FOLIUM™ is a registered investment advisor serving only qualified private investors and offering long term illiquid funds and co-investments in renewable forestry and agriculture. Founded in 2016 by partners who have a long prior experience of working together on similar investments, the firm now has 11 employees and operates from its headquarters in Boston, Massachusetts and a second office in San Francisco, California. Investment capital is deployed in acquiring both existing forests and orchards, and land and water assets to develop new plantations and orchards, in selected regions of the world, including the United States, but more often elsewhere. We search for best locations using comparative analysis of countries and regions with suitable soils, water, human capital and climate to grow products which we consider to have above-average demand-growth prospects. We operate through contracts with trusted local partners who bring experience in their region and what we consider exceptional access to potential opportunity. We do not offer any retail investment products.

Our Team

Alvaro Aguirre

Managing Partner

Mr. Aguirre is a founding partner of Folium and a member of the Investment Committee.  He is responsible for all aspects of the investment process and the management company.   Previously, he worked for over twelve years at Harvard Management Company, Inc. (“HMC”), initially as Senior Vice President and then as Managing Director of the Natural Resources portfolio. He was responsible for the forestry, agriculture and renewable energy portfolio. He was also a member of the HMC Investment Committee.

Prior to joining HMC, Mr. Aguirre was a Director at UBS Global Asset Management in their timber group. Earlier in his career, he worked for Forestal Bio Bio S.A., a JV company between Fletcher Challenge Forests (New Zealand) and UBS Global Asset Management (USA). Prior to that, he worked for Bioforest S.A., the research and development company of the Arauco Group, based in Chile.

Mr. Aguirre has a Bachelor of Science in Forestry and a Forest Engineering degree both from Universidad de Chile and an MBA from the University of North Carolina at Chapel Hill.

Mr. Grantham is a founding partner of Folium and a member of the Investment Committee.  He is responsible for all aspects of the investment process and the management company.  Prior to Folium, he worked for over eleven years as a Senior Vice President in the Natural Resources Group at HMC. He had overall portfolio management responsibilities on timber and agriculture investments in the United States, Latin America, Australia and Africa.  Mr. Grantham is also a trustee of the Grantham Foundation for the Protection of the Environment. 


Prior to his time at HMC, Mr. Grantham worked in Latin America as Manager of Operations for Sustainable Forest Systems where he helped lead the region’s first FSC certified natural forestry operation.   His responsibilities included oversight of operations (a forest asset, sawmill, dry-kilns and reprocessing facilities) and coordination with international sales.

Mr. Grantham has a BA in Economics and BA in Anthropology from Brown University and an MBA and a Master of Forestry from Yale University.

Oliver Grantham

Managing Partner

Andy Wiltshire

Managing Partner

Mr. Wiltshire is a founding partner of Folium and a member of the Investment Committee. He is responsible for all aspects of the investment process and the management company. Up until October 2015, he was at HMC for over fourteen years. His most recent position was Managing Director, Head of Alternative Assets at HMC, responsible for the Private Equity, Real Estate, Natural Resources and Absolute Return portfolios. He was co-chair of the Investment Committee at HMC. Previously, he served as Managing Director, Natural Resources and then Head of External Management at HMC.


Prior to joining HMC, Mr. Wiltshire relocated from New Zealand to join the Boston investment management firm GMO Renewable Resources as Director of Operations and Marketing. Earlier in his career, Mr. Wiltshire worked for Rayonier New Zealand Limited. He managed log trading and forest resources functions.  Prior to that, he worked for the New Zealand Forest Service for twelve years in a variety of planning and management roles. Currently, Mr. Wiltshire is founder and director of Pinoli Ltd and MC Farming Ltd and affiliates.  Mr. Wiltshire is a director on the board of Rayonier, Inc. (NYSE: RYN).


Mr. Wiltshire received his undergraduate Bachelor of Forestry Science degree from Canterbury University in Christchurch, New Zealand. He graduated Master of Business Administration from the Advanced Business Program at the University of Otago in Dunedin, New Zealand.

