Introducing Natural Capital

Experts in originating, structuring and delivering conservation investments.

Natural Capital protects nature and creates enduring value for investors, communities, and biodiversity alike. We connect impact investors with compelling conservation investment opportunities, delivering lasting returns for nature, people, and capital.
Leopard climbing a tree silhouette
A wide river with steep green banks

Mission + Vision

Mission

To unlock long-term investment into Africa’s most valuable natural assets, delivering measurable biodiversity gains, creating meaningful economic opportunities for local communities, and generating sustainable returns for investors.

Vision

A world where Africa’s wilderness is safeguarded through enduring conservation investment, preserving nature’s intrinsic and extrinsic value for generations to come.

Mission + Vision

Mission

To unlock long-term investment into Africa’s most valuable natural assets, delivering measurable biodiversity gains, creating meaningful economic opportunities for local communities, and generating sustainable returns for investors.

Vision

A world where Africa’s wilderness is safeguarded through enduring conservation investment, preserving nature’s intrinsic and extrinsic value for generations to come.

Strategic Priorities

Climate resilience icon

Climate
Resilience

Protecting carbon-rich landscapes to promote sequestration and ecosystem stability.

Biodiversity protection icon

Biodiversity Protection

Conserving natural habitats and restoring degraded lands to sustain wildlife and achieve ecological balance.

Community citizenship icon

Community Development

Creating jobs, building skills, and promoting gender equity - especially for women in conservation.

Sustainable finance icon

Sustainable
Finance

Leveraging blended capital to deliver long-term returns and responsibly manage our invaluable natural assets.

Our Impact

Organisational
structure

Investment Divisions

(FOR-PROFIT)

Sunset in the Namibian desert

Natural Consulting

Sunset over a river and a large hill

Natural Investments

A wide river with trees lining each side

Natural Ventures

Catalytic and first loss capital

Technical support

Charitable Foundation

(NOT-FOR-PROFIT)

A small camp fire underneath a tree at night

Natural Capital Foundation

FROM THE FOUNDER

“At Natural Capital we strive to connect mission-aligned investors with nature to transform the way conservation is financed and delivered. Every investment we facilitate generates meaningful returns for wildlife and tangible benefits for local communities.

FROM THE FOUNDER

“At Natural Capital we strive to connect mission-aligned investors with nature to transform the way conservation is financed and delivered. Every investment we facilitate generates meaningful returns for wildlife and tangible benefits for local communities.

Our TEAM

Our seasoned team of professionals brings over 100 years of combined on-the-ground experience in conservation and investment management across the African continent.
Steve Cunliffe

Stephen Cunliffe

Founder & CEO

Steve is a dynamic and business-minded conservationist operating at the nexus of sustainable investing and conservation.

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Anne Cathrine Garde

Anne Cathrine Garde

Chief Investment Officer

Anne Cathrine is a sustainable finance and investment specialist with over a decade of experience in impact investing, specialising in nature-based solutions across Africa.

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Dr. Kristen Denninger Snyder

Kristen Denninger Snyder, PhD

Chief Scientist

Kristen is a conservation scientist with over a decade of research and program development experience across sub-Saharan Africa.

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Katherine Cunliffe

Katherine Cunliffe

Chief of Staff & Impact

Katherine has over two decades of experience leading sustainable development initiatives across the Americas, Asia and Africa.

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Liam Furniss

Liam Furniss

Marketing & Communications Manager

Liam is a marketing and communications professional, passionate about harnessing creativity to advance nature conservation. 

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Joy Muganda

Joy Muganda

Investment Fellow

Joy is a financial analyst with experience developing and supporting finance mechanisms for nature and landscape projects across Africa.

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Luke Symmonds-Mayes

Luke Symonds-Mayes

Investment Fellow

Luke is an impact investing and natural resource management professional with international project finance and African conservation development experience.

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Dr. Alistair Pole

Alistair Pole, PhD

Project Development Lead, Zimbabwe

Alistair is a seasoned professional with more than three decades of experience in African conservation.

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Iain McDonald

Iain McDonald

Project Development Lead, Zambia

Iain brings a blend of financial training and hands-on conservation experience shaped across Southern Africa.

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Advisory Council

Natural Capital is guided by an Advisory Council of distinguished experts who provide world-class counsel across conservation, finance, and governance – amplifying our effectiveness and reach.
Michael Lorentz

Michael Lorentz

Michael is a pan-African travel specialist, boutique safari company owner, and expert ecotourism consultant with more than 40 years of experience working across Africa’s wilderness areas.

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Robert Baigrie

Robert Baigrie

Rob is a senior executive with over 25 years of international management experience across the finance and non-profit sectors.

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Noel Dunn

Noel Dunn

Noel is an accomplished business leader and conservation philanthropist with extensive global experience in investment management and capital markets.

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Kevin Anderson

Kevin Anderson

Kevin is a senior financial services executive with extensive experience managing billion-dollar climate and nature finance funds.

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Bonnie Smith

Bonnie Smith

Bonnie is a strategic investment and research professional with over two decades of experience spanning asset management, insurance, hedge funds, and private banking.

