By Gerelyn Terzo, Global AgInvesting Media
Fresh capital continues to find its way into U.S. farmland as investors seek scale, resilience and durable income tied to food and agriculture. The Manulife Permanent Cropland Plus Fund (MPCPF), a real asset fund, has marked a key milestone with a $289 million final close of the investment vehicle, rounding out a portfolio of over a dozen investments spanning permanent crop farmland and value-chain opportunities across the U.S.
Manulife’s strategy harnesses row crops such as corn and soybeans alongside higher-value permanent crops including blueberries and almonds, underscoring a diversified approach designed to balance productivity with long-term stewardship. Taken together, the investments reflect a broader push to align institutional capital with scalable agricultural assets that emphasize sustainability, operational efficiency and enduring value creation.
Launched in 2022, based on public filings, the Manulife Permanent Cropland Plus Fund set a lofty early fundraising goal of $500 million at which time it reported total commitments of $201 million amid a hybrid strategy targeting a combination of resilient farmland assets with ag infrastructure. At that time, Manulife was seeking to tack on an additional nearly $300 million in commitments.
Soon after the fund launch, Manulife Investment Management announced a minority partnership with Parreira Almond Holding Company, a family-owned almond hulling, shelling, processing and marketing business based in California. The deal marked one of the fund’s early farmland-plus commitments, designed to extend value capture beyond land ownership into processing and market access while helping secure a steady supply of high-quality U.S.-grown almonds for broader industrial channels.
Of that investment, Stuart Pattillo, senior portfolio manager, agriculture, Manulife Investment Management, previously stated, “This partnership is the first of many farmland plus investments we anticipate will be included in the MPCPF portfolio. It brings potential additional value capture through vertical integration and exposure, increased revenues and returns, enhanced diversification and access to various end markets while providing a reduction in price volatility associated with traditional farmland and tree nut assets.”
Permanent crops form another core pillar of the portfolio. The fund has invested in established almond assets positioned to deliver consistent performance even during lower-price environments, supported by integrated value-chain exposure that strengthens long-term cash flows. Blueberries represent a growth-oriented allocation, with assets located in premier growing regions that benefit from access to processing infrastructure, improved genetics and rising global demand for fresh fruit.
The portfolio also extends into specialty crops, including a premium cranberry operation that adds both a new commodity and geographic exposure. Manulife points to strong historical performance and market demand for cranberries as key contributors to the fund’s diversification profile.
Taken together, the mix of row crops, permanent crops and value-chain investments reflects a broader effort to balance stability and growth within U.S. farmland. By pairing scale with crop and regional diversification, the Manulife Permanent Cropland Plus Fund is positioning itself to capture long-term agricultural fundamentals while managing the inherent volatility of commodity markets.
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