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 Capital, LLC . 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.  Over his tenure at HMC the natural resources portfolio delivered an annualized return over 11%. 

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 Capital. 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 Masters of Forestry from Yale University.

Oliver Grantham

Managing Partner

Andy Wiltshire

Managing Partner

Mr. Wiltshire is a Managing Partner at Folium Capital. Up until October 2015, he was at Harvard Management Company (HMC) for the prior 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. 

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


Lance Reinold


Mr. Reinold is the Chief Risk Officer at Folium Capital.  Prior to joining Folium, he was with HMC for 20 years.  Most recently, Mr. Reinold was a Vice President with the Natural Resources team, responsible for portfolio analytics, risk assessment, and investment underwriting.  

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. Reinold received his undergraduate Bachelor of Science in Business Administration degree from Bryant University and a Master of Business Administration from Bentley University.

Mr. Ciaschini is Managing Director Agriculture at Folium Capital. 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 Harvard Management Company 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

Managing Director

J. Scott Estey

Managing Director

Mr. Estey is a Managing Director at Folium Capital.  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.  Mr. Estey was responsible for portfolio management for $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.  Prior to that he worked for Scott Paper in the Natural Resource Division.

Mr. Estey holds a BS in Forestry from the University of Maine, an MBA from the University of Rochester, and a Master of Forestry from Yale University.

Mr. Herndon is Senior Vice President at Folium Capital. 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.

Jonathan Herndon

Senior Vice President

Thomas Mehl

Senior Analyst

Prior to joining Folium, Mr. Mehl was a key member of the RussellStone Group.  He was directly responsible for the development and operational management of various assets in tree nuts, grains, livestock and horticultural products. He has specific expertise in agriculture, forestry, finance, insurance, investments, legal, human resources, operations, strategy, ESG and general management.  

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 furthermore holds a Masters in Advanced Management from Yale University.

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 Capital 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.

Dr. H. Lee Allen

Senior Technical Advisor

Bryan Grossi


Prior to joining Folium Capital as an analyst, 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.