Stafford Capital Partners, which invests in timberland through funds of
funds, has added global agriculture to its investment strategies, saying it intends to replicate its successful timberland model.
The project, whose backers include ex-Shell chairman Sir Mark Moody-Stuart, aims to raise $28m over the next two years.
MLSCF II is aiming at November this year for final close, with its target set at $200m to $250m.
Yield Lab is one of four accelerators in Cultivation Capital's portfolio.
A listing would see PIA join REITs Farmland Partners and Gladstone Land, while a third vehicle, American Farmland Company, recently filed for an IPO.
The firm is targeting PE groups focused on large-scale agribusinesses, impact funds and family offices as it sets its sights on sustainable cacao.
The fund has a dual stream revenue strategy consisting of investments in forest-linked agri crops and carbon credits from deforestation.
Granular closed Series B financing with $18.7m from four new investors and three returning investors.
The fund held a first close on $150m in January, and is still fundraising.
The fund has raised $5m from Global Environment Facility and is looking for more donors to meet its $25m target by the end of the year.