Fundraising

The Brisbane-headquartered fund manager is launching a diversified ag fund for the first time, following on from the success of three single-asset funds in poultry, cattle and softwood.

The Frutas Fund will initially invest in Citri&Co and Frutas Esther and could make acquisitions to expand their global presence and product range.

WA Impact Fund, which represents WA Super’s first foray into both agriculture and impact investing, will have regenerative agriculture as one of its four investment strategies.

Steve Jarrott joins Warakirri from Westchester, where he was Australian portfolio manager, to oversee its latest diversified ag fund.

New Jersey Division of Investment and Rhode Island State Investment Authority are among investors to have made commitments towards the farmland fund.

Partner and co-founder of fund manager Goldcrest Farm Trust Advisors Edward Hargroves said the fund has already begun deploying capital.

Macquarie has closed its third fund, which was established in 2017 to invest in row cropping and permanent cropping assets, with deployment well advanced.

The vehicle secured $100m from the Vermont Pension Investment Committee and will aim to make farmland acquisitions averaging $20m across the US, Australia, New Zealand, Brazil, Poland, Romania and Chile.

The firm is launching its first managed investment fund, a 10-year closed-ended vehicle targeting an IRR of 8-18% that will invest exclusively in Australian timberland.

Cullen Gunn says investing in agriculture and improving the environment can be achieved simultaneously as his firm continues targeting A$500m for its Australian Farmlands Fund.