The Top 20 Agri-Food & Forestry Fund Managers

Agri Investor’s inaugural Agri-Food and Forestry 20 ranking charts the top 20 fund managers by capital raised between January 1, 2019, and December 31, 2023.

Fundraising has largely been stable during our five-year counting period, with 2022 being the only outlier. During that time, we have seen many blue-chip investors, such as Goldman Sachs, HSBC and TPG, to name just a few, enter the food and forestry asset class as natural capital has taken hold as an investment theme. But as our ranking shows, it is the firms with a long history in the space who have dominated fundraising during the five-year counting period.

TOP 10 LARGEST AGRI-FOOD & FORESTRY FUND MANAGERS

Rank Manager Headquarters Capital raised ($m)
1 Paine Schwartz Partners New York 4,293
2 Manulife Investment Management Toronto 4,087
3 BTG Pactual São Paulo 3,167
4 New Forests Sydney 2,500
5 Butterfly Equity California 2,018
6 Gresham House London 1,942
7 Stafford Capital Partners London 1,817
8 PGIM Real Estate New Jersey 1,767
9 Arbor Investments Chicago 1,669
10 Nuveen Natural Capital Chicago 1,440
SEE THE FULL RANKING

INSIDE THE AGRI-FOOD AND FORESTRY 20

Fundraising

Meet the biggest agri-food and forestry fund managers

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The AFF 20 is Agri Investor’s inaugural ranking of the biggest fund managers by capital raised between January 2019 and December 2023.

AGRI-FOOD AND FORESTRY 20 | METHODOLOGY

The 2024 Agri-Food and Forestry 20 is based on the amount of direct investment capital raised for agri-food and forestry by fund managers between January 1, 2019, and December 31, 2023.

Definitions

Agri-Food and Forestry

The definition of agri-food and forestry investing, for the purposes of the Agri-Food and Forestry 20, means equity capital committed toward natural capital assets such as farmland, forestry and water, agribusiness, agtech or debt and infrastructure capital aimed at these sectors.

Capital raised

We count the full amount of a fund if it has had a final close within the counting period.

If the final close falls outside this period, we will count the full amount of an interim close, if one occurred during the period.

What counts?

Investment structures:

  • Limited partnerships
  • Open-end vehicles (capital must be raised within the specified dates)
  • Co-investment funds
  • Separate accounts
  • Seed capital and GP commitment

What does not count?

  • Expected capital commitments
  • Contributions from sponsoring entities
  • Capital raised for funds of funds

LATEST HEADLINES

Fundraising

EFM and Sojitz launch $200m US forestry fund targeting Japanese LPs

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Japan’s climate policies are driving corporate appetite for forestry-based carbon credits., says EFM managing director Amrita Vatsal.
Perth, Australia - August 31, 2023: Supreme Court of Western Australia.
News & Analysis

AIMCo overcomes court hurdle in Western Australian pastoral acquisition

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The Supreme Court of Western Australia has granted leave for Alberta Investment Management Corporation’s takeover of Yeeda Pastoral Company after fresh valuation evidence quashed minority shareholder challenges.
News & Analysis

Field Notes: Savills IM gets £100m debut forestry mandate; Mirova invests $40m across three natural capital assets

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Savills IM gets £100 million ($133 million; €117 million) debut forestry mandate; Mirova invests $40 million across three natural capital assets; Manulife showcases more than 500,000 available carbon credits; MUFG and First Sentier warn of $38 trillion risk to food systems; and more. Welcome to Field Notes, the start-of-the-week briefing for our valued subscribers only. Tips and feedback to: binyamin.a@pei.group.

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