By: Artem Milinchuk, Founder & Head of Strategy at FarmTogether

Over the past month, several high-profile moves in the farmland investment space, alongside a potential shift in U.S. retirement policy, have signaled that the asset class is entering a new phase. Traditionally the domain of institutional investors such as pension funds and endowments, farmland is now seeing accelerating interest from Registered Investment Advisors (RIAs) and accredited individuals.

In this piece, we examine recent transactions and policy developments shaping this trend and share our perspective on what this changing investor landscape means for the future of U.S. farmland.

A Policy Change With Far-Reaching Implications

Earlier this month, an executive order initiated a review of U.S. rules governing how 401(k) plan capital can be invested. If future reforms expand access to private market funds, an estimated $12 trillion in retirement savings could be opened to new asset classes, including farmland (defined contribution plan assets totaled $12.2 trillion as of Q1 2025, with $8.7 trillion in 401(k) plans).

While food- and agriculture-focused funds may not lead the charge in this potential “retailization” of private equity, the policy spotlight alone is accelerating investor interest in natural assets. The possibility of 401(k) participation adds a new layer to farmland’s long-term demand outlook, complementing existing flows from high-net-worth and institutional capital.

Recent Market Moves Underscore the Trend

In just the past several weeks, three transactions have demonstrated how managers are positioning for a broader investor base:

• WisdomTree’s entry into farmland — The publicly traded ETF provider announced the $275 million acquisition of Ceres Partners, with an additional $225 million contingent on performance targets through 2029. On its earnings call, CEO Jonathan Steinberg described U.S. farmland as “underappreciated” and highlighted the limited competition from major asset managers.
  
• Proterra Investment Partners acquires AcreTrader — Proterra’s purchase of the farmland crowdfunding platform marks another sign of consolidation in the space. AcreTrader’s portfolio consists primarily of row-crop farmland in the Midwest and other row-crop–intensive regions. The acquisition underscores the broader trend of institutional capital seeking digital access models, even as the farmland market encompasses a wide range of strategies, crop types, and geographies.
  
• Manulife expands Canadian access — Building on an initiative launched in 2022, Manulife has extended its farmland and timberland offerings to Canadian defined contribution clients. This move follows the creation of a dedicated vehicle for Canadian high-net-worth individuals to invest in natural assets.

What This Means for Investors

Collectively, these moves mark a shift in who is driving farmland demand. As Agri Investor reporting noted, RIAs and high-net-worth individuals are becoming a primary growth engine for the asset class, in contrast to the institutional dominance of past decades.

Industry voices emphasize that capital-raising in this environment is less about finding farmland, which remains broadly available, and more about connecting with investors, structuring investment vehicles appropriately, and delivering consistent performance.

Our View: Farmland’s Democratization is Already Underway

At FarmTogether, we see these developments as validation of a market transition that has been building for years. Institutional-grade farmland management is no longer the sole domain of pension funds and endowments. Accredited individuals and RIAs are increasingly seeking access to the same caliber of assets, often through structures that offer flexibility in hold periods, crop types, and investment sizes. In short, the wealth channel is turning into farmland.

While regulatory change could accelerate this shift, the trend is already in motion. The consolidation and platform expansion now occurring in farmland investment point toward a future in which both scale and investor accessibility are key differentiators. Within that expanding landscape, different models are emerging. Some focus heavily on row crops, while others, like FarmTogether, specialize in professionally managed permanent crop farmland across the West Coast, offering distinct long-term return, diversification, and resilience characteristics.

While we serve both institutional and individual investors, our mission is rooted in access: creating high-quality, professionally managed farmland opportunities that also offer individual accredited investors access to a historically exclusive asset class, without compromising on underwriting rigor, sustainability standards, or operational transparency. From 1031 exchange structures to our Sustainable Farmland Fund to customized portfolios and SMAs, we offer flexible ways to participate in professionally managed farmland.

In our view, the future of farmland investing lies not just in scale, but in accessibility — and the platforms that bridge that gap will define the next chapter of agricultural finance.

The Bottom Line

Whether through policy reform, acquisitions, or innovative access models, farmland is moving from a niche institutional allocation to a more broadly held real asset. For investors, that creates both opportunity and competition. This makes early, informed entry all the more valuable.

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