Pension funds with farmland investments (updated to August 2018)
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Pension FundCountryValue (US$)Farmland fundsApproximate value of investments made in farmland (US$)Countries where farmland has been acquired
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Administración Nacional de la Seguridad Social (ANSES)Argentina56,767,300,000ANSES owns a 3.56% share in Cresud valued at $17,862,157 and a 20% share in Molinos Río de La Plata valued at $50,204,055. Cresud owns 33 farms in Latin America that total nearly one million ha of land in Argentina, Brazil, Paraguay, and Bolivia. It is not clear how much farmland Molinos owns. The company's prefered strategy has been to rent and operate farmland. In 2012, it was renting and operating 120,000 ha of land in the Argentine Pampas, and, while it announced in 2013 that it would be abandoning this practice, in 2015 it was still producing 8,484 tonnes of grains and oilseeds on rented farm lands.68,000,000Argentina, Brazil, Paraguay, and Bolivia
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Australian Catholic Superannuation and Retirement FundAustralia5,787,900,000Investor in the SAF, a farmland investment vehicle created in 2009 by the Australian Financial company AgCap. SAF raised AUS$145 million from various investors, which was deployed to acquire a portfolio of 17 farms in Australia and over 23,000 ha of land. By December 2017, the fund had sold all of the farms in its portfolio, claiming to have generated over AUS$200 million in profits for its investors. It is now looking to aquire dairy farms in Australia to repeat the process.14,000,000Australia
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AustralianSuper (AusSuper)Australia71,971,000,000AusSuper is an investor in the SAF, a farmland investment vehicle created in 2009 by the Australian Financial company AgCap. SAF raised AUS$145 million from various investors, which was deployed to acquire a portfolio of 17 farms in Australia and over 23,000 ha of land. By December 2017, the fund had sold all of the farms in its portfolio, claiming to have generated over AUS$200 million in profits for its investors. It is now looking to aquire dairy farms in Australia to repeat the process. By 2015, AusSuper reported that the value of its investment in SAF was worth AUS45 million.30,000,000Australia
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BUSSQAustralia3,138,230,0002.9% of the BUSSQ fund is dedicated to agriculture. BUSSQ and MyLife MySuper (formerly Catholic Super) have a joint investment in the Paraway Pastoral Fund estimated to be worth over $150 million.91,000,000Australia
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Christian SuperAustralia947,375,000Investor in the SAF, a farmland investment vehicle created in 2009 by the Australian Financial company AgCap. SAF raised AUS$145 million from various investors, which was deployed to acquire a portfolio of 17 farms in Australia and over 23,000 ha of land. By December 2017, the fund had sold all of the farms in its portfolio, claiming to have generated over AUS$200 million in profits for its investors. It is now looking to aquire dairy farms in Australia to repeat the process. Christian Super also has investments in Big Tree Farms (a coconut supply chain and food company) through its Livelihood Impact Fund and says it is looking to nvest in agriculture outside of Australia.14,000,000Australia
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First Sate SuperAustralia41,672,700,000In 2015, First State Super purchased three almond farms from Select Harvests Limited, which included the 2,000-hectare Mendook farm at Euston, New South Wales, the 1,700-hectare Amaroo farm near Paringa, South Australia, and the 300-hectare Mullroo farm near Cullulleraine in Victoria. Their website cliams that their farmland acreage is at 2,500 hectares and says they are working with Select Harvests to "double the planted acreage by 2018."150,000,000Australia
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Mine Wealth and Wellbing Superannuation FundAustralia7,298,200,000Investor in the SAF, a farmland investment vehicle created in 2009 by the Australian Financial company AgCap. SAF raised AUS$145 million from various investors, which was deployed to acquire a portfolio of 17 farms in Australia and over 23,000 ha of land. By December 2017, the fund had sold all of the farms in its portfolio, claiming to have generated over AUS$200 million in profits for its investors. It is now looking to aquire dairy farms in Australia to repeat the process. 14,000,000Australia
