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TIAA-CREF raises $3b for global agriculture investment

by Andrea Waitrovich

TIAA-CREF has closed its TIAA-CREF Global Agriculture II, raising $3 billion in equity. The organization’s second global agriculture investment partnership exceeded its initial fundraising target of $2.5 billion. The vehicle will invest in high-quality farmland assets around the world, including North America, South America and Australia. “With its low correlation to traditional asset classes like stocks and bonds, farmland offers excellent portfolio diversification benefits for investors and a hedge against inflation,” said Jose Minaya, senior managing director and head of private markets asset management at TIAA-CREF Asset Management, in a statement. “The macroeconomic fundamentals for investing in farmland are very positive, and we view the launch of this new strategy as a testament to the ongoing potential and attractiveness of this asset class.”

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