Mr. Miles is the Chief Operating Officer and Chief Compliance Officer at Folium Capital and is responsible for oversight of the accounting, operations, and compliance functions.  Prior to joining Folium, Mr. Miles was a Partner and the Chief Operating Officer at Convexity Capital Management, and prior to that he was a Partner and the Director of Operations at Convexity.  Working at Convexity for more than fourteen years, spanning the life of the company, Mr. Miles was selected to be part of their spin-off from HMC in 2005, along with 35 colleagues.  He was a Partner involved in establishing the firm and co-leading the strategic direction of the business and was a key member of various committees including valuation, enterprise risk, best execution and IT steering.  Mr. Miles was responsible for operations, accounting, and regulatory reporting.  He started his career at HMC in 1994 working his way up the operations ranks to become the became Manager of Derivatives/Operations/Accounting group.


Mr. Miles received his undergraduate Bachelor of Science in Business Administration from Merrimack College, North Andover.  He also earned a Master of Business Administration from Suffolk University, Boston.

David Miles


Lance Reinold

Partner, Chief Risk Officer

Mr. Reinold is a Partner and Chief Risk Officer at Folium Capital and is focused on risk assessment, investment underwriting, and portfolio analytics.  Prior to joining Folium, Mr. Reinold was with HMC for 20 years, most recently as a Vice President with the Natural Resources team.  At HMC, Mr. Reinold was responsible for risk management, modeling, and portfolio analytics for the Natural Resources portfolio. 


Prior positions at HMC included roles on the Portfolio Analytics and Risk team where he focused on market risk, asset allocation, and benchmark research.  He also worked with the Trusts and Gifts team where he was an Investment Analyst and Trust Accountant.  Before joining HMC, he worked as a Fund Accountant at State Street Bank.

Mr. Ciaschini is a Partner and Managing Director Agriculture at Folium. At Folium, Matt is responsible for overseeing the acquisition and development of Folium’s agricultural investments.  Prior to Folium his most recent position was Chief Investment Officer - Agricultural Equity at Prudential Agricultural Investments where he was responsible for originating and implementing agricultural investment strategies for independent institutional investors.  Immediately before joining Prudential he was involved with HMC for over 4 years and for the last two served with the natural resource group in the role of Vice President with focus on Agricultural Investments.

Prior to joining HMC, Mr. Ciaschini served in a number of roles with Silverado Premium Properties (SPP), an investment manager with a focus on vineyard properties in California.  During his 10 years with SPP, Mr. Ciaschini was involved with all aspects of investment and asset management as the portfolio of assets grew from $50 million to over $300 million.

Mr. Ciaschini received his undergraduate Bachelor of Science in Mathematics degree from The University of Massachusetts, Amherst.  He earned a Master of Business Administration from the University of California, Davis and a Master of Science in Mathematics from The University of Michigan, Ann Arbor.

Matt Ciaschini

Partner, Managing Director

J. Scott Estey

Partner, Managing Director

Mr. Estey is a Partner and Managing Director at Folium and is focused on business development, portfolio management, and client relationship management.  Prior to joining Folium, Mr. Estey was with Hancock Natural Resource Group (“HNRG”) for nearly 15 years, initially as a Portfolio Manager, and then as the Director of Client Account Management.  At HNRG Mr. Estey was responsible for portfolio management for approximately $11.5 billion in timberland assets under management, investment structuring, acquisition funding, and client relationship management.  Mr. Estey was a member of the investment committee. 

Prior to joining HNRG, Mr. Estey was a Principal Consultant with PricewaterhouseCoopers Management Consulting in their Forest and Paper Group.  Earlier in his career he was a Senior Vice President at Jaakko Pöyry Consulting, where he focused on strategy development, M&A, and capital project analysis within the forest products industry.  Mr. Estey began his career at Scott Paper in the Natural Resource Division.

Mr. Estey holds a Bachelor of Science in Forestry from the University of Maine, a Master of Business Administration from the Simon Business School at the University of Rochester, and a Master of Forestry from Yale University.

