01
PL. 02
TrueHarvest Cocoa
Whole-pod cocoa, processed at origin and monetising four output streams where the market conventionally buys one.
Circular value chains · Sub-Saharan Africa
Natural capital
Operating first.Carbon second.
The position
Regenera develops restoration, forestry, mangrove, conservation and agritourism assets as long-duration operating businesses. Carbon and biodiversity revenue is optionality on top of an operating base — never the thesis.
Regenera is a joint venture that develops and structures natural-capital assets, held through project vehicles.
At a moment when capital demands integrity, Regenera is built to be integrity-first and bankable.
A joint venture of Sarnian Group and Fellow Future
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01 — The Opportunity
A gap the size of the balance sheet.
Nature-negative finance still dwarfs nature-positive flows — a large, investable gap. Meanwhile carbon-led plays are stalling on permanence, leakage and community-rights failures.
Regenera leads with operating assets and treats carbon as optionality — the credible way in.
TNFD adoption
by late 2025
- 730
- organisations
- US$22tn
- assets under management
Source — Taskforce on Nature-related Financial Disclosures
02 — The Model
Three moves, in order.
Long-duration operating assets first; carbon and biodiversity revenue layered on top.
Understorey — reference specimenPL. 04
Temperate rainforest, southern hemisphere
- 01Base layer
Operating assets first
Restoration, forestry, mangrove, conservation and agritourism assets underwritten as operating businesses. Carbon and biodiversity revenue is layered on top — never the thesis.
- 02Containment
Ring-fenced project vehicles (SPVs)
Each project sits in its own vehicle, containing land, country and permanence risk. Development-finance and blended capital de-risk exposure at the point it is taken.
- 03Governance
A written integrity standard
Free, prior and informed consent (FPIC), community benefit-sharing, biodiversity baselines, third-party measurement, reporting and verification (MRV) and no-go criteria govern every project across the platform — before capital, not after.
Governed by the Sarnian Group nature-integrity standard, and applied by Regenera on every project.
03 — The System
Nature Doesn’t Operate in Silos
Nature doesn’t create value in silos. Neither should natural capital investment.
Forests, water, soils, biodiversity, food systems, tourism and communities are interconnected. Regenera works across these systems — connecting opportunities, assets and capabilities to create stronger ecological outcomes and long-term economic value.
Our approach moves from individual opportunities towards increasingly connected systems:
- 01
Projects
- 02
Portfolios
- 03
Territories
- 04
Platforms
Different capabilities. Shared infrastructure. One connected market system.
04 — The Portfolio
Assets measured in decades. Verified every season.
Each project ring-fenced in its own vehicle
- 01Restoration & assisted regeneration — Restoration mandates
- 02Long-rotation forestry — Timber, on a long rotation
- 03Working conservation landscapes — Land management, tenure-linked
- 04Coastal & blue ecosystems — Resilience mandates, blue carbon
- 05Circular value chains — Processed product, several streams
- 06Visitor economy — Visitors, not commodities
Developed by Regenera — a Sarnian Group and Fellow Future joint venture — and held through project vehicles.
The portfolio index05 — Featured ventures
Named, and no further.
The ventures the group can name, set as cards. What sits behind each one is disclosed after registration, and in a data room on request.
02
PL. 05
Preserve
Partner venture
Regenerative territories assembled and held as working conservation landscape, under a community tenure model.
Working conservation landscapes · Latin America
03
PL. 06
Blue ecosystems
Estuarine and mangrove restoration underwritten for coastal resilience first, with blue-carbon revenue as optionality on top.
Coastal & blue ecosystems · Sub-Saharan Africa
06 — Lead Project
Circular value chains
TrueHarvest Cocoathe whole-pod cocoa company
Whole pod — reference specimenPL. 02
Theobroma cacao
Beans and mucilage, the circular fractions
Theobroma cacao
An end-to-end, traceable, organic, circular cocoa enterprise buying the whole pod rather than the bean, processing it at origin and monetising four revenue streams. EUDR-native by design; margins decoupled from the bean price.
