Managing partner Nik Dilks said the size of EIP’s Fund IV meant larger LPs could make commitments, which helped the firm hit its hard-cap.
The move comes after two failed follow-on fundraising attempts and a raft of senior departures over the years.
The fund will focus on deals averaging $20m to create a portfolio of row and permanent crops with its first four investments targeting permanent cropland in California.
Chief investment officer Geert Peetermans says the change reflects a natural evolution towards investor-favorable structures within the rapidly developing impact investing market.
The blended finance vehicle has also attracted investments from the European Investment Bank as well as French and British government agencies.
Commitments from the likes of AOL co-founder Steve Case’s investment firm and NBA player Blake Griffin show 'it’s an exciting time to be in agriculture,' says founder and chief executive Jonathan Webb.
The $713m pension’s search is being led by Segal Macro Advisors, which advised the Cambridge Retirement Board on a similar 2017 search resulting in a $15m commitment to the Hancock Timberland and Farmland Fund.
Cofounder Steven Dring says the start-up expects to reach its target 'pretty soon' and is working on building out a new cohort of hydroponic farms with partners.
AgFunder founding partner Rob Leclerc says his firm’s dedicated alternative protein fund has attracted incumbents from the meat and dairy space who see the fledgling market as ‘a hedge’.
Illinois SURS will commit $225m to real asset classes including ag while 20% of all new capital deployed will target firms owned by minorities, females and persons with disabilities.