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The Enhanced Smallholder Protection Programme will look to encourage Zambia’s 61,000 smallholder farmers to transition from subsistence to market-oriented agriculture.

Inputs are likely to be the focus of agricultural investments from the Denver-based firm’s new vehicle.

The $60m vehicle is the third farmland fund from the Iowa-based firm, which is also active in pork and Brazilian ethanol.

Agro Merchants Group says the deal underscores the importance of Poland and Eastern Europe as key markets poised for expansion.

The Eastern Europe-focused investor has exited Covalact after the deal with French dairy group Lactalis was approved by Romania's competition council.

The Singapore sovereign wealth fund and the French agri-business investor were joined in their backing of the French malting business by sugar co-operative Tereos.

BTG hopes to raise $200m annually to build a diversified US timber portfolio, in part from assets within funds raised in the mid-2000s now reaching the end of their lives.

The transaction marks the first exit for the firm’s Agri-Vie Fund I, which invested $4 million in the South African company in 2009.

The listed Australian alternatives manager has raised around A$180m for the fund, which will target water entitlements, irrigated farmland and integrated supply chain infrastructure.

The vehicle will target net returns of 15% over its 12-year life with agriculture to account for up to 20% of investments.