US) LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund2.1b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.1b	AUM3.8b	#Funds9
Adviser TGM ASSOCIATES L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund3.6b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.6b	AUM3.6b	#Funds7
Adviser GLOBAL FOREST PARTNERS LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund6.2b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV6.2b	AUM3.7b	#Funds17
Adviser BLACKSTONE REAL ESTATE ADVISORS EUROPE L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund3.0b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.0b	AUM3.0b	#Funds9
Adviser BENTALLGREENOAK STRATEGIC CAPITAL PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund145.0m	Real Estate Fund4.6b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV4.7b	AUM3.5b	#Funds106
Adviser LUBERT-ADLER MANAGEMENT COMPANY, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund760.7m	Real Estate Fund3.0b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund12.0m	Total Private Fund GAV3.8b	AUM3.0b	#Funds44

Brochure Summary

Overview

Forest Investment Associates, formed in 1986, is a Registered Investment Adviser providing investment management services for forest investors. Operating out of Atlanta, Georgia, U.S. headquarters and multiple U.S. field offices, along with offices in Brazil, Chile, and Mexico, FIA acquires and manages forest investment portfolios for commingled fund and separately managed account clients. Forest Investment Associates is majority owned and controlled by Forest Investment Associates, LLC. No individual directly or indirectly owns or controls more than 25% of Forest Investment Associates. FIA’s Executive Committee is comprised of the following persons:
• Michael Cerchiaro - President & CEO
• Andrew Boutwell - Senior Managing Director, Head of Investment Management
• Darcy Austin – Managing Director, Head of Client Accounting
• MaryKate Bullen – Managing Director, Head of Business Development & Sustainability
• Christina Purcell – Managing Director, Head of Corporate Finance & Human Resources FIA’s overall management objective is to maximize the value of each client portfolio through capital appreciation from optimal forest productivity and cash flows from timber harvests. Our experienced foresters, analysts and specialists combine financial management skills with the latest forest science and technology to achieve this objective. In managing forest investment portfolios, FIA selects properties specific to the needs of the particular

client. FIA seeks to build portfolios that are diversified across various criteria, including:
• Geographic location
• Timber species
• Timber age Hunting, recreation, mitigation, conservation, renewable energy and other non-timber income sources provide opportunities for adding value, and we work to maximize these sources. FIA’s business knowledge and expertise is not limited to forestry, and we seek to proactively identify and implement alternative land uses, timberland sales and other value growth opportunities based on local market dynamics. FIA has four commingled funds (hereinafter, the “Funds”) listed below. The Funds are exempt from registration under the Investment Company Act of 1940. They are managed in accordance with their own investment objectives, strategies and guidelines and are not tailored to the individual needs of any particular investor in the Funds. Therefore, investors must consider whether the Funds meet their investment objectives and risk tolerance prior to investing. Detailed information about the Funds can be found in each respective Fund’s private placement memorandum.
• FIA Timber Growth Partners, LP
• FIA Timber Partners II, LP
• FIA Timber Growth and Value Partners, LP
• FIA Timber Growth and Value Partners A, LP (Parallel Fund) As of December 31, 2023, FIA had $4,796,943,377 in discretionary assets under management, and $244,774,453 in non-discretionary assets.

FOREST INVESTMENT ASSOCIATES

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Form ADV-E Surprise Examination Reports

Private Funds Structure

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Brochure Summary

Overview