About Us

Connecting Markets to Conservation

Our role in the environmental finance sector is to conserve and restore our world’s ecosystems by connecting high-impact conservation projects with responsible finance in the global marketplace.

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Our Purpose

Lestari Capital connects markets to conservation: we finance outcomes on the ground through ethical and efficient mechanisms, to support the adaptation of more equitable market systems.

Through partnerships with corporates, we help develop and grow sources of demand for conservation projects. Our work ensures that corporate sustainability standards and certifications have verified impact while addressing a critical gap in long-term finance for natural ecosystem conservation and restoration.

We are piloting this approach in Indonesia by developing a portfolio of high-impact conservation projects that we have connected to financing from the commodities sector, with funding commitments for 25 years or longer.

Our first mechanism, the Sustainable Commodities Conservation Mechanism (SCCM) was launched in 2018 and can accommodate a blend of public and private capital, providing a flexible platform that can facilitate compliance with the requirements of existing or future standards for environmental finance.

Our Vision

Our vision is a world where no ecosystem is left stranded and where every natural area is recognized for its unique value.

We support collective efforts to weaken the market drivers of unsustainable land-use change, along with efforts to redefine market rewards for companies that actively help protect and restore vulnerable ecosystems.

By supporting a large-scale adaptation of market systems through our mechanisms, we aim to fundamentally change the cost and benefit of doing business for sectors that impact vulnerable ecosystems.

For corporate actors, this means mitigating and, where stakeholders demand it, compensating for past environmental impacts. For conservation partners, enables them to secure reliable finance to sustain their conservation projects. In doing this, we address two critical distortions in global markets, which are represented by each “pie piece” in the Lestari Capital logo.

Our Values

We are an advocate and change agent for ecosystems; including the communities that rely on them, and those working to protect them.

We show that equitable market mechanisms can deliver lasting conservation outcomes.

We seek ethical participation of the private sector in conservation.

We seek to foster a holistic understanding of land use from the market to the ground, rooted in transparency.

Our interdisciplinary background in conservation and finance leads us to recognize the importance of verified conservation outcomes.

Our work to promote efficient private sector investment in conservation does not, and never will, support or endorse “cut and pay” systems.

We acknowledge and defend the rights of the local communities that depend on our world’s ecosystems.

Team Lestari

A uniquely interdisciplinary team of conservation, market and finance professionals.

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Gabriel Eickhoff

Gabriel Eickhoff

Co-Founder & Chief Executive Officer
Gabriel brings more than 15 years of experience designing and developing landscape protection and rehabilitation projects in Southeast Asia, Latin America and Africa. Gabriel brings a wide range of experience on policy, forestry and climate change issues at national and jurisdictional levels, with a focus on conservation finance. Prior to starting a leading forest conservation company with technical services in Indonesia, Laos and Vietnam, Gabriel led the development of some of the first REDD+ programs in Asia. He has also worked extensively on poverty and environmental issues in central Africa.
Michal Zrust

Michal Zrust

Co-Founder & Chief Sustainability Officer
Michal brings over 20 years of expertise working in the conservation, biodiversity and corporate sustainability space across Asia, Africa, Europe and Latin America, stretching from the field to corporate boardrooms. He leads Lestari Capital’s strategy for the sustainable commodities sector, spearheading the conceptualisation, development and implementation of our innovative conservation finance mechanisms. Michal is an invited expert and representative on numerous technical and governance bodies for certification systems, including the Roundtable on Sustainable Palm Oil and the Forestry Stewardship Council. Michal lives in Indonesia where he has worked extensively for the last ten years.
Alexander Hanrath

Alexander Hanrath

Chief Financial Officer
Alexander leads Lestari’s financial strategy, financial platform designs and client deal structuring. He brings over 15 years experience in Environmental Finance, Venture Capital and Startup Management. After starting his career with J.P. Morgan Investment Banking, he joined  Climate Change Capital advising on Asian renewable energy projects and later as VP in the Climate Change Capital Private Equity team. He has also served as CFO of several VC-backed clean-technology businesses. Alexander has lived and worked in Asia, Europe, North and South America and holds an MSc in Financial Economics and an MSc in Environmental Technology and Policy from Imperial College London.
Wan Tzan Chiu

