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The inability of many LPs to execute, despite their interest in co-investment, has left GPs frustrated, says the pension's investment director Yup Kim.
Investors with an increasingly defensive mindset are looking to farmland and timberland as safe homes for capital, a report from Raffles and Campden Wealth found.
Co-founder Amit Bouri says new analysis helps set the stage for agriculture to drive a ‘race to the top’ in strengthening performance ratings and benchmarks for impact investment.
Senior vice-president Mario Therrien says the tie-up provides the C$333bn pension with a ‘window’ into a sector it sees as a real assets portfolio extension well-suited to its long-term sustainability focus.
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.
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