Spain's Gannet raises €25M toward €100M sustainable farming fund
What's the deal? Gannet Partners has raised €25 million in the first close of Gannet Natural Capital II FCR (GNC II), its second private equity fund targeting productive, sustainable agriculture in the Iberian Peninsula. The fund has a €100 million target. Its investor base spans family offices, multifamily offices, and insurers, alongside retail investors who can enter from €100,000.
What's the endgame? GNC II will invest mainly in Spain and Portugal, building a portfolio of modernised, technology-driven farms. It combines greenfield plantations with the acquisition and improvement of existing holdings, writing tickets of €5 million to €15 million per project.
The details: Olive groves will make up 50% to 60% of the portfolio, with almonds at 20% to 30% and citrus — mainly mandarins and clementines — at 10% to 20%. The fund adds long-term supply contracts with large distributors and tools such as precision irrigation, sensors, and remote monitoring.
Why now? "Iberian agriculture is an essential sector that is still very fragmented and in the midst of institutionalisation," said Borja de Roda, director of Gannet Natural Capital (translated from Spanish). He pointed to challenges including labour shortages and climate change.
The track record: Gannet's first sustainable agriculture fund closed in March 2024 with close to €70 million in commitments. It is fully invested across nine deals, with a portfolio of more than 2,700 hectares of olive and almond groves in Spain and Portugal, and paid its first dividend in May 2024.
The signal: The first close signals traction but remains well short of target. Investor appetite for regenerative farmland is holding up — SWEN Capital Partners raised €125 million for its regenerative agriculture fund and Kempen SDG Farmland has topped €500 million in commitments — though Gannet's success will hinge on turning capital into verifiable, sustainable results.
Read more: capital-riesgo.es
Image credit: Lars Plougmann
