The $130.2 billion Washington State Investment Board (WSIB) has invested up to $250 million into IFC Core Farmland Fund, according to board meeting documents.
IFC Core Farmland Fund is a $1.5 billion fund that will buy and lease large acreage U.S. farmland to large-scale tenants. The fund will hold its investments through one or more subsidiaries that each qualify as a real estate investment trust (REIT), which will be open-ended.
The fund will also seek to generate current income and modest capital growth over the long term by investing in a combination of row, specialty, and permanent farmland, diversified by U.S. region, crop and operator, and related assets including irrigation and crop storage, according to the board meeting documents.
WSIB’s independent consultant, Callan Associates, recommended the investment.
