Background Note | HBS Case Collection | November 2010 (Revised October 2012)

Farmland Investing: A Technical Note

by Ray Goldberg, Arthur I Segel, Gustavo Herrero and Andrew Terris


This note seeks to provide an overview of farmland investing, the investment thesis behind investing in agriculture, how and why investors would choose farmland, and the general risks and return characteristics of this asset class. In recent years, a growing number of individual and institutional investors have allocated a portion of their capital into agricultural farmland. Private investors, public companies, and sovereign wealth funds are now all currently purchasing and selling large amounts of farmland for profit.

Keywords: Agribusiness; Investment; Investment Return; Risk Management; Property; Agriculture and Agribusiness Industry; Financial Services Industry; Real Estate Industry; Asia; United States; South America;


Goldberg, Ray, Arthur I Segel, Gustavo Herrero, and Andrew Terris. "Farmland Investing: A Technical Note." Harvard Business School Background Note 211-022, November 2010. (Revised October 2012.)