Wan Tzan Chiu

Chief Legal Officer
Tzan Chiu (“TC”) brings to Lestari Capital the benefit of over 25-years of deep experience in corporate law. Prior to joining us, she served as the Regional General Counsel for Cargill in Asia Pacific. TC oversaw the legal affairs of Cargill's businesses in the region with her diverse legal team across nine countries. As a well-versed and accomplished lawyer, TC advised the company across a vast range of subjects, ranging from commodities trading, manufacturing and operations, treasury and finance, to acquisitions and joint ventures including its palm plantation business in Indonesia. TC holds an LLB with Honors from the University of Bristol and is called to the Bar in the UK, Malaysia, and Singapore.
Florian Reimer

Florian Reimer

Head of Ecosystem Services
Florian leads the project team of Lestari Capital and technical development of implementation design and monitoring for ecosystem outcomes. He has over 10 years of experience in natural resource management and team leadership. Building on a technical expertise in statistics, digital mapping and satellite image analysis, Florian has become an entrepreneurial project leader on five continents and across 14 countries to further the UN Sustainable Development Goals (UN-SDGs). Bridging diverse cultures, scientific topics, business and civil society interests, Florian led efforts on supply chains, agroforestry, forest conservation, GHG accounting, emission reduction trading, waste management, coral and mangrove restoration, until topics of fair-trade practices and certification. Florian has led technical verifications under the Verified Carbon Standard (VCS), Climate Community and Biodiversity Standard (CCBS), CarbonFix Standard and Solidarity Reforestation Standard including REDD+, Reforestation and Agroforestry. Florian holds a Master of Science in Geography and Botany from Bonn University in Germany.
Andrea Falleti

Andrea Falleti

Corporate Finance Manager
Andrea focuses on the development of the financial and corporate strategy at Lestari Capital. Andrea brings almost a decade’s experience in M&A and financial advisory. Originally from Italy, he started his professional career in the UK at Ernst & Young, before relocating to Singapore in 2018 to join the PwC Deals team. During his time there, Andrea specialised in Financial Due Diligence for Private Equity clients. He has worked on both sell-side and buy-side deals across most countries in South-East Asia, advising on transactions with valuations ranging from $5 million to $1 billion. He holds a degree in Business and Finance from Cass Busines School, City University of London and he is a chartered accountant (ICAEW).
Victor Gan

Victor Gan

Financial Controller
Victor has close to 20 years of progressive finance and Accounting experience working in both large international MNCs (14 years) and recent 6 years in start-up companies (2 start-up firms). He is experienced in financial reporting, treasury, corporate finance, and controlling. Key accomplishments include heading the finance operations of start-ups, process improvement, and system implementations. Prior to joining Lestari Capital, he has been with Hercules Chemicals, Hewlett Packard, InterContinental Hotels Group, Brenntag, and most recently with Aegros Group. Victor obtained his BCom from the University of Melbourne in 2000 and is a CPA with CPA Australia.
Dr. Henri Sitorus

Dr. Henri Sitorus

Head of Project Outreach
Dr. Henri Sitorus oversees all aspects of partnership for conservation project implementation of Lestari Capital. He aims to work in partnership with project proponents including with International NGOs, National NGOs, corporate sector to engage in conservation and sustainability projects. He has expertise in sustainability and environmental governance, enriched with his extensive experience in rural development in Indonesia which will contribute to the achievement of effective conservation projects such as Hutan Desa, Ecosystem Restoration Concessions or REDD+. Henri earned Msc in Poverty Reduction and Development Management and PhD in Environmental Sociology. He brings his academic experiences and expertise in project management, sustainable development program/project evaluations and research, and strong network in rural development as well as conservation. He previously also served as Country Director of Heifer International in Indonesia, where he engaged with projects on community development integrated with agroecology through sustainable livelihoods program. In addition, he has been team leader for various project evaluation related to poverty alleviation and environmental resources management.
Lisa Johnston

Lisa Johnston

Rimba Collective Program Manager
Lisa manages the development of a new initiative at Lestari Capital, the Rimba Collective.  She brings over 10 years of experience working on sustainable land use, restoration and conservation management in Indonesia.  Prior to Lestari Capital, Lisa worked with the World Resources Institute as a research analyst and project manager, where she played a leading role in establishing WRI’s first office in Indonesia.  Her early work in Indonesia focused on rural development and sustainable livelihoods.  Lisa holds an MA in International Environmental Policy from the Middlebury Institute of International Studies.
Tito Adikusumo

