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The firm’s first regional Australia-New Zealand fund will convert from a 10-year closed-end fund in a move that could be replicated in its other funds.

The Leading Harvest initiative was driven by a working group that included Nuveen/Westchester, Hancock Natural Resources Group and Cottonwood Ag Management, among others.

The coronavirus-induced recession has prompted concerns the country could emulate New Zealand’s restrictive and lengthy approvals process in the long term.

The vehicle will focus on healthy food and related supply chains – chief investment officer Ross Iverson said future efforts may broaden to include other elements of health and wellness.

The UN arm that tackles rural poverty and hunger amended its 42-year-old founding document in February 2019 so it can invest in private vehicles to enhance its scale and impact.

Mbuyu Capital Partners co-founder Michiel Timmerman says low or non-existent fees for co-investments in Africa feed demand for such deals among his pension fund and endowment clients.

With current annual output estimated at A$80m, a focus on increased processing capacity and investment in new plantations could lead to industry growth.

Homestead Capital Farmland Fund III had raised just over $400m by the end of 2019 and has a $600m target – the buy-and-lease strategy is expected to reach final close in June 2020.

Regulatory risk and climatic conditions are the culprits behind a drop in the value of water entitlements in the southern MDB, the first in four years.

Mitchell Presser says ongoing consolidation of supply chains and agriculture-focused technologies is likely to drive deal activity in the years to come.