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Agriculture Capital closes $548 million second permanent crops fund

Agriculture Capital has closed a $548 million second permanent crops fund.

The farmland owner-operator will invest in farmland and processing facilities for permanent crops like blueberries and fruit trees.

The fund, which had an initial target of $400 million, is notable for attracting public pension funds and other institutional investors, including some that participated in Agriculture Capital’s $255 million first fund.

The second fund will pursue the same vertically integrated strategy “focused on scaled regenerative permanent crop agriculture to address the needs of the global market,” said Agriculture Capital’s Rob Hurlbut.

The company was co-founded by Equilibrium Capital, which continues to participate in the management and investment committees. “We saw the opportunity to bring institutional capital to permanent crops,” said Equilibrium’s Jay Pierrepont.

“That sector rewards returns from impact. Good stewardship of the land and community is fundamental to delivering attractive yield and capital appreciation to investors.”

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