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The timberland investment management industry is undergoing profound change. A number of timberland investment managers have moved to invest outside the U.S., particularly in emerging markets. Some have done well, some poorly. But doing well doesn’t have much to do with trees. It’s more about understanding the political, legal and tax environment.

C. Glenn Dunaway serves as an arranger and legal advisor on complex timberland transactions around the world, having participated in deals throughout the United States, Latin America, Eastern Europe, and South Africa. With more than 30 years of experience in the timberland space, he provides structural tax advice on both domestic and international deals, including foreign investment in timberland in the United States. He has been involved in all phases of the capital formation process for large transactions in the timberland, agriculture, forestry and bio-energy industries. He has developed an extensive network of global contacts in the timberland space that enables him to efficiently manage engagements throughout the major timberland investment jurisdictions.

To respond to quickly evolving changes in the timberland management industry, Glenn has worked to develop alternative management investment platforms, including an alternative model of timberland investment particularly suited to the needs of European institutional investors. The model ties the fees being charged by timberland investment managers more closely than traditional models to the lifecycle of the investment. Glenn also has substantial experience in private equity, venture capital and commercial real estate investment, representing fund sponsors, institutional investors (including pension funds and other tax-exempt investors), foreign governments, and high net worth individuals.

Glenn co-authored two chapters of The Definitive Guide To Investing In Timberland.

Glenn has been a featured speaker at numerous timberland conferences in the United States, Latin America and Europe.

Timberland investments are significantly different from other investments, and that difference has not always been recognized in the way the investment management structure and fees are set up. Those structures and fees are changing, though, and the savvy investor needs to pay attention to this change.


  • University of Georgia, J.D., 1981
  • University of Georgia, B.A., 1978

Bar Admissions

  • Georgia

Court Admissions

  • United States District Court for the Northern District of Georgia
  • United States Tax Court

Areas of Practice


  • AV® Peer Review rated by Martindale-Hubbell
  • Best Lawyers® - Tax Law

Professional Affiliations & Memberships

Glenn is a member of the State Bar of Georgia’s Tax Section.

  • Being engaged by several domestic and international closed end timberland investment funds to assist with the wind-down of the fund and liquidation of assets.
  • Serving as legal and transactional advisor to a newly-formed, United States based timberland REIT and successfully guiding it through an initial $400 million timberland acquisition.
  • Developing a tax-advantaged timberland note structure for a bank client resulting in $2.3 billion of highly strategic transactions closed over a 10-year period.
  • Representing the developer of a successful United States wood pellet project for export to EU markets.
  • Representing a Fortune 100 company’s $70 billion pension plan in alternative assets capital placement, including private equity, venture capital, timberland and agriculture.