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Southern Pastures closes on target, eyes Fund II – exclusive

Southern Pastures, the New Zealand dairy fund, has closed on $300 million after getting commitments from 100% institutional investors.

Southern Pastures, the New Zealand dairy fund, has closed on $300 million (NZ$403 million) after getting commitments from institutional investors including AP Fonden 1, the Kr284 billion ($32 billion; €30.4 billion) Swedish pension fund.

The close is just over the fund’s NZ$400 million ($298 million; €282 million) target.

Southern Pastures Management is planning to raise a second fund later this year, according to a press release seen by Agri Investor.

Southern Pastures launched fundraising in 2012 and AP1 came on as a general partner with a $70 million commitment. It is understood that AP1 later increased this commitment.

Fund I had already deployed over $200 million by the end of December into pasture-fed, free-range dairy farms in New Zealand. It is an 8-year fund.

The investor base is 100 percent institutional investors and there are at least seven investors in the fund.

James Burgoyne of Burgoyne Capital was the placement agent.