Field Notes
Agri Investor
Global coverage of the deals, firms and people driving agri-business today
Nuveen taps wealth advisers for farmland capital; Murray-Darling water progress dries up; and questions surround California land deals
Nuveen, a TIAA company adds farmland to wealth advisory offerings; Australia’s water market plans face delays; and mysterious buyers draw scrutiny to US farmland markets. Welcome to Field Notes, the start-of-the-week briefing.
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First look
Nuveen looks to tap qualified wealth for farmland strategy
A farmland strategy managed by Nuveen Natural Capital is the focus of an expansion of its partnership with iCapital , a platform offering alternative investments to the wealth management and financial advisory industries.
Nuveen already has real estate, private equity and private credit offerings available through iCapital. The Nuveen Global Farmland strategy to be made available is described as already including California properties devoted to winegrapes, soybeans, almonds and others.
In a late July announcement, Nuveen global head of alternative investment product Keith Jones predicted farmland’s risk-adjusted returns, low correlation and inflation protection would elicit “significant interest” from the qualified wealth investor segment.
“Our managers focus on identifying diverse farmland sectors that are best positioned to benefit from a broad range of macro dynamics and local attributes, including market governance factors in specific countries and regions, as well as supply and demand factors like changing diets and consumer preferences,” Jones said.
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Fund watch
Proterra Investment Partners brings in $500m for second credit fund
Cargill spin-out Proterra secured re-ups from every LP in the $200 million first iteration of its credit strategy, which seeks net IRRs of 13 percent through provision of five-year loans of between $10 million and $50 million, with interest rates of 10-12 percent.
Water
Murray-Darling Basin Plan timeline slips
The Murray-Darling Basin Plan, the flagship water market framework developed by the Australian federal government and its state counterparts, will not be completed on time, federal water minister Tanya Plibersek said last week.... read more here