Australian Farms Fund Management has changed its name to AgCap after hiring a new management team to handle its existing A$150 million ($139 million; €101 million) Sustainable Agriculture Fund and manage A$350 million for CS Agriculture, the owner of Cubbie Station, Australia’s largest cotton grower.
John McKillop joined as managing director last August to replace Arthur Apted who left in February 2013. It is understood that there were disagreements with investors over the future direction of the fund. McKillop said Apted left “to pursue other interests”.
The new team is now looking for a portfolio analyst after adding Tony KcKenna to the team as investment director to handle Cubbie Station’s assets last August. McKenna previously worked at Lempriere Capital and was instrumental in the acquisition of Cubbie Station by Chinese textile-maker Shandong RuYi in January 2013.
It also hired Martin Newnham as chief financial officer and Meaghan Ryan as management accountant. The firm will look to add more staff on the ground in the farms it manages as its dairy investing business evolves further.
The existing fund invests in a variety of farms across grain, cotton, beef and dairy. The fund is in the fourth year of a 10-year term subject to undisclosed extensions.
AgCap aims to have around A$1 billion of assets under management by 2020, McKillop told Agri Investor.