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MyLifeMySuper (Formerly Catholic Super)Australia5,108,740,000MyLifeMySuper holds a stake in the Macquarie Pastoral Fund which owns Paraway Pastoral, which is one of the largest land owner/operators in Australia, with a total combined land holding of over 4.4 million hectares.Australia
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Retail Employees Superannuation TrustAustralia32,841,900,000The Trust has Investments in Warakirri Dairy Industry Trusts and Warakirri Cropping, worth approximately AUS$ 300 million. Warakirri Crpping owns and operates farms across the northern, southern and western grain production zones of Australia, covering arund 80,000 ha. Warakirri Dairy was established as a AUS$ 100 million fund in 2006 on behalf of four Australian superannuation funds and private Investors and by 2017 it owned and operated approximately 4,600 hectares across eleven dairy farms in Victoria and south-east South Australia. 218,625,000Australia
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Telstra SuperAustralia13,846,300,000Telstra Super is the founding investor in Warakirri Dairy Industry Trusts, with an investment of AUS$ 30 million. Warakirri Dairy was established as a AUS$ 100 million fund in 2006 on behalf of four Australian superannuation funds and private Investors and by 2017 it owned and operated approximately 4,600 hectares across eleven dairy farms in Victoria and south-east South Australia. 21,862,500Australia
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Vic SuperAustralia13,866,600,000Vic Super channels farmland investments through its AUS200 million VicSuper Future Farming Landscapes fund, which owns farmland, forest and water in Australia. VicSuper says it has invested $180m over the past decade to buy and develop 9000ha of degraded and salinity-affected small farms between Swan Hill and Kerang along the Murray River. Kilter Rural runs these farms, which grow plums, cotton, tomatoes and wheat, and "actively trade irrigation water."145,908,000Australia
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Vision SuperAustralia6,340,130,000Founding investor in Warakirri Dairy Industry Trusts. Has 39.8 million AUS in Warakirri. Warakirri Dairy was established as a AUS$ 100 million fund in 2006 on behalf of four Australian superannuation funds and private Investors and by 2017 it owned and operated approximately 4,600 hectares across eleven dairy farms in Victoria and south-east South Australia. 29,004,300Australia
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BB Previdência (Banco Brasil)Brazil1,200,000,000BB Previdência is invested in FIP Terra Brasil, a fund with 95% of its investments invested in Agrifirma Brasil Agropecuaria SA, which controls over 77,000 a of lands in western Bahia, Brazil.1,800,000Brazil
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Caixa De Previdencia Dos Funcionarios Do Banco Do Brasil (Previ)Brazil88,800,000,000FIP Terra Viva is a R$260 million fund established in 2009 to invest in Brazil’s ethanol sector. It acquired Tonon Bioenergia S.A, which cultivates sugarcane on 101,690 ha of rented lands and Paraiso Bioenergia which owns 27,000 ha of sugarcane fields. The Brazilian development bank (BNDES) and several pension funds invested in FIP Terra Viva including Petros R$67 million, Funcef R$61 million, Previ R$31 million, Fachesf R$18 million and Banesprev R$9 million. FIP Brasil Agronegócio was launched in 2009 as a R$ 840m private equity fund focused on the entire agribusiness value chain. In September 2011, FIP Brasil Agronegócio invested US$82 million into a joint venture with the farmland company Agrifirma, which brought together Agrifirma's farmland assets under a new company called Agrifirma Brasil Agropecuária Ltda, which was subsequently renamed Genargo Ltd. At the end of 2013, Genaro had acquired 77,000 ha in western Bahia. By the end of 2012, PREVI had invested US$15.9 million in FIP Brasil Agronegócio. The manager of the FIP Terras Brasil says that PREVI is also invested in Agrifirma through its investment in this fund, but there are no publicly available company records to confirm this.46,900,000Brazil
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Ceres Fundação de Seguridade SocialBrazil5,700,000,000FIP Brasil Agronegócio was launched in 2009 as a R$ 840m private equity fund focused on the entire agribusiness value chain. In September 2011, FIP Brasil Agronegócio invested US$82 million into a joint venture with the farmland company Agrifirma, which brought together Agrifirma's farmland assets under a new company called Agrifirma Brasil Agropecuária Ltda, which was subsequently renamed Genargo Ltd. At the end of 2013, Genaro had acquired 77,000 ha in western Bahia. By 2016, Ceres had invested US$2.1 million in FIP Brasil Agronegócio. 2,100,000Brazil
