PISGAH, Md.—A major player in credit markets has made one of the largest U.S. timberland purchases in years, laying Wall Street’s biggest wager yet on forest carbon markets.
Oak Hill Advisors LP, a subsidiary of T. Rowe Price Group Inc. that manages $56 billion and is best known as a corporate-debt investor, said that it led a consortium to pay about $1.8 billion for 1.7 million acres of forest.