Fundraising

TIAA-CREF II raises $1.4bn

The US pension and asset management firm is expected to raise $2bn for its second agriculture investment-focused LLC.

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TIAA-CREF, the US pension fund and asset management firm, has secured $1.4 billion from three investors for its second collective investment initiative, TIAA-CREF Global Agriculture II, according to an SEC filing.

Its second such limited liability company to make direct agriculture investments, TIAA-CREF’s Global Agriculture II is expected to raise a total of $2 billion like its predecessor, which closed in May 2011.

TIAA-CREF declined to comment.

It has been in marketing mode for a few months, and may work with some European placement firms on partial mandates, according to Agri Investor sources.

Capital raised for the limited liability company includes commitments from outside the US, according to the filing, but did not disclose investors’ names.

TIAA-CREF Global Agriculture I received commitments from institutional investors including Sweden’s AP2, the British Columbia Investment Management Corporation and the Caisse de dépôt et placement du Québec, Canada’s second-largest pension fund.