Agriculture

Investment Approach

Our Agriculture Strategy is dedicated to building a diversified global portfolio of assets, primarily farmland, generating stable, attractive returns over the long-term for investors. We invest in agricultural land and rural producing assets primarily in the United States, Australia, New Zealand and Canada, focusing on high-quality farmland with a history of production and resilience through economic and commodity cycles. We seek to create unique, long-lasting partnerships with best-in-class local operators and invest primarily in the sectors of row crops, animal protein (dairy, beef, sheep), permanent crops and related rural sectors.

Team Track Record

Our highly experienced agriculture team has previously acquired close to 5 million acres of land globally while generating a leading track record of returns. The founding team has worked together for more than 10 years, including at one of Canada’s largest pension plans, where they founded and led the Natural Resources group, which at the time of their departure was one of the largest investors in the sector globally.

The team has developed a robust due diligence process, large deal pipeline, and extensive global network of reputable operators. Fiera Comox has a deep understanding of an assets’ positioning on the global cost curve and the implications on risk and volatility. Its diversified sector and geographic expertise allows the team to best allocate capital to different agricultural sectors and regions to target superior risk-adjusted returns in various market environment.

Key principles

  • High-quality, land-centric farming assets, providing a core risk exposure to the asset class. Selection of assets with a production history in markets with strong supply and demand fundamentals that are well positioned to generate cash yield and capital appreciation
  • Own-and-operate model with value add opportunities, providing access to cash yield, capital appreciations and alpha through active roll-up strategy and land improvement initiatives
  • Partnership approach which aligns interests and attracts the best operating partners in the world, thus increasing the depth of operating expertise while expanding deal sourcing and growth capabilities through the development of investment platforms. Entrepreneurial model promoting global sharing of best agricultural practices, combining operational and private equity diligence and discipline.
  • Geographical and sectoral diversification allows the diversification of idiosyncratic risk and to allocate capital toward globally competitive assets that have historically been best positioned to deliver strong returns across commodity cycles
  • Strong ESG considerations by promoting a ESG-driven culture across our platforms and investment screening and underwriting process

High-Quality, Land-Based
Farming Assets

With production history and strong fundamentals

Own-and-Operate Model

Providing access to cash yield, capital appreciation and roll-ups

Global and Sectoral
Diversification

Globally competitive assets have historically been best positioned to deliver strong returns across the commodity cycle

Strong ESG considerations

Promotion of the best ESG practices in investment screening and implementation within our platforms

Portfolio Footprint

Since inception, Fiera Comox’s Global Agriculture Fund has invested in 6 investment platforms across 3 targeted countries and 4 sub-sectors. This provides current and prospective investors with a balanced exposure to the asset class and diversification benefits, with an exposure to over 150,000 acres of farmland producing over 10 different agricultural commodities in 8 climate regions. Fiera Comox is continually evaluating new investment opportunities to complement its current portfolio.

Apples and Cherries

Location 
Washington
Sector
Permanent Crops (Apples and Cherries)
Footprint
2,800 producing acres
  • Partnership with one of the most reputable tree fruit growers in the world
  • Vertically integrated producer of high-quality apples and cherries serving domestic and export markets
  • Sophisticated orchard operation with modern, high-density, trellis technologies
  • Traditional and premium varieties

Almonds

Location 
US (California)
Sector
Permanent Crops (Almonds)
Footprint
4,000 contiguous acres
  • One of the world’s largest contiguous almond orchards
  • Located in Northern Central Valley of California
  • Management team has an in-depth almond development and management expertise acquired over the last 20 years

Cotton and Grain Farming

Location 
Australia (Queensland)
Sector
Row Crops (Cotton and Grains)
Footprint
90,000 acres, 30,000 irrigated acres
  • Institutional-grade agricultural enterprise producing cotton and grains in Queensland, Australia
  • Two farming properties, with cotton primarily irrigated through bankless channels
  • Management has an extensive background in broadacre farming and land development work

Maple Syrup Producer

Location 
US (Vermont)
Sector
Related Rural (Maple Syrup)
Footprint
18,000 acres of forestland
  • Largest single producer of organic maple syrup in the world based in Vermont
  • Sub-regionally diversified network of close to 500,000 taps across 18,000 acres of land
  • Vertically integrated operations from the trees to the stores through private label programs and branded products

Row Crops

Location 
Australia (Victoria)
Sector
Row Crops (Grains, Oil Seeds, Pulses), Animal Protein (Sheep)
Footprint
19,000 arable acres in two farming districts
  • Dryland farming operations focused on winter cropping: grains, oilseeds and pulses
  • Located in one of the most productive regions of Australia, Western Victoria
  • Partnership with a seasoned agriculture executive and top tier farming team

Dairy Farming

Location 
New Zealand (Canterbury and Otago)
Sector
Animal Protein (Dairy Farming)
Footprint
12,000 irrigated acres
  • Leading low-cost, highly efficient New Zealand dairy farming operation
  • Largely contiguous portfolio of 12 irrigated dairy properties with a herd of 17,000 dairy cattle
  • Partnership with one of the most experienced and reputable management teams in the dairy industry
  • 8 climate
    regions
  • 150,000 acres of
    farmland
  • 10 different
    agricultural commodities
Portfolio Map
  • Apples and Cherries
  • Almonds
  • Cotton and Grain Farming
  • Maple Syrup Producer
  • Row Crops
  • Dairy Farming