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Pharos launches private equity agriculture fund

Pharos Financial Advisors has launched the Pharos Miro Agriculture Fund, a USD350m private equity fund focused on acquiring and operating agricultural land in Eastern Europe, Eurasia and Africa.  

Pharos Financial Advisors is an emerging markets investment manager that is authorised and regulated by the Dubai Financial Services Authority. It is part of the Pharos Financial Group of companies that were founded in 1997.
 
The new fund is in partnership with Miro Asset Management, a part of Dubai-based Miro Holdings International. Miro is a global agriculture and timber operator that will act as asset manager for the fund overseeing arable land acquisitions and farm development.
 
Founded in 1997 by US national Peter M. Halloran with seed capital from Soros Fund Management and Credit Suisse, Pharos Financial Group currently manages three funds – the Pharos Russia Fund, the Pharos Small Cap Fund, and the Pharos Gas Investment Fund.
 
Halloran says: "We are excited to launch our new private equity agriculture fund. We have identified a high quality pipeline of arable farm projects that meet our targeted returns of 25 per cent annualized, including significant operating yield. Given global concerns over food security and the impacts of climate change, arable farms represent a timely investment in today’s world. By combining our emerging markets investing background with Miro’s extensive operating expertise in agriculture, we have created a significant edge for ourselves in identifying and running commercial arable farms."
 
Oliver Barnes, chief executive of Miro, adds: "We are happy to announce our new partnership with Pharos Financial Advisors to launch the Pharos Miro Agriculture Fund.  Leveraging the respective areas of expertise among our two firms, the fund will give institutional investors an ideal opportunity to invest in the new strategic asset of the 21st century. We have spent the past two years developing the pipeline of projects for the fund and putting together local farm management capabilities. This is a great time to acquire agricultural land and take a long view on soft commodity production."

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