At our August member webinar this month, the team walked through the state of play on our Argentine real-asset work. We don't consult on things we haven't put our own capital and time into — so these updates come straight from the people who are on the farms, in the trucks, and across the table from sellers, not from a desk in the Caymans. Here is where the farm projects stand.
Why Argentina, and why now
The farmland thesis rests on a simple observation: Argentine farmland still trades at a meaningful discount to comparable land across the river in Uruguay, and further still to the United States and Europe — often several times cheaper for soils that are, in many cases, every bit as good.
That gap is beginning to close. Years of restrictions and heavy export taxation on agriculture suppressed both commodity prices and land values inside the country. Much of that has been unwound over the past eighteen months, with export levies coming down on a published schedule. As profitability normalizes and Argentine commodity prices reconnect with international markets, land values have historically followed. We are watching that catch-up begin in real time.
Layered on top of that country-specific story is a broader macro backdrop our team has written about at length: tight fertilizer and input supply, disrupted global logistics, and a commodity cycle we believe is turning. Food and farmland sit squarely in the middle of it.
The team is the moat
The reason we are comfortable here is the people doing the work. Our farm principals are a multigenerational Entre Ríos farming family. One brother spent more than a decade finding underutilized land in the United States and developing it, then returned to Argentina to do the same thing at home. The other has spent fifteen years building a specialized agri-management business, today advising on roughly two dozen farms across more than 100,000 hectares and some 40,000 head of cattle — much of it covered on horseback, month after month.
That footprint matters for one practical reason: almost everything worth buying in this region trades off-market. Land that gets publicly listed draws a crowd and an asking price to match. Our sourcing runs through local relationships and proprietary analysis tools that let us screen a property — soils, water, slope, current operator, historical performance — in minutes rather than weeks. We aim to be at the table before a farm ever hits the market.
The farm under negotiation
We are in advanced negotiations on a roughly 3,000-acre property in Entre Ríos, sourced off-market from a motivated multi-generational seller whose next generation has no interest in farming. Around 2,000 acres are currently in livestock and 1,000 in crops.
What drew us in is the water. The property sits on an exceptional shallow aquifer, with wells capable of very high flow rates and excellent water quality, plus surface-water sources — enough to support meaningful irrigation development. It also comes with real, working infrastructure already in place: a lake and dam, rice storage and drying capacity, an established wheat crop, pasture improvements, and a modern solar-powered water-distribution system feeding cattle troughs across the property. Much of the value of that infrastructure was never reflected in the sale math, which is part of what makes the entry attractive.
The value-creation levers are the interesting part, and they are the same disciplines our team has applied elsewhere:
- Virtual fencing — removing historic internal fences and roads that block water and fragment paddocks, consolidating the land into far more productive blocks and improving contracting terms.
- Irrigation development on the best soils, which lifts yields, profitability, and ultimately land value.
- Woodland-to-cropland conversion where appropriate — converting protected woodland with reliable underground water into productive agricultural land, one of the highest-return moves available in the province.
Where things stand
We expect to move to a binding offer in the coming days, with a due-diligence period built into the contract. The near-term goal is to be settled by around the end of September to catch the spring planting season, and fully operational by November. The Riverland raise is well advanced against its target, with the balance expected to close over the coming weeks.
Additional progress: Añelo Oasis
On the real-estate side, the Añelo Oasis project has pushed through an unusually wet, snowy Argentine winter. Steel foundations were fabricated in Buenos Aires and shipped down; waterproofing and concrete work has to be timed to weather windows, and we currently have a good one. We remain on schedule for the first units to reach lock-up by the end of November, with project completion targeted for the end of Q1 / April 2027. Demand indications from workforce-accommodation operators have been strong, and we expect to move toward formal rental discussions once the first buildings are out of the ground.
Walking the talk
Both projects come back to the same principle. We are not pointing clients toward Argentine real assets from a distance — we are the ones negotiating the farm, pouring the concrete, and standing in the snow to get it done. That is the whole point of how we are built.