Area One Farms initially closes fourth farmland fund at $120 mln

Area One Farms has initially closed its fourth farmland private equity fund, securing $120 million. The investors were not disclosed. Area One Farms Fund IV, which is targeted to raise $250 million, last year received a $100 million cornerstone commitment from a Canadian institution, Buyouts reported. Area One Farms Fund III raised $130 million in 2017. Founded in 2011 by Joelle Faulkner and Benji Faulkner, Area One invests in family farms, helping them scale operations, acquire new land, develop assets, and transfer ownership to the next generation. The Toronto-based firm, which currently has farm partnerships in Alberta, Saskatchewan, Manitoba and Ontario, said Fund IV has completed two new partnership allocations.

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