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Fundação dos Economiários Federais (Funcef)Brazil20,000,000,000FIP Terra Viva is a R$260 million fund established in 2009 to invest in Brazil’s ethanol sector. It acquired Tonon Bioenergia S.A, which cultivates sugarcane on 101,690 ha of rented lands and Paraiso Bioenergia which owns 27,000 ha of sugarcane fields. The Brazilian development bank (BNDES) and several pension funds invested in FIP Terra Viva including Petros R$67 million, Funcef R$61 million, Previ R$31 million, Fachesf R$18 million and Banesprev R$9 million. In its 2016 annual report, FUNCEF also lists investments in the shares of companies with large sugar cane plantations-- $R1.6 million in São Martinho S.A., $R0.9 million in Cosan and $R36 million in Raizen Energia. Funcef sold off its R$4.3 million in shares of SLC Agricola in 2015.30,000,000Brazil
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Fundação Petrobras de Seguridade Social (Petros)Brazil63,600,000FIP Terra Viva is a R$260 million fund established in 2009 to invest in Brazil’s ethanol sector. It acquired Tonon Bioenergia S.A, which cultivates sugarcane on 101,690 ha of rented lands and Paraiso Bioenergia which owns 27,000 ha of sugarcane fields. The Brazilian development bank (BNDES) and several pension funds invested in FIP Terra Viva including Petros R$67 million, Funcef R$61 million, Previ R$31 million, Fachesf R$18 million and Banesprev R$9 million. FIP Brasil Agronegócio was launched in 2009 as a R$ 840m private equity fund focused on the entire agribusiness value chain. In September 2011, FIP invested US$82 million into a joint venture with the farmland company Agrifirma, which brought together Agrifirma's farmland assets under a new company called Agrifirma Brasil Agropecuária Ltda, which was subsequently renamed Genargo Ltd. At the end of 2013, Genaro had acquired 77,000 ha in western Bahia. By the end of 2014, Petros had invested R$91 million in FIP Brasil Agronegócio. Petros is also said to be investing in Agrifirma through the Terras Brasil FIP. Two funds were established under the administration of BNY Mellon to invest in Grupo Canabrava, a large-scale Brazilian sugarcane operation— the FIP Bioenergia in 2011 and the FIM ASM Brasil Carbono in 2008, Through these two funds and a set of debentures, by January 2016 Postalis had made investments worth R$425 million and Petros had made investments worth R$164 million. No public information is available on Grupo Canabrava’s land holdings, but the Group produces one-third of the sugar cane that it processes.
99,000,000Brazil
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Instituto de Previdência Complementar (Postalis)Brazil6,700,000,000Two funds were established under the administration of BNY Mellon to invest in Grupo Canabrava, a large-scale Brazilian sugarcane operation— the FIP Bioenergia in 2011 and the FIM ASM Brasil Carbono in 2009, Through these two funds and a set of debentures, by January 2016 Postalis had made investments worth R$425 million and Petros had made investments worth R$164 million. No public information is available on Grupo Canabrava’s land holdings, but the Group produces one-third of the sugar cane that it processes.134,000,000Brazil
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PREVI-EricssonBrazil562,000,000PREVI-Ericsson is invested in Terra Brasil FIP, a fund with 95% of its investments invested in Agrifirma Brasil Agropecuaria SA, which controls over 77,000 a of lands in western Bahia, Brazil.306,000Brazil
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Alberta Investment Management Company (AIMCo)Canada71,170,900,000AIMCo's Great Southern Plantation assets amount to 270,000 hectares across Australia. Most is for timber, some for agriculture. AIMCo partnered with New Forests (Australia New Zealand Forest Fund) to aquire this land.308,631,000Australia
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British Columbia Investment Management Corp (bcIMC)Canada90,655,600,000bcIMC invested CDN$90 million (US$67M) in the Bonnefield Canadian Farmland LP III by the end of 2016, through its Renewable Resources Agriculture Fund, giving it a 33% share in the farmland fund. bcIMC invested US$250 million in TIAA-CREF Global Agriculture I and US$300 million in TIAA-CREF Global Agriculture II, through its Renewable Resource Investment Trust. The TIAA funds have acquired farmland in Brazil, Chile, US, Austalia and the US617,000,000Australia, Brazil, Canada, Chile, US
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Caisse du Dépôt et de Placement du Québec (CDPQ)Canada200,809,000,000CDPQ has made significnat investments in TIAA-CREF Global Agriculture LLC (of 250 million USD), and TIAA-CREF Global Agriculture II LLC (of 200 milllion USD), which has focused on land aquisition in Brazil. In 2017 it invested CDN 10 million in Pangea, a Canadian company pursuing farmland acquisitions in the province of Quebec.458,000,000Australia, Brazil, Chile, US