Tito Adikusumo

Deputy Manager of Business and Strategy Development
Tito leads the operation of our Sustainable Commodities Conservation Mechanism (SCCM), managing our client relationships, and making sure our mechanism runs like a clock. He also does research to develop new opportunities and bring in new clients who are keen on funding conservation projects. Prior to joining Lestari Capital he worked for various institutions in Indonesia such as the House of Parliament, the Ministry of National Development Planning, and the World Bank project. He also brings experience working in the Amazon Forest in Brazil and in at a think tank in Chicago advising on a river revitalisation project.  Tito holds a BSc in Environmental Engineering from Bandung Institute of Technology, and a Master in Public Policy from the University of Chicago.
Prescillia Putri

Prescillia Putri

Conservation Portfolio Officer
Prescillia Putri (Sisil), works within Lestari Capital’s the Ecosystem Outcomes Team where she assists in developing and maintaining networks with project partners. She supports strategic thinking around conservation innovation, landscape approaches to conservation and conservation impacts and outcomes. Previously, Sisil’s work has targeted working in wildlife conservation-focused NGOs and research, most notably at the Research Center for Climate Change, University of Indonesia. She is experienced in field research on mammalian and landscape ecology and environmental education awareness strategies where she engaged with a broad range of stakeholders. Prescillia was awardee for Young South East Asian Leaders Initiative (YSEALI) SEEDS for the Future. She earned her Master’s degree in Wildlife Ecology and Conservation from University of Florida where she was one of the 20 students who received CIFOR-USAID Indonesia Forestry Fellowship Program.
Indra Divayana

Indra Divayana

Spatial Analyst and Conservation Portfolio Officer
Indra leads the development, maintenance, and continual improvement of Lestari Capital’s Database and GIS system. Indra also responsible on conducting spatial analyses needed in the project portfolio pipeline development and assisting in onboarding all prospective Lestari Capital conservation and restoration projects. He has experience working with private companies, such as PT Remark Asia, and several NGOs, including INOBU, GIZ, ICRAF and UNDP. In these roles he was involved in supporting forest and land use management programs, stakeholder engagement, and HCS-HCV assessments. He has a Master's degree in Forest Management Science and a Bachelor's degree in Forest Management from Bogor Agricultural University in Bogor.
Tan Yi Ting

Tan Yi Ting

Head of Finance and Operations
Yi Ting handles an array of management tasks for Lestari Capital as a key member of the operations team. In addition to financial management, Yi Ting focuses on improving the internal processes of the company, drawing on years of experience working with several of the Big 4 accounting firms. As a financial auditor, Yi Ting has conducted audits for publicly traded companies and multinational corporations across multiple sectors, including education, shipping, investment property and public enterprises for economic development.
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Advisory Board

Independent perspectives, experience, and insight from industry leaders.

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Dr. Gary Paoli

Dr. Gary Paoli

Co-Founder and Chairman of the Advisory Board
A Co-Founder of Lestari Capital, Gary provides strategic guidance and leadership as the Chairman of the Advisory Board, drawing on more than 25 years of experience working on sustainability issues in Indonesia. Gary is a founding partner of Daemeter, a leading consulting firm in Indonesia, which provides smart solutions to policy makers, international institutions, NGOs and private sector clients. Gary holds a PhD in Biology from the University of Michigan and leads Daemeter's program in sustainable palm oil, combining research, outreach and training with diverse stakeholder groups.
Dr. Sarah Walker

Dr. Sarah Walker

Senior Advisor
Dr. Walker has over fifteen years of experience in international technical assistance and project management, focused on climate change and land use change. Dr. Walker is a leading architect of and advisor to a number of national and jurisdictional REDD+ readiness programs along with the regulatory (CDM) and voluntary ecosystem service markets (VCS, ACR, CCB). Additionally, she’s a member of the CDM A/R Working Group, the lead author of the Panda Standard AFOLU specifications, and author of the Climate Community and Biodiversity Standards. Dr. Walker is also a member of the Technical Experts team for VCS Jurisdictional and the Nested REDD+ Initiative, as well as the High Carbon Stock Study Biomass Technical Team. She’s authored five regulatory and voluntary market approved methodologies, including revegetation, afforestation/reforestation, REDD, and wetland restoration and conservation. She has worked in over 25 countries and is an expert in forest inventory development, carbon accounting, agricultural economics, Remote Sensing, GIS, spatial, and hydrological modeling. Dr. Walker holds a PhD in Environmental Sciences from the University of Virginia
Morten Rosse

