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Verra VCS Project 4919 · Investor Overview

Bighorn Carbon Fund

Profit Rights to Carbon Credit Sales from the ACG Peruvian Amazon Conservation Project
RegD PPM · IFM (Improved Forest Management) · VM0010 Methodology

The Bighorn Carbon Fund is a Regulation D private placement offering accredited investors profit rights to carbon credit sales from the ACG Peruvian Amazon Conservation Project, a 291,590-hectare deferred-logging IFM initiative implemented by 21 Indigenous tribal communities in Peru's Ucayali region. The Fund offers entry at $6 per credit, well below market benchmarks where high-quality IFM credits average $15 to $161 and AAA-rated IFM trades at $20 to $40+.2

$12M
Total Capital Raise
2M
Credits at $6 per Credit
30M
Total Project tCO₂e Credits
July 2026
PDD Submission for Verification

Why This Opportunity

The voluntary carbon market trades roughly $3 billion annually,3 but that figure measures spot transaction volume, not the total value of carbon assets. It's the same distinction as U.S. housing: the market transacts about $2 trillion a year while the total stock is worth $45 trillion. A high-quality, long-duration project like ACG Purus, producing 750,000 credits per year over 40 years, can carry an asset value that far exceeds a single year's trading volume. The market is young, most buyers transact on spot, and long-duration high-integrity assets are structurally underpriced. This fund captures that arbitrage before institutional capital re-rates it.

Within the voluntary market, there is a severe structural shortage of high-quality credits: demand outstrips supply by an estimated 3:1 to 5:1.4 Only about 4% of IFM credits are registered on Verra, making Amazon IFM projects an exceptionally scarce asset class. Annual VCM growth is projected at 20 to 25% through 2035, potentially reaching $16 to $20 billion.5 The project's PDD is expected to be submitted for Verra verification in July 2026.

CORSIA changes the math entirely. Phase 2 goes mandatory in January 2027. Airlines won't be choosing to buy carbon credits; they'll be required to. That's a demand cliff, not a trend line. Phase 2 demand alone could reach 1.3 billion tonnes through 2035.6 A 2026 credit issuance from this project hits the market exactly when discretionary becomes obligatory. And once CCP labeling is achieved, these credits aren't just voluntary market assets anymore; they're compliance-grade instruments with access to an entirely different demand pool.

Return Potential at $6 Entry

Market Baseline
$10-$15
1.7-2.5x
Lower-rated verified IFM credits
Project Fundamentals
$20-$30
3.3-5.0x
Where this project's characteristics position it: Amazon location, Indigenous co-benefits, oversized buffer, advanced MRV
CCP + CORSIA Upside
$35-$55+
5.8-9.2x+
Upon expected CCP methodology approval and project-level assessment
▲ ACG Target Range
July 2026 PDD submission target. Initial credit transaction expected 2026. Fund maturity December 31, 2028, at which point ACG is contractually obligated to repay investor principal. Full terms and structure detailed in the data room and offering documents.

Key Differentiators

Amazon Premium
Peru is one of 17 megadiverse countries. Project hosts jaguar, giant river otter, scarlet macaw, mahogany, and cedar. Corporate buyers pay premiums for this ecological significance.
CCP Pathway
VM0010 v1.4 was redesigned9 to align with ICVCM's Core Carbon Principles assessment criteria. VM0010 is expected to receive CCP methodology approval, with formal ICVCM review pending. Upon project-level assessment, CCP-labeled credits command roughly 25% premium7 and unlock CORSIA compliance demand.
CORSIA Demand Cliff
CORSIA Phase 2 goes mandatory January 2027. Airlines will be required to offset emissions, not choosing to. Phase 2 demand could reach 1.3 billion tonnes through 2035.6 A 2026 credit issuance hits the market exactly when discretionary becomes obligatory.
Oversized Buffer
Buffer zone exceeds 2x the industry standard (vs. typical 10 to 20%)8, sending a powerful signal to rating agencies on permanence risk.
Leadership & Credibility: The project's PDD is authored by Climate Wedge, the firm that created the Voluntary Carbon Standard (now Verra). Carbon market strategy is guided by Jeff Cohen, co-founder of Xpansiv (90%+ global carbon exchange market share) and contributing author to the IPCC, collectively recognized with the 2007 Nobel Peace Prize. Technical design is overseen by Dr. James Canton, former Apple executive and advisor to three White Houses. Legal framework by Max Williamson, Yale-educated environmental attorney who founded the Carbon Offset Providers Coalition.
Access the Full Data Room and Offering Documents
Sign a non-disclosure agreement to receive the Confidential Market Report, PPM, and complete project documentation.
Or contact Crull Chambless directly: crull@refugecapfund.com or call +1 (281) 796-3079
Sources
1 Sylvera, Carbon Offset Pricing Trends: What Buyers Should Budget for in 2026, Feb 2026.
2 Sylvera, Calyx Global, BeZero Carbon. AAA IFM pricing data, 2025-2026.
3 Ecosystem Marketplace, State of the Voluntary Carbon Market 2025.
4 McKinsey, Matching Durable Carbon Removals Supply and Demand by 2030. MSCI, Carbon Credits Come of Age, Dec 2025. BloombergNEF, Long-Term Carbon Credit Supply Outlook, Aug 2025.
5 BloombergNEF, Long-Term Carbon Credit Supply Outlook, Aug 2025. MSCI, Carbon Credits Come of Age, Dec 2025.
6 CORE Markets, Leveraging the Opportunity: Article 6 and CORSIA, Apr 2025. Florence School / EUI, Carbon Markets under Article 6, Nov 2025.
7 Sylvera, Carbon Offset Pricing Trends, Feb 2026. Calyx Global, Oct 2025.
8 Sylvera, Complete Guide to Carbon Credit Buffer Pools, Sep 2025.
9 Verra, Publishes Revised IFM Methodology VM0010, Nov 2024.
10 VCS Project Description, Peruvian Amazon Conservation Project, ID 4919, Dec 2023.
This document is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities in the Bighorn Carbon Fund are offered only pursuant to the Fund's Confidential Private Placement Memorandum and related offering documents, available upon execution of a non-disclosure agreement. Investment involves substantial risk, including potential loss of the entire investment. Carbon credits are speculative, illiquid assets. The securities have not been registered under the Securities Act of 1933 and may only be offered to accredited investors under Regulation D. Past performance, projections, and forward-looking statements are not guarantees of future results. Prospective investors should consult their own legal, tax, and financial advisors.