TIAA-CREF closes second agriculture fund at $3 bln

Financial services provider TIAA-CREF has raised $3 billion for its second global agriculture fund, beating its $2.5 billion target, the company announced today.

TIAA-CREF Global Agriculture II LLC will focus on farmland assets in North America, South America and Australia.

The fund’s limited partners include AP2, Cummins UK Pension Plan Trustee Ltd., Environment Agency Pension Fund, Greater Manchester Pension Fund and New Mexico State Investment Council.

TIAA-CREF’s previous agriculture fund closed at $2 billion in May 2012, exceeding its $1.5 billion target. Performance data was unavailable.

New York-based TIAA-CREF has been expanding its $130 billion alternative asset management platform. Two months ago, TIAA-CREF, and its subsidiary GreenWood Resources, formed Global TImber Resources, a $667 million global timber company.

TIAA-CREF relaunched Churchill Asset Management LLC, a mid-market lender, in April. TIAA-CREF also bought Nuveen Investments from Madison Dearborn Partners last year for $6.25 billion.

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