A dedicated investor deck is available on request.
Specimen sheet — four revenue streams from one pod
- 01Semen cacao
Beans
Fermented and dried to origin spec; the conventional revenue line, and the smallest part of the thesis.
- 02Pulpa
Mucilage
The sweet pulp normally lost to the fermentation box — recovered as juice and concentrate.
- 03Testa
Shells
Cascarilla for infusion and food-ingredient markets; a by-product with its own buyers.
- 04Pericarpium
Husks → biochar
Pod husk pyrolysed to biochar — soil amendment returned to the growers, durable carbon retained.
07 — The Integrity Standard
No project is marketed as core until it is legally clear.
Prop roots — reference specimenPL. 03
Rhizophora racemosa
Estuarine mangrove, low water
Clauses — non-waivable
- 01
Free, prior and informed consent.
- 02
Community benefit-sharing, written and audited.
- 03
Biodiversity baselines before intervention.
- 04
Third-party measurement, reporting and verification.
- 05
No-go criteria that cannot be waived.
Tenure, carbon rights, benefit-sharing and permanence — proven before promotion.
08 — The Joint Venture
Two principals. One board.
Regenera Natural Capital is co-founded and jointly governed by Sarnian Group and Fellow Future, combining capital formation and investment execution with market infrastructure, ecosystem orchestration and impact intelligence.
Founding partner
Sarnian Group
Sarnian brings institutional, governance, fiduciary and capital expertise and infrastructure, supporting the structures through which assets, investment and long-term stewardship can be governed and managed.
Anchor joint-venture partner
Fellow Future
Fellow Future brings regenerative market, systems and transformation expertise together with shared market infrastructure and digital capabilities, connecting actors, opportunities, capital, intelligence and transactions while enabling data and traceability across markets and ecosystems.
09 — The Group
Focal areas, not a roster. What sits inside each one is named under NDA.
Where Regenera sits.
Sarnian Group is organised in three focal areas, with strategic partnerships and joint ventures held separately. Regenera — its 50-50 joint venture with Fellow Future — sits there, outside the three.
- 01
Strategic Advisory, Capital & Intelligence
Counsel, capital formation and intelligence.
- 02
Science, Engineering & Technology Ventures
Deep technology in biology, materials and energy, carried from the laboratory to companies that can be capitalised.
- 03
Food, Agriculture, Commodities & Natural Capital
Sourcing, processing and the movement of physical goods; land, forest and water held as long-duration operating assets.
- —
Strategic Partnerships & Joint Ventures
Regenera sits here
Regenera Natural Capital — a 50-50 joint venture between Sarnian Group and Fellow Future. A flagship of the partnerships band, not a division of either.
Relationships held by MOU or contract rather than equity, alongside the Group's flagship joint ventures.
10 — Insights
A knowledge hub, not a company blog.
News & Events
Regenera at the Nordic Climate Finance Summit, Oslo
A keynote by Lloyd D. Le Page and a panel moderated by Erika Johansson — From Fragmentation to Function: Building the Infrastructure for Regenerative Markets — at the National Museum, Oslo, on 9 September 2026.
Articles & Perspectives
Operating first. Carbon second.
Why the platform underwrites restoration, forestry, mangrove, conservation and agritourism assets as operating businesses, and treats carbon and biodiversity revenue as optionality on top — never the thesis.
Portfolio Updates
Six classes. One gate.
The portfolio is organised into six classes rather than an index of holdings. What each class underwrites, and why every one of them enters through the same gate, in the same order.
Built for capital that demands integrity, and evidence that survives diligence.
Partners & counterparties
- Fellow Future — anchor joint-venture partner
- Preserve
- Offtake and operating counterparties — under NDA
11 — The Conversation
The first conversation is about evidence.
TrueHarvest Cocoa is the lead project and the reference case for the platform. The useful first conversation is with a counterparty testing a specific asset or a specific structure — say what you are trying to establish, and what evidence would settle it.
Or write directly
Lloyd D. Le Page
Founder & Group Chairman