Skip to content
Regenera Natural CapitalA Sarnian Group · Fellow Future joint venture
Laying down the rings000

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

↓  Scroll

01 — The Opportunity

A gap the size of the balance sheet.

Nature-negative finance still dwarfs nature-positive flows. That gap is large and investable. Meanwhile carbon-led projects are stalling on permanence, leakage and community-rights failures.

Regenera leads with operating assets and treats carbon as optionality. That is the credible way in.

TNFD adoption

by late 2025

730
organisations
US$22tn
assets under management

Source — Taskforce on Nature-related Financial Disclosures

The ground

Chilean Patagonia — where the first assets are assembled.

Chilean Patagonia. Long-duration land held as a working conservation landscape.

Why Chile

The same range runs down both sides of the border. The case for holding land on the Chilean side is jurisdictional, not scenic.

  • 01

    A jurisdiction that holds

    Chile carries the strongest sovereign credit standing in Latin America, with a stable currency, enforceable land title and open treatment of foreign ownership. A hundred-year asset is underwritten on the durability of title, not on the view from it.

  • 02

    Land still priced to assemble

    Conservation-grade landscape here still trades well below its equivalent in North America, New Zealand or the Alps. That gap is what allows a contiguous position to be assembled at scale rather than acquired parcel by parcel at the end of the cycle.

  • 03

    Access arriving on a funded schedule

    The Carretera Austral is being paved end to end under a funded national programme, turning seasonal access through Aysen into year-round road access. Access is the single variable that reprices remote land, and here it is already under construction.

02 — The Model

How the model works.

Long-duration operating assets first; carbon and biodiversity revenue layered on top.

Reference specimen: temperate rainforest understorey, dense fern and moss layer beneath a closed canopy.
Understorey — reference specimenPL. 04

Temperate rainforest, southern hemisphere

  1. 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.

  2. 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.

  3. 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 and 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:

  1. 01

    Projects

  2. 02

    Portfolios

  3. 03

    Territories

  4. 04

    Platforms

Different capabilities. Shared infrastructure. One connected market system.

Explore the platform

04 — The Portfolio

Assets that pay for decades. Verified every season.

Each project ring-fenced in its own vehicle

  1. 01Restoration & assisted regeneration — Restoration mandates
  2. 02Long-rotation forestry — Timber, on a long rotation
  3. 03Working conservation landscapes — Land management, tenure-linked
  4. 04Coastal & blue ecosystems — Resilience mandates, blue carbon
  5. 05Circular value chains — Processed product, several streams
  6. 06Visitor economy — Visitors, not commodities

Developed by Regenera, a Sarnian Group and Fellow Future joint venture, and held through project vehicles.

The portfolio index

Flagship projects

Four flagship projects, one standard.

Centres of excellence

  • Reference specimen: a volcanic cone over a lake and lowland forest, seen across open ground.

    Natural Capital Centre of Excellence

    Los Lagos, Chile

  • Reference specimen: Rhizophora racemosa prop roots arching into estuarine water at low tide.

    Mangrove & Blue Carbon Centre of Excellence

    Gabon

Film

Preserve, in Patagonia.

Forty-three seconds of Preserve's own footage of the valleys it assembles and holds as working conservation landscape. Sound on.

Film by Preserve.

Explore the Portfolio

regeneranaturalcapital.com

05 — Featured ventures

The ventures we can name today.

Each card shows what a project is and where it stands. Register interest to see the detail behind it, or request the data room.

  • Preserve: glacial meltwater running between rock and autumn scrub.

    02

    PL. 05

    Preserve

    Partner venture

    Regenerative territories assembled and held as working conservation landscape, under a community tenure model.

    Working conservation landscapes · Patagonia, Chile

    Register Interest
  • Reference specimen: a stand of long-rotation conifers, straight boles under a closed crown.

    03

    PL. 07

    Arauco

    Partner venture

    A strategic long-rotation forestry partnership: high-integrity timber aggregated into a single investable sleeve, with natural-capital value layered on the operating base.

    Long-rotation forestry · Chile

    Register Interest
  • Reference specimen: a closed canopy viewed from below, crown shyness separating adjacent crowns.

    04

    PL. 08

    EBP

    Partner venture

    An agriculture, forestry and other land-use portfolio, underwritten as working land first, with carbon and biodiversity value as optionality on top.

    Restoration & assisted regeneration · Chile

    Register Interest
Explore the Portfolio

06 — Lead Project

Circular value chains

TrueHarvest Cocoathe whole-pod cocoa company

TrueHarvest Cocoa: the harvest gathered and opened at the edge of the grove.
Harvest, TrueHarvest CocoaPL. 02

Whole pods, opened at origin

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

  1. 01Semen cacao

    Beans

    Fermented and dried to origin spec. The conventional revenue line, and the smallest part of the case.

  2. 02Pulpa

    Mucilage

    The sweet pulp normally lost in the fermentation box, recovered as juice and concentrate.

  3. 03Testa

    Shells

    Cascarilla for tea and food-ingredient buyers. A by-product with its own market.

  4. 04Pericarpium

    Husks → biochar

    Pod husk turned into biochar: soil amendment returned to the growers, with the carbon locked in.

07 — The Integrity Standard

No project is marketed as core until it is legally clear.

Reference specimen: Rhizophora racemosa prop roots arching into estuarine water at low tide.
Prop roots — reference specimenPL. 03

Rhizophora racemosa

Estuarine mangrove, low water

Clauses — non-waivable

  1. 01

    Free, prior and informed consent.

  2. 02

    Community benefit-sharing, written and audited.

  3. 03

    Biodiversity baselines before intervention.

  4. 04

    Third-party measurement, reporting and verification.

  5. 05

    No-go criteria that cannot be waived.

Tenure, carbon rights, benefit-sharing and permanence, proven before promotion.

08 — The Joint Venture

Two equal partners, one board.

Regenera Natural Capital is an equal joint venture founded between Fellow Future AB and Sarnian Group, Inc., with both organisations serving as equal founding partners. Sarnian brings capital formation and investment execution; Fellow Future brings 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.

  • Founding 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.

Partner with Regenera

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.

  1. 01

    Strategic Advisory, Capital & Intelligence

    Counsel, capital formation and intelligence.

  2. 02

    Science, Engineering & Technology Ventures

    Deep technology in biology, materials and energy, carried from the laboratory to companies that can be capitalised.

  3. 03

    Food, Agriculture, Commodities & Natural Capital

    Sourcing, processing and the movement of physical goods; land, forest and water held as long-duration operating assets.

  4. —

    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.

How the platform is governed

10 — Insights

What we are learning, published as we go.

  • Reference specimen: a closed canopy viewed from below, crown shyness separating adjacent crowns.

    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.

    Read
  • Reference specimen: a timber cross-section, growth rings accreting around off-centre heartwood.

    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.

    Read
  • Reference specimen: temperate rainforest understorey, dense fern and moss layer beneath a closed canopy.

    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.

    Read
All insights

Built for capital that demands integrity, and evidence that survives diligence.

Partners & counterparties

  • Fellow Future, founding 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.

  1. 01Discuss InvestmentFor capital testing a specific asset or a specific structure.
  2. 02Submit an OpportunityFor a landscape, an asset or a value chain that would have to clear the gate.
  3. 03Book a MeetingFor a first conversation with the principals.

Or write directly

lloyd@sarniangroup.com

Lloyd D. Le Page

Founder & Group Chairman