Key Takeaways
- • Conservation Resources closed the first investment of its second agriculture fund, Conservation Resources Farmland II, L.P. (CRF II), acquiring a 155-acre permanent crop property in California producing kiwi and citrus.
- • The acquisition positions Conservation Resources among the largest institutional owners of bearing kiwi acreage in the United States, according to the firm.
- • CRF II raised $54 million at its first close, with Achmea Investment Management B.V. joining as a new anchor investor and advisor to European institutional clients.
- • The fund targets institutional-quality North American farmland and downstream assets, and expects capital calls in 2026 and 2027.
Summary
Conservation Resources (CR), an alternative investment specialist based in Exeter, New Hampshire, announced the first investment of Conservation Resources Farmland II, L.P. (CRF II). The fund's debut acquisition is a 155-acre permanent crop property in California producing kiwi and citrus. According to the firm, the purchase strengthens CR's position as one of the largest institutional investor owners of bearing kiwi acreage in the U.S.
Chief Operating Officer Stavros Koutsantonis, who heads CR's agricultural investment strategies, described the deal as "exactly the type of differentiated opportunity we built CRF II to pursue." He noted that bearing kiwi acreage in California is scarce, difficult to develop, and increasingly sought after as domestic demand grows, and that pairing it with citrus provides multiple value streams within a single asset.
CRF II's strategy centers on acquiring institutional-quality permanent crop farmland in supply-constrained markets, where active asset management is expected to generate returns above passive ownership. CR says the property will be managed regeneratively to what it believes are the most stringent regenerative agriculture standards in the industry, a discipline it views as central to durable premium returns and long-term asset value.
The fund raised $54 million at its first close, supported by existing CR investors and new anchor investor Achmea Investment Management B.V. (Achmea IM). Achmea IM will act as investment advisor to European institutional investors and other clients in the Fund, and has approved CRF II for inclusion on its multi-asset impact platform. The fund targets excess returns over traditional farmland benchmarks by unlocking premium commodity markets, non-commodity revenue sources, and operational efficiencies.
The acquisition follows the final close of CR's inaugural farmland fund in August 2024. CR's agriculture platform has raised over $275 million since 2022. Recent investments include a $20 million regenerative-organic integrated farmland investment in the Pacific Northwest and $9 million under a partnership with one of the largest U.S. cattle producers to implement a regenerative pasture and native grassland program in the High Plains. CRF II remains open to qualified investors and expects to make capital calls in 2026 and 2027. The offering is limited to accredited investors and qualified purchasers under Rule 506(c) of Regulation D.
Chief Operating Officer Stavros Koutsantonis, who heads CR's agricultural investment strategies, described the deal as "exactly the type of differentiated opportunity we built CRF II to pursue." He noted that bearing kiwi acreage in California is scarce, difficult to develop, and increasingly sought after as domestic demand grows, and that pairing it with citrus provides multiple value streams within a single asset.
CRF II's strategy centers on acquiring institutional-quality permanent crop farmland in supply-constrained markets, where active asset management is expected to generate returns above passive ownership. CR says the property will be managed regeneratively to what it believes are the most stringent regenerative agriculture standards in the industry, a discipline it views as central to durable premium returns and long-term asset value.
The fund raised $54 million at its first close, supported by existing CR investors and new anchor investor Achmea Investment Management B.V. (Achmea IM). Achmea IM will act as investment advisor to European institutional investors and other clients in the Fund, and has approved CRF II for inclusion on its multi-asset impact platform. The fund targets excess returns over traditional farmland benchmarks by unlocking premium commodity markets, non-commodity revenue sources, and operational efficiencies.
The acquisition follows the final close of CR's inaugural farmland fund in August 2024. CR's agriculture platform has raised over $275 million since 2022. Recent investments include a $20 million regenerative-organic integrated farmland investment in the Pacific Northwest and $9 million under a partnership with one of the largest U.S. cattle producers to implement a regenerative pasture and native grassland program in the High Plains. CRF II remains open to qualified investors and expects to make capital calls in 2026 and 2027. The offering is limited to accredited investors and qualified purchasers under Rule 506(c) of Regulation D.
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