By Sarah Day Levesque

 

TIAA-CREF’s Global Agriculture II Fund, which launched in 2014 and has raised more than $1.6 billion to date, has raised an additional $13.4 million, according to an SEC filing dated June 10. This latest raise for the pooled investment fund comes from 38 investors and follows previous commitments to the fund from Second Swedish National Pension Fund (AP2) and U.S. sovereign wealth fund, New Mexico State Investment Council. Both this fund and the first TIAA-CREF’s first Global Agriculture investment company, which was valued at $2.99 billion at it’s close in 2013, focus on cropland investment in the U.S., Brazil and Australia. The Global Agriculture II Fund is targeting a corpus of $2.5 billion, with an expected net internal rate of return (IRR) of between 8% and 12%.

 

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