Great Plains Diversified
The Great Plains is not one market — it is a gradient. From dryland winter wheat in the western Kansas panhandle to Ogallala-irrigated corn in Nebraska and sorghum-dominant systems in western Oklahoma, the acreage that will remain productive over a multi-decade hold is the acreage with documented, defensible water allocation history — not the acreage with the highest recent yield.
Why this strategy, why now.
The Ogallala Aquifer has been drawn down unevenly across the region; some counties have decades of remaining saturated thickness, others are within a generation of returning to dryland. State groundwater management districts and formal allocation systems (Nebraska's Natural Resources Districts, Kansas's LEMAs) create defensible allocation rights where they exist — and rapid depletion where they do not. Fund 03 underwrites to that map, not to the average.
How we underwrite this fund.
- Allocation-history underwriting: every parcel's decade-plus pumping record, saturated-thickness measurement, and formal allocation status are documented before offer.
- The fund holds a deliberate mix of dryland and irrigated acreage — dryland provides the aquifer-independent floor; irrigated provides the yield uplift where the water is durable.
- Sorghum rotation is treated as a strategic dryland crop, not a cover — its water-use profile and ethanol demand make it complementary to wheat and corn.
- Center-pivot capital expenditure is programmed against expected residual saturated thickness, not against nameplate capacity.
Where the acreage sits.
Western Kansas, western Nebraska, eastern Colorado (Republican Basin), western Oklahoma, Texas Panhandle (selective — high aquifer diligence). No acquisitions in counties with less than 25 years of residual saturated thickness on current allocation.
What we do after the acquisition.
Regional asset managers coordinate with dryland operators on rotation planning and with irrigated operators on allocation reporting. Pumping is metered and reported annually; parcels approaching allocation ceilings are managed with reduced-cropping plans rather than aggressive short-term extraction.
What we watch, and what we don't hedge.
Ogallala depletion is a real, mappable, decades-scale risk — the fund manages it through geographic diversification and allocation-history underwriting rather than by ignoring it. Wheat and sorghum price cycles are secondary.
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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