Morten Rosse

Independent Advisor
As Partner and Head of Natural Solutions at SystemIQ, Morten is leading efforts on developing regenerative land use models that either create value from standing forest or create value with forest regrowth. These efforts combine top-down activities, such as establishing global coalitions for change, with bottom-up activities such as incubating project developers or technology players with net-positive concepts.  Morten joined SYSTEMIQ after nine years at McKinsey & Company, where he was a leader in the Sustainability and Resource Productivity Practice. Morten has worked extensively with public-private partnerships to deliver sustainable economic development, in particular around optimizing land use and the circular economy.  He helped establish Partnership for Indonesia’s Sustainable Agriculture, an agriculture public-private partnership to address Indonesia's food, climate change and poverty challenges.  With McKinsey, Morten has lived and worked in Indonesia, Mexico, Germany and Denmark.
Norma Tregurtha

Norma Tregurtha

Independent Advisor
As Director of Policy & Partnerships at ISEAL, Norma works to mainstream the use of credible standards and certification schemes to establish responsible business practices. She engages actively with key business groups, governments and NGOs based in emerging markets to promote this agenda. Her work with ISEAL over the past 10 years has involved increasing focus on the use of standards in the finance sector, as a tool for responsible lending and investment, and building awareness around the unique role that standards can play in making public procurement more sustainable.  Norma participates actively in global policy discussions related to standards development, especially the links between standards and legislation, and coordinates ISEAL member actions and collective contributions toward global progress on the UN Sustainable Development Goals.  Prior to joining ISEAL, Norma worked as an agribusiness specialist and regional standards program manager at ComMark Trust, facilitating the development and improved operation of commodity and service markets for the benefit of poor , underserved communities in Southern Africa.
Glenn Hurowitz

Glenn Hurowitz

Independent Advisor
As CEO of Mighty Earth, Glenn leads an international initiative that secured groundbreaking conservation and human rights commitments from the world’s largest agribusinesses. As Managing Director at Waxman Strategies, he works with governments, philanthropies, and NGOs to deploy innovative climate and marine conservation policies. Among his achievements, Glenn served as Chair of the Forest Heroes campaign, where he secured strict No Deforestation policies from companies that cover 90% of global palm oil trade and, more recently, two of the world’s largest soy traders. For this work, Forest Heroes won the Benny Award from the Business Ethics Network for transforming agriculture. Glenn also advises philanthropies, governments and non-profit organizations on the need to innovate in developing their strategies to address major social and  environmental issues.  Previously, Glenn worked extensively in politics, authoring the critically-acclaimed book, Fear and Courage in the Democratic Party. His writing has appeared in The New York Times, The Atlantic, The Nation, Politico, The American Prospect.
Toby Jansen-Smith

Toby Jansen-Smith

Independent Advisor
As Chief Innovation Officer at Verra, Toby conceptualizes and oversees the development of new standards frameworks. A common thread throughout Toby’s career is a commitment to exploring how the power of markets can be mobilized to address pressing global environmental and social challenges.  Previously, Toby led establishment of the original VCS Agriculture, Forestry and Other Land Use (AFOLU) framework in 2008, the global carbon accounting standard for REDD projects, used by >100 projects worldwide. He also led Conservation International’s Climate and Land Use, Markets and Policy program, advancing market mechanisms for ecosystem services and securing some of the world’s largest corporate investments in REDD projects.  Prior to that, he directed the Climate, Community & Biodiversity Alliance (CCBA), which developed the leading social and environmental standards for forest carbon projects, now managed by Verra. Toby has also been active in forest carbon policy, developing legislative proposals adopted within various US climate bills; helping establish bilateral agreements between U.S., Brazil, Indonesia and Mexico; and serving on the REDD Offsets Working Group, the California Air Resources at scale.
Dr. Philippa Atkinson

Dr. Philippa Atkinson

Independent Advisor
Philippa is an independent researcher and consultant whose     work focuses on social safeguards and human rights in commodity production operations. She applies extensive experience in the design, implementation and communication of complex research projects across a range of social and socio-economic policy issues, from health to humanitarian aid. Her recent work focuses especially on sustainability mechanisms and certification schemes. Her work draws upon a strong and multidisciplinary academic grounding in development studies and human rights, gained over 15 years at the London School of Economics, and nearly 20 years as a contributor for the Economist Intelligence Unit. She applies deep experience and knowledge of Liberia and West Africa, and a growing understanding of Southeast Asia, to advance sustainability through a social accountability lens. Recent highlights include co-leading social and socio-economic aspects of the major High Carbon Stock Science Study, published in 2016; Senior Consultant with Forest Peoples Programme on development of Social Requirements (SRs) for the High Carbon Stock Approach (HCSA), including Implementation Guidance and pilot field-testing; and development and piloting of the Welfare Impact Assessment or WIA, a robust and practical method for monitoring the social impacts of commodity production.30
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Board of Directors