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Canadian Pension Plan Investment Board (CPPIB)Canada22,830,600,000CPPIB began expanding into agriculture in 2013. It acquired 46,500 ha of farmland in Canada and 48,500 ha in the US. In 2017 it sold its entire US farmland holdings for US$520 million and announced a halt to further farmland investments. In 2017, CPPIB's Infrastructure and Agriculture groups merged with Real Estate Investments to form "Real Assets."615,000,000Canada, US
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Labourers Pension Fund of Central and Eastern CanadaCanada4,685,800,000Investments in TIAA-CREF Global Agriculture II LLC50,000,000Australia, Brazil, Chile, and the US
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NCPP Investment Holding Company (NAV Canada Pension Plan)Canada1,900,000,000Investments in TIAA-CREF Global Agriculture II LLC41,000,000Australia, Brazil, Chile, and the US
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Ontario Power Generation Inc. Pension FundCanada9,600,000,000Investments in TIAA-CREF Global Agriculture II LLC. Ontario Power Inc also invested an additional US$150 million in the TIAA-CREF fund though its Decommissioning Segregated Fund and the Used Fuel Segregated Fund., which were created under an agreement with the Onatrio government to finance the decommissioning of nuclear facilities.50,000,000Australia, Brazil, Chile, and the US
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Ontario Teachers' Pension PlanCanada130,121,000,000OTPP bought a 99 per cent stake in one of Australia’s biggest almond producers, Aroona Farms, in 2014 for $115 million. Aroona Farms has more than 2000 ha of almond orchards in Victoria and SA. The OTPP then acquired Jasper Farms, a 360 ha Australian avocado orchard in 2017 for US$141 million and formed the AustOn Corporation to further its agriculture investment strategy. It says it will expand its Australian agricultural asset base by a further $600m before 2022. In 2015, OTPP also partnered with PSP in a joint $300 million investment in the US farmland REIT US Farm Trust.406,000,000Australia, US
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Public Sector Pension Investment Board (PSP)Canada100,348,000,000PSP says 28% of its CND3.7 billion natural resources portfolio is invested in agriculture and that, by 2016, its farmland portfolio covered 90,000 ha, including catle ranches in Australia and two dairy farms it acquired in New Zealand in 2018 for $12 million. PSP and the Ontario Teachers Pension Plan jointly hold a $300 million investment in the US farmland REIT US Farm Trust, which closed in 2015. PSP's investments in Australian farmland are done through Hewitt Cattle Australia (HCA), a company it formed in partnership with Brisbane-based Hewlett Cattle Company. HCA began purchasing cattle stations in April 2015 and by March 2017 it had acquired cattle operations covering more than 1 million ha and housing 750,000 head of cattle. In November 2017, HCA purchased 15% of one of Australia’s largest organic meat companies, Arcadian Organic and Natural Meat Co., as well as two farms owned by Arcadian - the 28,350 hectare Oakwood at Augathella, and the 1700ha irrigated lamb finishing depot, Warilba, near Narrandera in south west NSW. By November 2017, PSP hada invested $92 million through its Australian subsidairy. 254,000,000Australia, US
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AP PensionDenmark13,500,000,000In April 2016, AP Pension signed a $56 million deal with FirstFarms A/S, Denmark’s only stock exchange listed farmland investment company, to acquire FirstFarms 3,000 ha of farmland in eastern Romania and to cooperate with FirstFarms in identifying other farmlands in the area for acquisition and in operatng its farms. 56,000,000Romania
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Danica PensionDenmark60,000,000,000In February 2014, the Adveq Almond Trust acquired 12,000 hectares of planted almond groves in Victoria, Australia under a US$185 (AUS 211) million sale and long term lease-back agreement with Olam International. The total land area under the deal is 20,000 ha. The co-investors in the trust., managed by Laguna Bay Pastoral Company, were Adveq Real Assets of Switzerland, the Municipal Employee Retirement System from Michigan, Danica Pension and Wake Forest University Endowment Fund from North Carolina.20,000,000Australia
