Conservation Resources announced the first investment of Conservation Resources Farmland II, L.P. (CRF II), acquiring a 155-acre permanent crop property in California that produces kiwi and citrus. The transaction positions Conservation Resources among the largest institutional owners of bearing kiwi acreage in the United States.
The acquisition reflects the firm’s strategy of targeting institutional-quality permanent crop farmland in supply-constrained markets where active asset management can create value beyond passive ownership. Conservation Resources said the farm will be managed using regenerative agriculture practices that the firm believes represent some of the most stringent standards in the industry. The company said this approach is intended to support long-term asset value creation while improving soil health, biodiversity, wildlife habitat, and water conservation.
CRF II completed a $54 million first close backed by existing investors and new anchor investor Achmea Investment Management B.V. Achmea IM will serve as investment advisor to European institutional investors and other clients investing in the fund. The fund has also been approved for inclusion on Achmea IM’s multi-asset impact platform.
The fund focuses on institutional-quality farmland properties and associated downstream assets across North America. Conservation Resources said the strategy is designed to generate returns above traditional farmland benchmarks by leveraging premium commodity markets, operational efficiencies, and additional non-commodity revenue streams.
The California acquisition follows the final close of Conservation Resources’ inaugural farmland fund in August 2024. Since 2022, the firm’s agriculture platform has raised more than $275 million and invested across multiple geographies and commodity categories. Recent transactions include a $20 million regenerative-organic integrated farmland investment in the Pacific Northwest and $9 million invested through a partnership with one of the largest cattle producers in the United States to implement regenerative pasture and native grassland programs in the High Plains.
Founded in 2004, Conservation Resources is an alternative investment specialist focused on timberland and farmland investments. The firm said it has invested more than $1.3 billion through its private equity investment strategies. In 2025, Conservation Resources was named to the ImpactAssets 50 list of top impact fund managers.
CRF II remains open to qualified investors and expects to make capital calls in 2026 and 2027.
KEY QUOTE:
“This acquisition reflects exactly the type of differentiated opportunity we built CRF II to pursue. Bearing kiwi acreage in California is scarce, difficult to develop, and increasingly sought after as domestic demand for kiwi grows. Pairing that with citrus gives us multiple value streams within a single asset, and positions Conservation Resources as a meaningful institutional presence in a crop category where we see compelling long-term fundamentals.”
Stavros Koutsantonis, Chief Operating Officer And Head Of Agricultural Investment Strategies, Conservation Resources
