By Gerelyn Terzo, Global AgInvesting Media
In a bustling Australian cattle industry marked by consolidation and a push toward sustainability, one fund manager is exerting its influence in the premium protein supply chain. New Forests, a Mitsui- and Nomura-backed manager specializing in nature-based real assets and natural capital strategies, is acquiring a 50 percent stake in McPhee Beef Farms, a large-scale beef breeding enterprise in the New England region of New South Wales. The deal marks the fourth Australian investment for New Forests’ A$600 million Australia New Zealand Landscapes and Forestry Fund (ANZLAFF), expanding the vehicle’s reach into high-value beef production and adding another cornerstone asset to its diversified portfolio.
Under the terms, New Forests will reportedly have up to two years to decide whether to acquire the remaining half from the McPhee family, which has spent decades building and improving the aggregation. Known for its rich basalt and soft loam soils, the property is home to the Maria River Cattle Company Angus herd, crossed with fullblood Wagyu bulls, producing some of Australia’s most sought-after F1 Wagyu beef. Going forward, ownership will be shared between the McPhee family and New Forests’ institutional investor-backed fund.
McPhee Beef Farms spans roughly 8,400 hectares (20,756 acres) of freehold land across a pair of main holdings: Benditi Aggregation and Glen Eagle, located close to Yarrowitch and Walcha. As part of the deal, the property will become known as Benditi Pastoral Company and will sit under New Forests’ management, with support from its farmland platform New Agriculture.
The fund manager’s investment strategy targets a “whole of landscape” model designed to strengthen returns by layering production with potential carbon projects and regenerative practices. Additionally, New Forests plans to explore on-farm decarbonization measures, ranging from lowering vehicle emissions to sourcing energy through renewables, aligning the asset with broader sustainability and natural capital goals.
New Forests’ ANZLAFF fund closed on approximately A$600 million in commitments in early 2025 from a global investor lineup including Australia’s Clean Energy Finance Corporation, Japan’s Kyushu Electric Power, Germany’s BVK and Sweden’s AP2. Earlier this year, New Forests revealed that subsidiary New Agriculture was raising A$750 million for its Landscape Opportunities Fund (NALOF) from institutional investors, with agriculture as the core focus. The latest deal is yet another sign of institutional capital reshaping the ownership of Australian agricultural assets, particularly those with exposure to both global protein demand and natural capital opportunities.
Of the latest deal, New Forests Managing Director for Australia and New Zealand and Global Head of Investments David Shelton stated, “The McPhee asset is a quality business which aligns perfectly with our whole of landscape approach where we can position investors to benefit from the best use of the landscape, while combining additional revenue streams such as carbon and biodiversity.”
New Agriculture currently oversees more than A$1.5 billion in assets across 3.1 million hectares (7.7 million acres). ANZLAFF previously acquired a trio of sites in the central tablelands of New South Wales as part of its greenfields aggregation program. Upon approval, the latest transaction will cement New Forests’ presence in premium beef production, bridging institutional capital with family farming legacy in one of the nation’s most historic pastoral regions.
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