fundraising

Packhorse Pastoral Company, whose thesis revolves around ‘Australian land for Australian investors,’ is raising more capital to fund two property acquisitions.

The firm’s latest credit fund benefitted from renewed interest among large LPs and Wall Street banks beating a retreat after their post-GFC ag debt binge.

Managing partner Adam Anders says the sector has hit a ‘sweet spot’ where traditional VC investors, corporates and real estate investors are all paying attention to the space.

The $750m vehicle follows the same buy-and-build strategy of its $433m predecessor and is likely to attract LPs from Europe and the Middle East as well as North America.

The feed mill is the fund’s fourth asset and the first since the purchase of three foundation assets, all of which have been acquired via sale-and-leaseback arrangements.

Investment manager Sapient Capital Partners is targeting a net IRR of 12%-14% for its first dairy fund, which has lined up a seed portfolio of assets in Australia.

Private markets co-head Richard Jacobs says the firm aims to raise up to €1bn within the next three years for the open-ended vehicle targeting OECD farmland.

A funding round for Sea Forests, backed by MIRA, demonstrates that investors are keen to find ESG-positive investments in agriculture even if they carry risk.

The Melbourne-based GP is targeting 10-12% returns for its new vehicle, building on the 2019 launch of its Diversified Agriculture Fund.

Managing partner Reuben Munger says the Sustainable Asset Fund exceeded its $1bn target and the four and a half month fund raise reflects investor appetite for sustainable real assets.