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The Impact Alternatives Fund will invest up to 30% of its capital in regen ag and up to 20% in environmental assets in response to investor feedback.
As of March 31, OCERS’ investment in the AAF was valued at $64.1m, which constitutes a 6.4% net IRR. The $16.7bn pension committed $40m to the fund in 2010.
The current fundraising environment for agribusiness is seen as similar to the period immediately following the global financial crisis.
The Australian fund saw the value of its infrastructure and timberland portfolio rise even as it fell as a percentage of total AUM, due to disposals of illiquid overseas assets including Gatwick Airport.
Director of private equity and infrastructure Yasuhiro Ono said the institution is looking to diversify across geographies, vintages and managers.
AgIS founder and president Jeff Conrad told a conference audience last month that US pensions are increasingly viewing farmland as a permanent fixture of their asset mix.
Firms are starting to get over ‘the hangover of 2008’ as a new, more ESG-minded, generation of leadership assumes control.
The $14.3bn pension was also an investor in the previous $893m iteration of the Paine Schwartz Food Chain Fund, which is seeking $1.2bn for the fifth vehicle in the series.
The $8bn pension was also an investor in the $1.2bn fund’s predecessor, which Paine Schwartz says generated a 7% gross IRR as of late March.
The $350m pension, which revamped its real assets policy last year, declined a timberland investment proposal in December.
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