Corn Belt Row Crop
The Corn Belt is the highest-quality row-crop farmland complex in North America. Fund 01 acquires fee-simple acreage across Iowa, Illinois, Indiana, and Ohio — targeting parcels with the productive index, drainage class, and operator tenancy that support long-horizon compounding without the volatility that comes with marginal soils or leased water.
Why this strategy, why now.
Corn Belt farmland turnover is structurally low — the median owner is in their seventh decade, roughly one-third of acreage transacts each generation, and the largest sellers are estate-driven rather than distress-driven. That supply pattern rewards patient capital with local relationships and an underwriting model built to hold rather than trade.
How we underwrite this fund.
- Fee-simple ownership only. No triple-net structures, no ground leases we cannot control at rollover, no earn-outs against yield.
- Prime productivity indices (CSR2 in Iowa, PI in Illinois) are the entry filter, but they are not the exit thesis. We underwrite each parcel on tile-drainage condition, subsurface texture, and multi-decade yield history — not on the last five prints.
- Operator tenancy is renewed selectively. Cash-rent tenants who reinvest in the ground are preferred over the highest-bid alternative; we treat the operator relationship as part of the asset.
- Precision-ag capital expenditure — variable-rate seeding, section-controlled application, and subsurface drainage upgrades — is programmed at acquisition and funded from a dedicated capex reserve, not from operating cash flow.
Where the acreage sits.
Iowa, Illinois, Indiana, Ohio. Underwriting weighted toward the central Iowa and east-central Illinois productivity cores, with selective participation in the Wabash and Scioto watersheds.
What we do after the acquisition.
In-region asset managers coordinate with tenant-operators on annual crop plans, drainage capex, and nutrient management. Every parcel is walked and photographed at acquisition, at spring green-up, and at post-harvest — not as diligence theater, but as the operating record that supports the hold thesis.
What we watch, and what we don't hedge.
Row-crop farmland is exposed to grain-price cycles, input-cost inflation (nitrogen especially), federal farm-bill policy, and localized weather. We hedge some of that through parcel diversification within the Corn Belt and through operator selection; we do not attempt to hedge price cycles at the fund level.
Structural notes.
Fund terms shown are structural summaries only. Prospective limited partners should refer to the Private Placement Memorandum, Limited Partnership Agreement, and Subscription Documents for complete terms, fees, and risk disclosures.
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