Ms. Matthews is the Chief Administrative Officer at Folium Capital.  Prior to assuming her current role, she was the Chief Operating Officer and Chief Compliance Officer at Folium for four years.  Prior to joining Folium, Ms. Matthews held a variety of positions at HMC for more than thirteen years, including management positions in the Operations group and in External Management.  Initially, Ms. Matthews was responsible for the External Management and Internal Public Equity portfolio accounting groups.  Next, she joined the investment group and was responsible for assisting in managing the External Management portfolio (across all asset classes), including all aspects of building and maintaining relationships with external managers and monitoring and reporting on those investments internally at HMC.  She focused on the Timber and Private Equity portfolios in her most recent positions. 


Prior to HMC, Ms. Matthews worked as an accountant at Bank of Tokyo-Mitsubishi and an accountant/auditor at Bonder and Company, a regional public accounting firm. Ms. Matthews graduated with a Bachelor of Science Degree in Accounting from Boston College.  She was a member of the American Institute of Certified Public Accountants and the MA Society of Certified Public Accountants from 1995-2007.

Sheila Matthews

Chief Administrative Officer

Jonathan Herndon

Senior Vice President

Mr. Herndon is Senior Vice President at Folium and works closely with the CCO/COO handling various operational responsibilities.  Prior to joining Folium, he was with HMC for over 17 years. During that time, Mr. Herndon held multiple positions, most recently as Vice President of Natural Resources.  In this role, he was responsible for overseeing timberland investments in South America, with a focus on pine and eucalyptus. 

Earlier positions with HMC included Senior Trading Analyst and Supervisor of Accounting Operations. In these roles, his responsibilities included overseeing accounting and valuation functions.  Later, he joined the Natural Resources group as Senior Associate, managing timberland assets within the United States.


Mr. Herndon received his undergraduate Bachelor of Science in Business Administration degree from Bucknell University and a Master of Business Administration from Boston University.

Mr. Mehl is Vice President, Asset Management at Folium Capital. His responsibilities include portfolio asset management, investment underwriting and leading the ESG portfolio.


Before joining Folium, Mr. Mehl co-founded Cape Almonds. Prior to that, he was a key member of the RussellStone Group, as a local operator for HMC.  He has been directly responsible for the operational development and management of assets in tree nuts, grains, livestock and horticultural products. 


Mr. Mehl received a Bachelor of Science in Agricultural Economics degree and a Bachelor of Commerce in Investment Management degree from the University of Pretoria, South Africa. He earned a Master of Business Administration from the University of Cape Town, South Africa which was augmented with an exchange program to Melbourne Business School, Australia. He completed his business school with a Masters in Advanced Management degree from Yale University.

Thomas Mehl

Vice President, Asset Management

Dr. H. Lee Allen

Senior Technical Advisor

Dr. H. Lee Allen is recognized as one of the world’s foremost authorities on the silviculture and management of plantation forests. Lee has a diverse background with interests in silviculture, production ecology, soils, tree physiology, and growth & yield modeling.

Prior to joining Folium as Chief Forester, Lee was the owner of ProFOR Consulting and C.A. Schenck Distinguished Professor and Co-Director of the Forest Nutrition Cooperative (now Forest Productivity Cooperative) at the Department of Forestry and Environmental Resources at North Carolina State University (1981-2008). In these positions, Lee provided research leadership, continuing education, and technical support for clients/cooperators including forest industry, TIMO’s, pension funds, foundations, forestry consultants, and governmental agencies in the United States, Canada, Latin America, and Northern Europe.

Lee received his BS (1976) and MS (1978) in Forestry from the University of Maine and his Ph.D. (1981) in Forestry and Soils from North Carolina State University. In 2010 he received the Barrington Moore Memorial award for outstanding contributions to the profession in forest biology from the Society of American Foresters.

Mr. Grossi is a Senior Analyst at Folium and works on risk assessment, investment underwriting, portfolio analytics, and research.   Prior to joining Folium, Mr. Grossi consulted for the firm for more than a year. During this time, he researched global supply and demand fundamentals for numerous products relevant to the Folium agriculture and timber portfolios.


Previously, Mr. Grossi was a proprietary equity trader at Chimera Securities, where he was directly responsible for a portion of firm capital and gained exposure to a wide variety of industries.

Mr. Grossi holds a Bachelor of Science in Business Administration degree from the University of North Carolina at Chapel Hill. He is also a CFA Charterholder.

Senior Analyst

Bryan Grossi