Pacific Northwest Diversified
The Columbia Basin is one of the most water-secure irrigated regions in the United States — but only for holders of senior appropriative rights on the Columbia and Snake systems, or of documented US Bureau of Reclamation Columbia Basin Project deliveries. Fund 05 acquires that subset and diversifies across potatoes, tree fruit, and hops.
Why this strategy, why now.
Pacific Northwest specialty-crop production concentrates in the Columbia Basin (Washington and Oregon) and the Yakima Valley. Water rights are prior-appropriation with senior priority dates that predate most western states' regulatory adjudications. The durable value is in that priority — not in current-year yields.
How we underwrite this fund.
- Pre-1905 appropriative rights and Columbia Basin Project deliveries are scored parcel-by-parcel; rights junior to major adjudicated calls are not underwritten.
- Potato acreage is diversified across processing and fresh-market channels; the fund is not a bet on one buyer or one contract.
- Tree fruit (apple, cherry, pear) is underwritten against variety-specific replant economics and export-market exposure — Washington's apple export dependency is a real cycle risk.
- Hop acreage is treated as a specialty sleeve, not a core allocation — variety demand shifts fast.
Where the acreage sits.
Columbia Basin (Grant, Franklin, Adams counties, WA), Yakima Valley (Yakima, Benton), Umatilla Basin (OR), Willamette Valley (specialty). No participation in Klamath Basin.
What we do after the acquisition.
Regional asset managers coordinate with specialist operators on crop-specific plans. Water rights are documented and reviewed annually with counsel. Storage — potato, apple, hop — is diligenced at acquisition; parcels without adequate storage access are underwritten to that constraint.
What we watch, and what we don't hedge.
Water-right seniority is the durable protection; the shorter-cycle risks are variety demand shifts (apple especially), export-market disruption, and processing-contract concentration.
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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