Asset & thesis
20,000 hectares of productive farmland in Santa Cruz, Bolivia.
An integrated soybean, maize and breeding-cattle programme in one of South America's most dynamic agricultural frontiers — acquired at a deep discount to developed land values.
Location
Department of Santa Cruz
Eastern Bolivia's agricultural heartland around San Ignacio de Velasco in the Chiquitanía region — fertile soils, reliable rainfall seasons and established soybean export logistics.
| Region | Santa Cruz, eastern Bolivia (Chiquitanía) |
|---|---|
| Portfolio | Four estates of ~5,000 ha, one acquired per year |
| Productive area | ~16,000 ha at full build-out |
| Use | Integrated soybean / maize cropping and breeding cattle |
| Land selection | Titled estates with independent survey, title and environmental review per estate |
Operating model
Six steps per estate.
- STEP 01SecureAcquire ~5,000 ha estates with executive title, including land already in production.
- STEP 02DevelopDevelop ~1,000 ha per year per estate under permit using mechanical methods — no burning.
- STEP 03ConserveRetain ~20% of each estate as legal forest reserve and natural habitat.
- STEP 04CropHalf of developed land to cropland: ~80% soybean, ~20% maize in rotation.
- STEP 05BreedHalf to improved pasture for ~2,000 breeding cows per estate.
- STEP 06IntegrateMaize stubble feeds the herd in the dry season — lower cost, higher resilience.
Value drivers
Two return engines: appreciation and production.
Land re-rating
Development lifts land from ~USD 800/ha to the USD 2,000–3,000/ha range of developed regional comparables.
Operating yield
Soybean and maize harvests plus calf sales generate recurring cash flow from the ramp-up phase onward.
Integration margin
Crop residues as feed, rotational grazing and shared machinery lower unit costs across the portfolio.
Structural demand
Global protein and oilseed demand anchors long-term value of productive South American farmland.
Programme economics
Sponsor base case
Targets, not guarantees. Returns are sensitive in particular to the exit valuation.
| Item | Figure | Comment |
|---|---|---|
| Total capital programme | USD 38.6 million | Deployed over years 1–5 |
| Wave 1 tranche | USD 10.0 million | Two closings of USD 5.0 million |
| Land portfolio | 20,000 ha | Four estates of ~5,000 ha; ~16,000 ha productive at full build-out |
| Entry land value | ~USD 800 / ha | Titled, undeveloped land |
| Developed comparables | USD 2,000–3,000 / ha | Developed cropland in the region |
| Target IRR (base case) | 19% pre-tax / 16% post-tax | Sensitive to exit valuation |
| Target multiple | 3.5x MOIC | Before performance allocation |
| Cash yield phase | From year 7 | Exit / liquidity event targeted around year 10 |
ESG & stewardship
Responsible development by design.
Legal reserves
~20% of every estate retained as forest reserve and habitat corridors.
No-burn development
Permitted mechanical land preparation only; satellite monitoring of every estate.
EUDR-ready evidence
Geo-referenced, hash-attested land-use evidence supporting EU Deforestation Regulation due diligence.
Read the principal risks in the Risk Summary. Full diligence materials are available in the Data Room.