An ASIC report notes the boom in demand for this asset, saying it heightens the need for “better-quality data” about the size of this sector where estimates range between $1.8 billion and $188 billion.
CPA Australia has weighed into the debate about the cost to oversee the industry, adding its voice to those who argue the fee structure favours the larger funds.
Warakirri gets the nod from Zenith for retail entry
Warakirri Asset Management has entered the retail market with a new agriculture investment fund which has already been given an “approved” rating by Zenith Investment Partners. The fund has been launched with several family offices and high-net-worth advisory firms.
Warakirri, which was launched by John Nolan, founder of JANA Advisors, in 2003, has been investing in agriculture on behalf of large institutional clients for about 22 years. It was one of the first Australian managers to develop a capability for investment grade agribusiness analysis.
Called the “Warakirri Diversified Agriculture Fund”, the new vehicle allows private investors to tap into a mix of agribusiness opportunities.
Jim McKay, Warakirri’s managing director, said the fund would buy and develop a diversified portfolio of investment grade Australian agricultural assets with a view to leasing them to tenants – “a core agriculture property investment strategy”.
Adrian Goonan, the chief executive of Warakirri Cropping and Diversified Agricultural Funds Management, will oversee the operation of the new fund.
The fund is near the final phase of its first-round capital raising, targeting $100 million. It has developed a pipeline of foundation partners and potential assets.
– G.B.
