ACM Permanent Crops fund holds second close

The US-based fund has closed on $124m after gaining commitments from three institutions, including the Washington State Investment Board.

The ACM Permanent Crops fund held a second close in February on $124 million, according to a Securities and Exchange Commission filing. It is targeting $200 million.

The fund, managed by Agriculture Capital Management, has also made its first investment, the $19.5 million acquisition and development of 1,000 acres of blueberry and hazel orchards in Oregon.

It attracted commitments from Aether Investment Partners for $62 million and University of Oregon for $12 million for the first close in January, and Washington State Investment Board for $50 million for the second close in February.

The own-and-operate, fully integrated fund is targeting high value crops — citrus, berries, table grapes and nuts — in the west of the US. It will grow them and package, process and store them in a fully integrated model.

The fund was launched in association with Equilibrium Capital, a real assets fund manufacturer and distributor. Equilibrium helps third parties to launch new funds and distribute them.

Equilibrium declined to comment on fundraising, citing SEC marketing regulations.