New Mexico commits $75m to agriculture fund
The New Mexico State Investment Council has committed $75 million to Brookfield Brazil Agriculture II, says Charles Wollmann, director of communications and legislative affairs for the investment council. The decision came at the recommendation of The Townsend Group, the investment council’s real estate consultant. The fund is a closed-end agriculture vehicle targeting “the acquisition and conversion of low production cropland, pasture and scrubland to more conventional, high production agriculture assets,” according to meeting documents. Brookfield is aiming to raise $500 million for the fund. “The council has found Brookfield to be a strong manager for us historically, and this strategy is attractive from both a risk/return and portfolio diversification standpoint,” says Wollmann. The $20.8 billion investment council has a 9 percent allocation to real assets.