Governance and Steering

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Pedro Costa

Pedro Costa

Director

Pedro Moura Costa is an expert and entrepreneur in market mechanisms for dealing with environmental services, particularly in relation to greenhouse gas emission reductions, environmental services, forestry, and circular economy. Pedro is the CEO of Sustainable Investment Management (SIM), a fund management company focused on sustainability, and also the founder and director of BVRio - Rio de Janeiro’s Environmental Exchange, an organisation aimed at promoting market mechanisms to facilitate compliance with environmental laws, including a Responsible Timber Exchange, the Circular Action Hub, and the 3R Initiative. Formerly, Pedro was the founder and President of EcoSecurities Group Plc, the world leader in carbon trading and clean energy investment, listed in the AIM London Stock Exchange. Dr Moura Costa holds a PhD from University of London, is an Honorary Research Associate of the Smith School at Oxford University, and has published over 100 articles and books on greenhouse gas mitigation and carbon trading, including as a Lead Author in the Intergovernmental Panel on Climate Change (IPCC) reports that were recognised with a Nobel Peace Prize in 2007.

Gabriel Eickhoff

Gabriel Eickhoff

Executive Director

Gabriel has been leading work in the climate and forestry sector in Southeast Asia since 2005. He specializes in creating market-driven solutions to conservation, ecosystem restoration and community forestry initiatives. He and his partners have overseen the growth of the SCCM from inception until today. As a co-founder and former Managing Director of Forest Carbon, Gabriel has worked on and designed some of the first ever projects and technical approaches to project, jurisdictional and national climate and forestry initiatives in Asia. He has served on numerous technical working groups and committees including the High Carbon Stock Approach (HCSA), VCS Jurisdictional and Nested REDD+ Initiative from which he lends his experience in working on projects in over a dozen countries across Southeast Asia, Central Africa and South America. He has advised the National and Subnational REDD+ programs in Indonesia, Vietnam, Ecuador, Laos and Cambodia, and Laos where he also served as a member of the National Delegation to the UNFCCC. Gabriel holds a BS in Biology from the University of Michigan and a Masters in Economic Policy from the University of Chicago.

Michal Zrust

Michal Zrust

Executive Director

Michal leads business development and client outreach with sustainable commodity growers, consumer goods manufacturing and retail sector, drawing on more than 10 years of experience working in the conservation, biodiversity and corporate sustainability space in Southeast Asia. His work in the commodities sector is complimented by his past experience with the Zoological Society of London, Daemeter Consulting in Indonesia and years of field biodiversity conservation experience working with NGOs in Asia, Africa, and Latin America.  Michal sits on numerous technical working groups, including for the RSPO, FSC, and HCSA; a reflection of his strong understanding of the conservation challenges and priorities in Indonesia and the relationships with the commodity sector.

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Founders

Our Roots

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Gary Paoli

Gary Paoli

Co-Founder
Michal Zrust

Michal Zrust

Co-Founder
Gabriel Eickhoff

Gabriel Eickhoff

Co-Founder
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Safeguards

Principles and Accountability

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We strive to lead by example through our work, particularly by showcasing how ecosystem services can be equitably financed through market systems.

We also strive to raise the bar for quality conservation and restoration outcome through selection criteria that ensures each project has been developed according to best practices, has been independently audited and is endorsed by participating local communities and government agencies.

At the pilot stage of the SCCM, the processes by which we engage with both projects and private companies will be reviewed by an independent third-party, with the results published and incorporated into our ESG policy. Lestari Capital’s Environmental, Social and Governance Policy (ESG) guides our overall engagement framework, both within the company and with our clients, partners and project portfolio members.

Environmental and Social Governance Policy Grievance Policy and Process

Contact Us

hello@lestaricapital.com

Lestari Capital PTE LTD

OUE Downtown Gallery

6A Shenton Way

#04-01

Singapore, 068815

"The environment and the economy are really two sides of the same coin. If we cannot sustain the environment we cannot sustain ourselves"

Wangari Maathai