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Pensionskassernes Administration (PKA)Denmark36,644,500,000In 2011, Denmark's PKA invested DKK250m (€33.5m) in African agriculture via the Silverland private equity fund. That year PKA claimed to have investments in farms for sugercane, fruits and grains in South Africa, Zambia, Swaziland and Mozambique, poultry and grains in Tanzania, and livestock and grains in Zambia. In 2016, PKA invested 200 million DKK in a new Danish Agricultural Fund - Danish Agribusiness Fund and in 2017 PKA itmade a AUD75 million investment in Queensland (cattle) through Sustainable Management Partners.81,000,000Australia, South Africa, Swaziland, Mozambique, Zambia, Tanzania
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Ärzteversorgung Westfalen-Lippe (AVWL)Germany12,294,000,000 USDAVWL invested in the first TCGA fund via Global Agriculture AIV LLC100,000,000Australia, Brazil, US
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National Pension Service of KoreaKorea504,000,000,000Investments in TIAA-CREF Global Agriculture LLC via Global Agriculture AIV LLC100,000,000Australia, Brazil, Chile, and US
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PFZWNetherlands141,343,000,000PFZW invested 100 million euro in Rabobank’s Rabo Farm Europe Fund II, which acquired numerous farms in Romania and other parts of Eastern Europe. It has also invested around 300 million euro in food and farmland funds launched by BlackRiver, a hedge fund established by Cargill (now known as Proterra). Other farmland investments include a 100-125 million euro investment in NCH Capital and a 100-125 million euro investment in Adecoagro. PFZW is also a major shareholder in Wilmar, having invested around 7.2 billion euro.630,000,000Australia, Brazil, Romania, Poland, Ukraine, Russia,
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Stichting Pensioenfonds (ABP)Netherlands446,059,000,000ABP’s investments are managed and administered by its wholly-owned subsidiary APG. It is one of the leading pension funds investing in farmland globally. These farmland investments include lands in Romania through an investment in Rabobank’s farmland fund Rabo Farm, in Australia through a major investment in the Paraway Pastoral fund, which has a total combined land holding of over 4.4 million hectares; and in Brazil, Chile, Australia and the US through a $200 million investment in TIAA-CREF Global Agriculture II. ABP has also acquired Brazilian farms in joint ventures with Brazilian companies by way of its subsidiaries, namely the Luxembourg-based MSU Agribusiness Holding SL and the Delaware, US-based Morang LLC..ABP is known to have invested over $US100 million in Brazilain farmland through these entities.683,000,000Australia, Brazil, Chile, Romania, US
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New Zealand Superannuation Fund (NZSuper)New Zealand21,217,600,000NZSuper has a $204 million 'rural portolio', which includes 21 New Zealand dairy farms. The fund says it wants to increase the share of its farmland investments in its portfolio from the current 1% to 3%, and has started looking at farmland in Australia. Indirectly, NZSuper is invested in Ukrainian farmland through a US$22 million investment in AXA Alternative Property Income Venture SCA in 2016, which invested at least USD 44.6 million in the Landkom investment fund, which leases agricultural land in Ukraine. 204,000,000New Zealand, Ukraine
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Alecta Pension FundSweden91,859,900,000Alecta acquired a significant stake in Black Earth Farming Ltd and Trigon Agri, which have both been acuirign farmland in eastern Europe, particularly Russia and Ukraine.20,000,000Ukraine, Russia and Estonia
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Forsakringsaktiebolaget Avanza PensionSweden13,783,400,000Forsakringsaktiebolaget Avanza Pension held 5.92% of the shares in Black Earth Farming, as of March 2017, and 7.6% of the shares of Agromino (formerly Trigon Agri) as of September 2018, worth an estimated $9.5 million and $2.5 million respectively. 12,000,000Ukraine, Russia
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First Swedish National Pension Fund (AP1)Sweden38,334,300,000In 2012-3, AP1 invested $58 million on 15 agricultural properties in through its subsidiary, First Australian Farmland, and another $59 million in New Zealand for several dairy and crop farms. By the end of 2014, AP1 owned 27,000 hectares of farmland.108,000,000Australia, New Zealand
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Second Swedish National Pension Fund (AP2)Sweden35,604,600,000AP2's investments in farmland have been made through TIAA-CREF, thrugh its Global Agriculture (US$450 million) and Global Agriculture II (US$750 million) funds. It has also invested $100 million in Teays River Investments LLC, a US farmland investment fund.. 1,300,000,000Brazil, US, Australia, Chile
