Homestead adds former Westchester exec

Patrick Trainor, formerly vice-president and head of acquisitions for the TIAA-linked ag asset manager, joins the San Francisco-headquartered firm.

Farmland-focused Homestead Capital has hired Westchester Group Investment Management’s former executive vice-president and head of portfolio management.

The San Francisco-headquartered firm said Patrick Trainor joined Homestead as vice-president and head of acquisitions. It has also hired Kyle Jacobs as vice-president of due diligence.

Homestead co-founder and portfolio manager Gabe Santos noted that the two hires would play a role in investing in and managing both row- and permanent-crop farmland.

“Kyle’s background in production agriculture and Patrick’s broad transaction experience provide Homestead with the right combination of skills necessary to create long-term value for our investors,” added co-founder Dan Little.

Jacobs joins Homestead after 15 years spent helping his family’s farm establish a position as “a leading producer in the Mountain West region,” according to the firm. “In addition to his vast agricultural network, he [Jacobs] brings a deep knowledge of a wide range of crops including potatoes, barley, wheat, triticale, corn and alfalfa.”

Dry powder

At Westchester, Trainor participated in the firm’s Global Investment Committee and was responsible for overall portfolio construction, management and reporting for all client accounts and funds. Prior to becoming executive vice-president, Trainor served as director of acquisitions for the US row crop business and lead for the Midwest region at Westchester. He assumed the executive vice-president role in June.

A representative for Westchester, a TIAA subsidiary, confirmed Trainor’s departure and declined to address questions relating to his replacement.

Established in 2012, Homestead has $575 million in assets under management and a farmland portfolio that includes 18 crops grown on properties spread over 13 US States. The firm maintains offices in Idaho, Iowa, Illinois and Arkansas.

In July 2015, Homestead closed its debut fund on $173 million. The firm’s second vehicle, Homestead Capital USA Farmland Fund II, closed on $400 million in November 2016 after surpassing an initial target of $350 million and attracting commitments from investors including the Oregon Public Employees Retirement Fund, the Maine Public Employees Retirement System and the Washington State Investment Board.