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Michael Lorentz

Michael Lorentz

Michael is a pan-African travel specialist, boutique safari company owner, and expert ecotourism consultant with more than 40 years of experience working across Africa’s wilderness areas.

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Robert Baigrie

Robert Baigrie

Rob is a senior executive with over 25 years of international management experience across the finance and non-profit sectors.

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Noel Dunn

Noel Dunn

Noel is an accomplished business leader and conservation philanthropist with extensive global experience in investment management and capital markets.

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Kevin Anderson

Kevin Anderson

Kevin is a senior financial services executive with extensive experience managing billion-dollar climate and nature finance funds.

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Bonnie Smith

Bonnie Smith

Bonnie is a strategic investment and research professional with over two decades of experience spanning asset management, insurance, hedge funds, and private banking.

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Investment Portfolio & Pipeline

Our projects transform under-resourced conservation areas into investable assets that deliver sustained and measurable ecological, social, and financial returns.

Investment Portfolio & Pipeline

Our projects transform under-resourced conservation areas into investable assets that deliver sustained and measurable ecological, social, and financial returns.

Map
Natural Capital provides a one-stop-shop for nature-based investments, catering to impact investors with a passion for Africa and her wild spaces. I know of no other group that currently provides this type of holistic wilderness acquisition and project management offering.  Their bespoke approach will align with your specific investment criteria, simplifying and de-risking the many challenges of creating a meaningful and financially sustainable conservation project in Africa.
PAUL TUDOR JONES

Founder, Tudor Investment Corporation

Who we
work with

We are grateful to the partners and supporters whose commitment makes our mission a reality.
Earthranger logo
Panthera logo
PAW foundation logo
WEF UpLink logo
WildCru logo
World Economic Forum logo
Climate Policy Initiative logo
Restoration Seed Capital Facility logo
The Global Innovation Lab for Climate Finance logo
Global Rewilding Alliance logo
African Natural Capital Alliance logo
Earthranger logo
Panthera logo
PAW foundation logo
WEF UpLink logo
WildCru logo
World Economic Forum logo
Climate Policy Initiative logo
Restoration Seed Capital Facility logo
The Global Innovation Lab for Climate Finance logo
Global Rewilding Alliance logo
African Natural Capital Alliance logo
Earthranger logo
Panthera logo
PAW foundation logo
WEF UpLink logo
WildCru logo
World Economic Forum logo
Climate Policy Initiative logo
Restoration Seed Capital Facility logo
The Global Innovation Lab for Climate Finance logo
Global Rewilding Alliance logo
African Natural Capital Alliance logo

Marara Recycling Project

The Marara Recycling Project is driven by twelve dedicated women from the town of Chirundu. Daily, they collect and recycle waste that is discarded along the highway that forms the boundary between the town and the wilderness area. Their efforts keep the environment clean, prevent wildlife from ingesting lethal plastic, and provide each woman with meaningful, dignified, paid work that benefits them and the entire community.

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Latest news
and views

A group of people in an event lecture hall
30/09/2026

How Natural Capital is Developing the Next Generation of African Nature Finance Leaders

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Car driving through Namibian desert
02/09/2026

African Conservation: The Solutions and Scale that Nature Finance Needs

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INSEAD Feature Image
20/08/2026

Africa’s Natural Capital: Reframing the Frontier

Learn More
A group of people in an event lecture hall
30/09/2026

How Natural Capital is Developing the Next Generation of African Nature Finance Leaders

Learn More
Car driving through Namibian desert
02/09/2026

African Conservation: The Solutions and Scale that Nature Finance Needs

Learn More
INSEAD Feature Image
20/08/2026

Africa’s Natural Capital: Reframing the Frontier

Learn More

Theory
of change

Our theory of change aligns ecological restoration with inclusive local economic development and financial returns.

Goal

To safeguard critical wilderness areas in Africa that deliver long-term benefits for nature, people and sustainable economic development

01
Outcome 1:
Protecting & Restoring Nature

High-value ecosystems are secured, effectively managed, and resilient to climate change.

Output 1.1

High-value conservation landscapes are identified, secured, and established

Output 1.2

Conservation areas are effectively managed and ecologically restored

Output 1.3

Biodiversity, climate, and ecosystem health are monitored using robust science

02
Outcome 2:
Inclusive and Sustainable Development

Local communities experience equitable benefits, improved livelihoods, and active participation in conservation.

Output 2.1

Better jobs and diversified livelihood opportunities are created

Output 2.2

Individuals achieve higher levels of employment, fair wages, and economic stability

Output 2.3

Women and underrepresented groups are empowered and included in decision-making

03
Outcome 3:
Sustainable Finance for Nature

Conservation landscapes are supported by long-term, diversified, and scalable capital.

Output 3.1

Conservation projects are designed with the financial, legal, and ecological structures needed for investment

Output 3.2

Philanthropic, private, and public capital are mobilised and deployed at scale

Output 3.3

Sustainable revenue models ensure long-term financial resilience

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