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Cattle Farm in New Zealand
Increased capital requirements for New Zealand’s banks will lead to higher interest rates and less appetite to lend to sectors like agriculture.
The fund will focus on deals averaging $20m to create a portfolio of row and permanent crops with its first four investments targeting permanent cropland in California.
Carrot growing in soil
The blended finance vehicle has also attracted investments from the European Investment Bank as well as French and British government agencies.
The UK-based asset manager sold the neighboring properties to Rallen Australia, a company backed by one of South Africa’s richest men.
The $713m pension’s search is being led by Segal Macro Advisors, which advised the Cambridge Retirement Board on a similar 2017 search resulting in a $15m commitment to the Hancock Timberland and Farmland Fund.
The annualized return to the end of September 2019 was 14.37% but continuing drought means that income returns are especially likely to fall further in upcoming quarters.
Close up of avocados
Harvard Management Company was forced to write off $1bn of 'deeply troubled assets' in 2017 but made investments totaling $100m in its last fiscal year.
Illinois SURS will commit $225m to real asset classes including ag while 20% of all new capital deployed will target firms owned by minorities, females and persons with disabilities.
Cow in field after fire
Digital Agriculture Services found a strong correlation between drought-affected and fire-hit land, with 86% of fire-hit land suffering at least a 1-in-10-year rainfall deficit.
Raging bush fire
The unprecedented bushfire season is playing out in a way that climate scientists predicted years ago, demonstrating again how agriculture assets, especially those in a country like Australia, are vulnerable to climate risk.
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