The $100 billion US pension firm Washington State Investment Board (WSIB) has approved a $250m commitment to US Farming Realty Trust III, a global agri real estate trust, taking its commitment to agriculture to $650 million.
US Farming Realty Trust III is managed by the International Farming Corporation, a US-based agriculture fund manager, and invests directly into farming properties across different agri sectors including row crops, pasture land, dairy farms and permanent crops. It invests in the US and overseas.
WSIB has now made four commitments to agriculture across the value chain. This includes a $250 million investment in Steelhead Midstream in the US, a $50 million commitment to ACM Permanent Crops fund, a vertically integrated fund, and $50 million into Olympic Sun, a separate account strategy, to invest in permanent and vegetable crops.
The investments are made under the Tangible Assets programme, launched in 2008 to invest in agriculture, commodities, infrastructure, natural resource rights (such as mining) and timber.
WSIB oversees the investment of 17 retirement plans for public employees, teachers, school employees, law enforcement officers, firefighters and judges, according to its website.