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Third Swedish National Pension Fund (AP3)Sweden38,500,400,000As of 2013, AP3 had invested roughly $30 million in Swedish-based farmland investment company Alpcot Agro (now Agrokultura AB), which, by 2017 had amassed a landbank of 65,000 ha in Ukraine and 181,400 ha in Russia. AP3 also made investments in another Swedish-based farmland company acquiring lands in eastern Euope, Black Earth Farming.30,000,000Ukraine, Russia
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CERN (European Organization for Nuclear Research) Pension FundSwitzerland4,100,000,000The CERN pension fund owns a 664 ha farm in the UK, near Cambridge, and, through a limited partnership established by Craigmore Farming, it owns a majority stake in two New Zealand dairy farms— a 398 ha farm acquired in 2016 for US$8 million and a 426 ha farm in Oxford acquired in 2017 for US$13.2.26,000,000New Zealand, UK
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BT Pension Scheme (BTPS)UK74,158,500,000In 2012 the BTPS trustee board instructed its managers to invest 2.5% of the fund’s assets in farmland, with an initial investment of £220 million ($320 million), and its Director of Policy stated that the pension scehme had limited its agricultural exposure to countries such as Brazil, Canada, New Zealand and the US. 320,000,000Brazil, Canada, New Zealand, US (targetted countries)
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Cummins UK Pension Plan Trustee Ltd.UK1,740,000,000Investments in TIAA-CREF Global Agriculture II LLC24,900,000Australia, Brazil, Chile, US
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Environment Agency Pension Funds (EAPF)UK5,180,740,000EAPF had investments in ACM PERMANENT CROPS LP ($15 million) and ACMII Investor LP ($15 million), which invest in US farmland, as weill as $30 million in the TIAA CREF GLOBAL AGRICULTURE II LLC

60,000,000Australia, Brazil, Chile, US
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Greater Manchester Pension FundUK31,084,400,000Investments in TIAA-CREF Global Agriculture II70,000,000Australia, Brazil, Chile, US
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NMR Pension Fund (N M Rothschild & Sons employee pension fund)UK812,470,000NMR Pension Fund has invested in TIAA-CREF Global Agriculture II21,000,000Australia, Brazil, Chile, US
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Royal County of Berkshire Pension Fund UK2,400,000,000In 2016, the Royal County of Berkshire Pension Fund committed $44 million for five farms to Milltrust Agricultural Investments’ New Zealand and Australian buy-and-lease farmland funds44,000,000Australia, New Zealand
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Thales Pension Trustee Limited as Trustee of the Thales UK Pension SchemeUK3,124,450,000Investments in TIAA-CREF Global Agriculture II44,000,000Australia, Brazil, Chile, US
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UK Pension Protection Fund (PPF)UK77,709,000,000In 2016, the Pension Protection Fund invested in a consortium created by Australia's Queensland Investment Corporation to channel investments from Australian superannuation funds and foreign pension funds. In June 2016, the consortium spent AUS300 million to acquire an 80% stake of the Northern Australian Pastoral Company (NAP), which owns 5.8 million ha across Queensland and the Northern Territory and approximately 178,000 head of cattle. PPF claims that, through the deal, it holds a 20% share in NAP.55,000,000Australia
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West Midlands Pension FundUK19.900,000,000As of May 2015, West Midlands Pension Fund had $4.2 million invested in the Black River Agriculture 2 Fund and $14 million in the Insight Global Farmland Fund Limited18,200,000Australia, Brazil, Chile, New Zealand, Poland, Romania
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Alaska State Retirement System (ASRS)US 8,209,687,323ASRS has investments valued at $360 million in Hancock Agricultural Investment Group, which owns 12,714 acres in Australia, 1,020 acres in Canada and 306,973 acres in United States. ASRS also has holdings worth $177 million in UBS Agrivest, which, by 2014, had acquired 113 farms totaling 183,000 acres in 15 states of the US.537,000,000Australia, Canada, US
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Anchorage Police & Fire Retirement SystemUS 337,000,000In 2011, the Board of the Anchorage Police & Fire Retirement System decided to allocate funds to farmland and UBS AgrVest was hired to manage an initial $16 million investment. 16,000,000US
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Arizona State Retirement System (AzSRS)US 35,422,651,000AzSRS invests in farmland through the U.S. Farming Realty Trust II, LP, a $300 million fund administered by North Carolina-based U.S. Farming Realty Trust, otherwise known as the International Farming Corporation. As of 2106, AzSRS had invested nearly $190 million in this fund.188,960,000US
