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Craigmore closes on NZ$225m

The New Zealand fund manager attracted commitments from private and institutional capital.

Craigmore Farming Partnership has announced its final close on NZ$225 million ($176 million; €139 million) after getting commitments from a mix of private and institutional capital from Asia, Europe and New Zealand.

The private equity fund is set to complete deployment of all its equity capital, alongside debt capital, by the end of this year. Some NZ$125 million of bank debt will contribute to a total of NZ$350 million invested across irrigated dairy farms in the South Island of New Zealand and some smaller allocations to horticulture, sheep and beef.

Craigmore began deploying capital after its first close in December 2011 on NZ$10 million. The fund held a subsequent close on NZ$125 million in June 2013.

Around two thirds of investors in the fund are high net worth individuals and family offices, and institutional investors account for the remainder.The firm did not use a placement agent to attract commitments.

Chief investment officer and and co-founder Forbes Elworthy said in a statement he was “grateful for the investor support we have received. It is a privilege to manage both the investment process and the farming operations of these excellent New Zealand farms.”

Craigmore’s “high level of farming expertise across the Craigmore team has been a key factor in building the long term investor relationships that made all this possible,” said Nick Tapp, head of client advisory, in the statement.

Tapp will be speaking at this year’s Agri Investor Forum in Chicago.