Indonesia’s Premier Investment Fund Saratoga Invests in Forest Carbon

New Partnership Will Scale Forest Conservation and Peatland Restoration in Indonesia

JAKARTA — Forest Carbon is partnering with PT Saratoga Investama Sedaya Tbk., which has taken an equity position in the premium project developer.  Building on 12 years of operations in Indonesia, Forest Carbon’s partnership with Saratoga will catalyze forest conservation and restoration efforts in Sumatra, Kalimantan and Papua, as well as expansion across Southeast Asia.

This new investment from Saratoga will build on the continued support from AXA IM Alts,(1) which through its impact strategy has been investing since 2016 to help Forest Carbon prove its approach to large-scale wetland and forest restoration.

“For the first time, a leading Indonesian investment firm has endorsed carbon markets as a tool for forest stewardship and economic development,” said Jeffrey Chatellier, Chief Executive Officer of Forest Carbon. “As an active investor and leader in the Indonesian investment community, Saratoga brings an unparalleled reputation and company-building track record to help us build our business.”

Forest Carbon is now part of Saratoga’s dynamic portfolio that increasingly targets investments that mitigate climate change, comprising solar, renewables, and now carbon project development. The investment directly supports Forest Carbon’s mission to create globally significant climate and ecological impact by protecting Indonesia’s vast rainforest and peatland areas, which are critical stores of carbon.

“Saratoga believes that long-term financial gains can go hand-in-hand with efforts to protect Indonesia’s forests,” said Devin Wirawan, Saratoga’s Investment Director. “We see a lot of opportunity for local businesses to create jobs and drive sustainable economic growth by recognizing the true value of Indonesia’s natural capital assets.”

Forest Carbon’s flagship project, the Sumatra Merang Peatland Project, now offers a successful business model for peatland restoration. Carbon offset sales to premium global brands fund programs that have increased forest cover by 23%, protected endangered species including the Sumatran tiger, and supported local communities with health, education and job opportunities.

AXA IM Alts’ Impact Investing Strategy invested in the Sumatra Merang Peatland Project, also led Forest Carbon’s Series A in 2020 and has pledged additional funding in green bonds to launch new projects in Indonesia. This support is reflective of AXA’s broader strategy to promote and conserve natural capital, protect biodiversity and mitigate against climate change.


AXA IM Alts is part of AXA, a worldwide leader in insurance and asset management, with 149,000 employees serving 95 million clients in 50 countries.

Devan Wardwell, COO
+1 503 810 1072

About Forest Carbon

Forest Carbon is a premium carbon project developer established in 2012 that delivers benefits for local communities, biodiversity and investors through a proven business model. Based in Indonesia, Forest Carbon’s team brings a decade of on-the-ground experience mapping and assessing carbon assets, hiring local workers and obtaining community support. The company specializes in the full lifecycle of project development from securing investment, designing and delivering the project and securing carbon sales to run a sustainable business.

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About PT Saratoga Investama Sedaya Tbk.

Founded in 1997, PT Saratoga Investama Sedaya Tbk. (Saratoga, ticker code: SRTG) is a leading active investment company in Indonesia. Saratoga plays an active role in managing investee companies and investing in innovative companies with high growth potential across Southeast Asia. The company has a strong track record of identifying, developing, and creating value from the companies in which we invest.

Our investment strategy has been refined to adapt to the changing times, evolving from our initial focus on natural resources, infrastructure, and consumer sectors to our participation in other new emerging sectors, including the rapidly expanding digital technology sector that has grown to become a major main driver of Indonesia’s sustainable economic growth.

Saratoga’s vision is to continue to be a leading world-class active investment company and the partner of choice for both local and foreign investors looking to participate in the dynamics of Indonesia’s economic growth.

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