By Gerelyn Terzo, Global AgInvesting Media
Spanish bank Santander and Group Atitlan have secured €300 million (US$324.7 million) for an agriculture investment vehicle. The fund, dubbed ATGRO SCR, was registered with Spain’s stock market regulator last month, reflecting market demand for alternative investments including real assets and the diversification they bring to a portfolio.
Launched in September 2024, ATGRO is a private equity fund designed to invest in agriculture projects with a view to strengthen the industry across Europe, the Americas, Africa and Asia, securing initial contributions of €200 million (US$220 million) from Santander and €50 million (US$55 million) from Atitlan.
Managed by Santander Alternative Investments (SAI) and Atitlan subsidiary Elaia, the fund strategy is to invest in dried fruits and superfruits while targeting a sustainable production model. ATGRO has so far attracted investment commitments from domestic and international private investors, as well as early support from anchor investors Santander and Atitlan. ATGRO is more than halfway to its goal of raising €500 million (US$541.2 million) in capital by Q3 2025, saying that it’s currently in “advanced discussions with several institutional investors interested in the project.”
ATGRO has so far directed €125 million (US$135.0 million), or 25 percent of the fund’s target size, in investments across two assets. These include investments in 3,000 hectares (7,413 acres)of pistachio trees and 5,000 hectares (12,355 acres) of vineyards by Atitlan and Ecosac, respectively, the latter of which is a major exporter and shareholder in the fund. The fund is actively pursuing additional opportunities in Europe and Latin America that would bolster its invested capital to beyond the €250 million (US$270.6 million) threshold.
Since its maiden olive grove project nearly two decades ago, Atitlan’s Elaia has expanded into almonds, oranges, tangerines, lemons, grapefruits, avocados, and pistachios in Spain, Portugal and Morocco.
In a recent LinkedIn post, Santander noted that global food demand is poised to rise by 50 percent by 2050, making the need for innovation in agriculture critical. In that year, the global population is expected to increase by nearly 2 billion people to 9.7 billion, according to UN data, and could hit almost 10.4 billion in the following decades. Santander and Atitlan say their partnership reflects their commitment to the agri-food sector, which is undergoing a transformation to a more scalable and sustainable model to ensure better food security.
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