Monday, 4 May 2015
Last updated 2 days ago
Mar 20 2008 | 12:40pm ET
Alberta, Canada-based Mosaic Investments has launched what it bills as the only private equity fund of its kind in Canada focused on acquiring farmland primarily in the provinces of Alberta, Saskatchewan and Manitoba.
The firm has raised C$3 million in seed capital for the Agcapita Farmland Investment Partnership and expects a first closing at of C$10 million in May. Mosaic has also finalized a third-quarter launch of a separate C$50 million fund, following the same strategy as its retail predecessor, open to institutional investors.
According to investment director Stephen Johnston, Agcapita captures both operating and capital appreciation returns by acquiring a portfolio of farmland, which it leases to operators on a cash rent and crop-sharing basis.
The fund is banking on the fertility and low cost of its targeted Canadian farmland to turn a profit. According to the firm, Canada is the third-largest wheat exporter in the world and in aggregate one of the largest agricultural producers in the world. Other factors such as farming infrastructure, low political risk and strong global macro drivers should also play in favor of the fund’s risk/return parameters.
Mosaic currently manages two other p.e. funds: The first focuses on cash flow positive Western Canadian business with direct or indirect exposure to commodity prices (target investment of C$3 to C$5 million) and the second focuses on commercial real-estate in non-major centers in Western Canada–primarily warehouses and office space.
Investment directors John Mackay and Harold Kunik round out Mosaic’s management team.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…