BTG Pactual-backed Timberland Investment Group, a timberland investment management organization, completed the acquisition of the timber funds from Rayonier, a firm that owns and manages timberland, for $36m. “We are pleased to transition management of these two timber funds to a well-qualified timberland investment manager. As previously communicated, the private equity timber funds business that we obtained last year through our acquisition of Pope Resources was not a long-term strategic fit for Rayonier. We believe this transaction reflects a favorable outcome for our shareholders, as it allows us to simplify our operations and allocate capital to other strategic priorities," David Nunes, Rayonier President and CEO.