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Arkansas Teachers Retirement Service (ATRS)US 15,236,170,821ATRS began acquiring US farmland in 2011, with Halderman Farm Management acting as advisor and farm operator. By 2013, it had acquired farms covering over 6,200 ha. It subsequently made farmland investments through the UBS Agrivest Core Farmland Fund. Total farmland investments by 2016 totalled $143 million.143,451,746US
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City of Alexandra (VA) Fire and Police Officers Pension Plan (CAFPOPP)US 1,610,000,000In 2016, CAFPOPP’s various pension funds had combined investments worth $16 million in a farmland fund managed by Hancock and $3.5 million in a UBS farmland fund.19,500,000US
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Dallas Police and Fire Pension SystemUS 1,634,675,687DPFPS invested around $162 million through Hancock Agricultural Investment Group in the acuqisiton of farms of row crops and apples and nuts across the US.162,000,000US
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Dow Chemical employee pension planUS 21,100,000,000The Dow Chemical pension fund was a significant investor in the Chess Ag Full Harvest Partners LLC US farmland fund that closed at $30 million in 2009.10,000,000US
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Iowa Public Retirees System (IPERS)US 28,268,000,000IPERS has invested in US farmland through UBS Farmland Investors LLC, iwth its total farmland portfolio in 2016 valued at $1.8 million1,800,000US
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Maine Public Employees Retirement SystemUS 12,898,000,000The Maine Public Employees Retirement System invested $35 million in the US farmland fund ACM Permanent Crops in 2014, and then another $35 million in the second ACM US farmland fund, ACM II, in 2016. It has also invested $50 million in the Homestead Capital Farmland II, a fund focussed on US farmland, as well as $30 million in AMERRA Agri Fund II, $220 million in Teays River and $40 million in US Farming Realty III.410,000,000US
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Michigan Municipal Employee Retirement System (MERS)US 3,500,000,000In February 2014, the Adveq Almond Trust acquired 12,000 hectares of planted almond groves in Victoria, Australia under a US$185 (AUS 211) million sale and long term lease-back agreement with Olam International. The total land area under the deal is 20,000 ha. The co-investors in the trust, managed by Laguna Bay Pastoral Company, were Adveq Real Assets of Switzerland, the Municipal Employee Retirement System (MERS) from Michigan, Danica Pension and Wake Forest University Endowment Fund from North Carolina. MERS oput in $60 million, and also committed $180 million to an Australian livestock investment fund managed by Australian Pastoral Funds Management.240,000,000Australia
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New Mexico State Investment Council (SIC)US 22,901,764,000The New Mexico SIC investments in farmland include a $75 million investment in the Brookfield Brazil Agriculture Fund II in 2015, a $200 million investment in TIAA-CREF Global Agriculture II in 2015, and a $50 million investment in ACM Permanent Crops Fund II in 2017.325,000,000Australia, Brazil, Chile, US
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New Mexico Educational Retirement Board (NMERB)US 12,000,000,000NMERB’s $130 million agriculture portfolio, which has delivered a 5.91% return since inception, is managed by Blue Road Capital, Halderman Farmland and Hancock GLC Farms. In 2017, NMERB made a $30m commitment to Folium Capital, a new fund manager specialising in agriculture investments in different parts of the world, that was formed by the former head of alternative assets at teh Harvard University endowment fund.160,000,000Chile, US
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Ohio Police and Fire Pension BoardUS 14,533,994,924In May 2017, the Ohio Police and Fire Pension Board committed $50 million to the ACM Permanent Crops Fund II.50,000,000US
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Orange County (CA) Employees Retirement System (OCERS)US 13,729,708,000In 2011, OCERS established a farmland fund managed by Hancock Agricultural Investment Group to nvest $80 million in US farmland. In 2012 OCERS invested $40 million in a US farmland fund managed by UBS AgriVest.120,000,000US
