Maine Public Employees Retirement System’s board approved a $50 million commitment to Agriculture Capital Management’s ACM Permanent Crops fund, at a meeting in August. This is the fund’s first private market agriculture investment.
ACM Permanent Crops fund, the US-based fund, held a second close on $124 million in February this year and has made its first investment – the $19.5 million acquisition and development of 1,000 acres of blueberry and hazel orchards in Oregon.
The fund was launched in partnership with Equilibrium Capital, a real assets fund manufacturer and distributor. Equilibrium launches and distributes new funds for third parties.
The commitment will go ahead subject to final due diligence, legal review and authorisation from the board, according to Andrew Sawyer, chief investment officer at Maine PERS.
Maine PERS declined to comment further.
ACM has already had commitments from Aether Investment Partners for $62 million, University of Oregon for $12 million and Washington State Investment Board for $50 million, as reported.