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The Radicle Timber Plantations fund will list on Aim in late July 2008 and work on the acquisition and management of Australian agribusiness projects.

The firm intends to raise up to £40m. The vehicle will also be listed on the Channel Islands Stock Exchange.

Radicle Timber said it would target projects that could develop on an environmentally sustainable basis, focusing on managed plantations with transparent operations.

Radicle Investment Management, a newly formed subsidiary of Radicle Projects, will act as investment manager to the new fund.

Myles Stewart-Hesketh, who will become chairman of Radicle Timber when it goes live, said: "By acquiring sustainably managed plantation forestry assets in Australia and the Asia Pacific region, Radicle Timber will offer prospective shareholders an opportunity to gain exposure to real assets."

Tim Bennett, chief executive of Radicle Projects said the establishment of Radicle Timber marked an important milestone for the development of the firm’s evolution into a broadly based owner and manager of soft commodities.