March 24, 2016

TIAA Global Asset Management (TGAM) and ag and food-focused private equity firm, AGR Partners have filed with the Securities and Exchange Commission (SEC) for the launch of a $600 million agribusiness fund. The fund will be a pooled fund and Teachers Personal Investors Services, Inc. is identified as the recipient of a $3 million sales commission from the offering.

Under the filing, TIAA-CREF Alternative Advisors and AGR Partners are listed as fund managers, while JohnGoodreds, Managing Director, and Jose Minaya, Senior Managing Director, both at TIAA Global Asset Management, and Ejnar Knudsen, managing partner at AGR Partners, are listed as executive officers.

The impended fund launch follows closely upon organizational and operational shifts being made at both firms.

In the beginning of February, TIAA announced it was launching a new business unit dedicated exclusively to expanding the group’s real asset capabilities. Designed to facilitate growth through the aligning of affiliates, business teams and strategies, the new unit was established as a ‘stand-alone business’ and includes the company’s agriculture, timber, global real estate, infrastructure, and energy teams, along with subsidiaries, TH Real Estate, Westchester Group Investment Management, GreenWood Resources, and Churchill Asset Management.

In addition, within weeks of the launch of its new business unit, the group announced a re-branding to TIAA, and announced that it has rebranded its investment business as TIAA Global Asset Management as part of the group’s strategy to reposition the asset management business as a ‘distinct brand in the marketplace’.

Meanwhile, in December, AGR Partners announced the opening of a new office in Chicago in order to expand its national coverage and to support the company as it seeks new opportunities to invest along the food and agriculture value chain.  The office will be led by AGR managing directors, Keith Freeman and Michael Solot – both with AGR since 2014.

Additionally, the firm announced the expansion of its Advisory Board Team, adding two new members – Douglas R. Circle and Richard T. Crowder. The two new members will be joining Duane “Butch” Fischer and Dan O’Neill who were named to the board earlier this year.

“Our advisory board helps to execute AGR’s investment strategy as well as to assist portfolio companies with strategic direction and business insight,” said Knudsen in a company statement. “These new advisors are influential business leaders with deep industry expertise,” said Knudsen, adding, “they bring a combined business experience of 100+ years to all of our portfolio companies.”