A private-equity style investment fund that will put money into agriculture in Africa has raised almost €2 billion from an American pension fund.
The Africa Land Fund, created by the UK-based hedge fund Emergent Asset Management, wants to raise a total of €3 billion and is canvassing a range of investors. It plans to invest in agricultural land and livestock, including African game, which will be sold on to private reserves and safari parks.
The fund also plans to develop biofuel crops on marginal land, saving prime agricultural acreage for crops to feed people.
