In this episode, I’m talking with Bettina von Hagen, Managing Director & CEO of EFM Investments & Advisory. Since founding Ecotrust Forest Management 20 years ago, she’s been redefining forestry investment – consistently beating traditional market-rate returns while protecting ecosystems, communities, and future generations.

Bettina grew up in politically turbulent Lima, Peru, with a scholar father, an artist-entrepreneur mother, and a childhood shaped by earthquakes, curfews, and curiosity. Her love of systems thinking began with a trip to the Galápagos Islands at age 14 and eventually led her to study evolutionary biology before pivoting to business.

After earning her MBA at the University of Chicago, Bettina entered the world of commercial banking in the Pacific Northwest – right in the middle of the timber wars. But instead of picking a side, she asked a different question: How do we meet essential needs – like timber – without compromising ecosystems or future generations?

That question led her to Ecotrust, a nonprofit focused on conservation-based development. There, she helped launch Craft3, a triple-bottom-line lender, and Beneficial State Bank. But the real spark came in 2004, when she co-founded EFM within Ecotrust to pioneer sustainable forest investing.

By 2008, she bought a stake in the company and stepped in as CEO.

EFM now manages 200,000 acres and nearly $500M in assets, with a staff of just 11 people and a vast network of contractors. Their model isn’t just about timber. It’s about carbon credits, conservation easements, water protection, salmon runs, tribal partnerships, and restoring degraded ecosystems.

Bettina’s forestry strategy is built on what she calls the Five R’s:

• Rotation: Letting trees grow longer for higher-value wood.
• Retention: Leaving 10–30% of trees to support soil, seedbanks, and habitat.
• Reserves: Protecting special ecological areas, like salmon-bearing streams.
• Restoration: Rebuilding habitat, especially in fire-prone and aquatic systems.
• Relationships: Partnering with tribes, local communities, and land trusts.

EFM’s forests generate revenue through multiple streams. When timber prices dip, they don’t rush to harvest – instead, they “store value on the stump.” Trees continue to grow, becoming more valuable over time. Carbon markets make this kind of patience financially viable.
By deferring cuts, selling carbon offsets, or securing conservation easements, EFM creates liquidity without compromising ecological integrity.

The results speak for themselves. Every fund exit has outperformed the NCREIF Timberland benchmark, and every acre under EFM’s care becomes more ecologically and socially valuable over time.

Forests don’t have to be sacrificed for growth. In Bettina’s hands, they are growth.

Tune in to hear how she’s building a forestry model that works – for investors, ecosystems, and future generations.

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About the SRI 360° Podcast: The SRI 360° Podcast is focused exclusively on sustainable & responsible investing.

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Additional Resources:

- Bettina LinkedIn: https://www.linkedin.com/in/bettina-von-hagen/

- EFM LinkedIn: https://www.linkedin.com/company/efminvest/

- EFM Website: https://efmi.com/