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Oregon Public Employees Retirement Fund (OPERF)US 69,700,000,000The Oregon Investment Council, which manages OPERF, recently approved a significant expansion of OPERF’s alternative asset investments, including farmland. In 2015, OPERF invested $100 million in the Brookfield Brazil Agriculture Fund II and then in 2016 in invested $100 million in the Homestead Capital USA Farmland Fund II, L.P. 200,000,000Brazil, US
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Public Employees Retirement Association of New MexicoUS 16,022,318,279The Public Employees Retirement Association of New Mexico committed $40 million to the ACM Permanent Crops Fund II in 201640,000,000US
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Rhode Island Employees' Retirement System (via Rhode Island State Investment Commission)US 7,700,000,000The Rhode Island State Investment Commission committed $25 million to Homestead Capital USA Farmland Fund III in August 2018.25,000,000US
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Sonoma County Employees’ Retirement System Association (SCERA)US 2,622,449,000The Sonoma County Employees’ Retirement System Association made an investment in the UBS Agrivest Farmland Fund, valued in 2018 at $112 million.112,000,000US
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Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA)US 983,000,000,000Most of TIAA's farmland investments are overseen by its asset investment management arm Nuveen and operated through various subsidiaries, including global farmland asset manager Westchester. TIAA manages several farmland funds in which the pension funds it manages have contributed, such as TCGA I, in which TIAA managed funds invested $890 million, and TCGA II, in which TIAA managed funds invested $350 million. In September 2016, TIAA paid a reported $150 million to acquire Dangro Invest, a Danish company with 13,000 ha of farmland in Poland. Nuveen stated in 2017 that TIAA's farmland portfolio covers 600,000 ha, of which 43% is in Brazil, 40% in Australia, 15% in the US and the remainder in Poland and Chile. Nearly all of these farms produce grains, oilseeds and sugarcane. TIAA also has investments in externally managed farmland funds, such as a 38% share of Teays River Investments, LLC (through its subsidiary Occator Agricultural Properties, LLC) and shares in Farmland Partners. It is not clear if these external farmland investments are included in TIAA's publicly stated totals for its farmland portfolio.2,240,000,000Brazil, US, Chile, Australia, Poland
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Teachers Retirement System of the State of Illinois (TRS)US 54,090,770,538n 2013, the Teachers Retirement System of the State of Illinois made a $79 million investment in Black River Agriculture Fund 2, a $587 million own-and-operate farmland fund created by Cargill, which is so far known to have acquired a sugar mill operation in Brazil and several farms in Australia. 79,000,000Australia, Brazil
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Teachers Retirement System of Texas (TRS)US 130,000,000,000In 2010, TRS invested $250 million in the $478 million AG Real Value Fund LLC, a US farmland fund managed by Teays River Investments. Other investors include TIAA-CREF and AP2.250,000,000US
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Comptroller of the State of New York, as Trustee of the Common Retirement Fund (“CRF”)US 192,400,000,000CRF has investments in TIAA-CREF Global Agriculture II LLC300,000,000Australia, Brazil, Chile, US
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Virginia Retirement SystemUS 74,000,000,000In 2017 the Virginia Retirement System hired AgIS Capital to manage a $150 million US farmland fund. This followed an announcement earlier that year that it was investing $125 million in International Farming Corporation’s US Farming Realty Trust III.275,000,000US
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Washington State Investment BoardUS 124,600,000,000The WSI has invested $250 million in the U.S. Farming Realty Trust III LP, a commodity row-crop farmland fund sponsored by International Farming Corporation; $50 million in ACM Permanent Crops LLC, a co-mingled fund focusing on citrus, berries, table grapes and nut production in the US; $100 million in Olympic Sun LLC, a fund managed by UBS AgriVest. to invest in permanent and vegetable crops in the US; $185 million in the Laguna Bay Agricultural Fund I, which fucuses on agriculture in Australia and NZ; $100 million to the Homestead Capital USA Farmland Fund II; and $300 million in Teays River, a US agricultural holding company, partially owned by TIAA, operating in organic dairy, seed production, table grapes and row crops.985,000,000Australia, New Zealand, US
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Total4,501,406,324,572Total14,826,948,546
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