The FarmTogether Sustainable Farmland Fund seeks to deliver durable income and long-term capital appreciation through direct ownership of high-quality U.S. farmland, with a focus on sustainable, income-producing permanent crops.
The Fund targets a diversified portfolio of small- to mid-sized farms in prime agricultural regions, emphasizing off-market acquisitions and disciplined underwriting. The strategy aims to enhance cash yield, improve operational efficiency, and support long-term asset value while providing exposure to a historically resilient real asset with inflation sensitivity and diversification benefits.
Through acquisitions of cash flow generating farms, FarmTogether underwrites acquisitions to an annual Target Net Distribution of 4-6% and a Target Net IRR of 8-10% based on a 10-year hold of the investment.
*Target Net Returns and Distributions are not guaranteed and are projections based on FarmTogether's underwriting.
Offering Details
Upcoming Webinar
Additional offering details
Target Fund Raise Size: US $250M
Liquidity: Quarterly withdrawal rights after a two-year lockup period
About FarmTogether
FarmTogether is a farmland investment firm providing investors with access to high-quality real asset opportunities. The firm focuses on sourcing, acquiring, and managing high-quality farmland across the United States, with a specialization in permanent crops. FarmTogether combines deep agricultural expertise, rigorous due diligence, and technology-enabled sourcing to deliver scalable farmland investment solutions with a commitment to sustainability.
*Total portfolio of closed bespoke, crowdfunding & fund deals, excluding sold deals.
About the investment
Investment opportunity
Farmland is a vast and untapped asset class, with less than 3% of farms being owned by institutional investors. Farmland offers access to a real asset with durable, long-term demand fundamentals. Food production is essential, non-discretionary, and supported by population growth and global consumption trends. Farmland generates value through both ongoing income from crop production and long-term appreciation of the underlying land.
The FarmTogether Sustainable Farmland Fund invests directly in high-quality U.S. farmland, focusing on prime agricultural regions including California, the Pacific Northwest, the Upper Midwest, and select Southwest markets.
1 USDA National Agricultural Statistics Service, Census of Agriculture, 2026 (latest published data)
Emphasis on off-market sourcing and operational scale to drive value creation
The strategy targets small to mid sized farms ($1M - $10M) through off market and lightly intermediated transactions, improving entry pricing in a fragmented market. By building regional, co-located portfolios around proven operators, the fund seeks to unlock operational efficiencies, reduce costs and position the portfolio for value accretive exits.
Sustainability and Risk Management Practices Intended to Support Long-Term Return Objectives
Sustainability is embedded in the investment and management process, with assets managed in accordance with the Leading Harvest Farmland Management Standard. Combined with rigorous, technology-enabled due diligence and proactive risk management focused on water, climate, and operator quality, the Fund aims to preserve asset quality, reduce downside risk, and support long-term resilience of returns.
Asset class allocation and geographic exposure
Performance highlights
The Fund processed the annual distribution for 2024 in 1Q25, which was in-line with the Fund's 4-6% Net Cash Yield Target. This marks a second consecutive year of meeting the Income Target.
Year-to-date, the Fund has outperformed NFI-W by 475 basis points year-to-date and by 243 basis points against the overall benchmark index (NFI). The Fund continues to exceed the benchmark after two consecutive years of outperformance in 2023 and 2024 at 520 basis points and 321 basis points, respectively.
In 2024, the benchmark index had its first negative year since inception in 1990, with its permanent crop portfolio declining -10.2%, driven by a -11.8% asset value drop, partially offset by +1.7% income returns.
The Fund's portfolio — 90%+ in permanent crops — declined -0.1% in value in 2024 and holds +13.9% of booked unrealized appreciation since inception.
About the investment team
This team brings decades of experience across farmland investing, agriculture, and institutional asset management.
Team leadership includes:
Executive leadership
David Gould, Chief Executive Officer
David has over 30 years of experience in various financial roles on Wall Street, predominantly in asset management. Prior to joining FarmTogether in 2024, he most recently led capital markets, investor relations, and ESG at AMERRA Capital Management, which focuses on food & agribusiness investments across private credit and private equity.
David received an MBA in Finance and an MA in Latin American Studies from the University of Chicago with high honors, and a BA cum laude from Duke University in Economics and Public Policy Studies.
Artem Milinchuk, Founder and Head of Strategy
Artem has over 15 years of finance experience in food, agriculture, and farmland. Prior to founding FarmTogether in 2017, Artem was CFO at Full Harvest Technologies and has held positions at Ontario Teachers’ Pension Plan, Ernst & Young, and PWC.
He holds an MBA from The Wharton School.
Brittani Baxter, Head of Product and Technology
Brittani brings over 15 years of research and product management experience to the FarmTogether team, with a specialization in product development at early-stage Fintech startups. Prior to joining FarmTogether in 2022, Brittani spent 3 years at FutureAdvisor (acquired by BlackRock).
She holds a BA from the University of Chicago, where she researched Behavioral Economics.
Gretchen Montague, Head of Farm Management
Gretchen has over 10 years of experience in agriculture across a variety of crop types. Prior to joining FarmTogether in 2022, she was responsible for asset management of over 5,000 acres of wine grapes for Hancock Farmland Services, part of Manulife Investment Management's private markets platform.
Gretchen holds a Bachelor’s degree in Agricultural Business and Management from California Polytechnic State University - San Luis Obispo.
Sara Wensley, Head of Marketing
Sara has 12 years of marketing experience with an expertise in developing and scaling growth-driven programs for early to mid stage companies. Prior to joining FarmTogether in 2020, Sara was leading growth and acquisition at AngelList.
Sara holds an MSc in Marketing with distinction honors from the UK's Durham University Business School, and a BAS in Psychology Magna Cum Laude from the University of California, San Diego.
Sheryl Morse, Head of Accounting
Sheryl has over 30 years of experience in accounting across various segments of the agriculture industry across permanent crops and poultry. Prior to joining FarmTogether in 2022, Sheryl most recently worked in the private poultry sector serving as CFO of a large, privately owned poultry processor.
Sheryl is currently a licensed CPA and graduated from Pennsylvania State University with a bachelor's degree in Accounting.
Why FarmTogether
Access and specialization
Focuses on small to mid-sized farms often overlooked by institutions, leveraging a fragmented market to source off-market opportunities through deep relationships and operator networks.
Proprietary technology and underwriting
Uses the Terra platform for data-driven sourcing and portfolio construction, supported by rigorous due diligence and conservative underwriting to manage risk and drive long-term performance.
Operator-centric portfolio management
Builds co-located portfolios around proven operators to unlock efficiencies, scale operations, and enhance exit potential through institutional buyers.
Commitment to sustainability
Integrates sustainability into every stage of ownership, emphasizing water stewardship, soil health, and regenerative practices to protect long-term asset value and manage climate risk.
Risks
Agricultural and operational risk: Farmland performance is influenced by weather patterns, climate variability, pest pressure, and crop health. Operational outcomes also depend on the quality and execution of farm managers and operators. While active management and oversight are applied, agricultural results can vary year to year.
Market and financial risk: Returns may be affected by changes in commodity prices, input costs, interest rates, and broader economic conditions. The use of leverage can amplify both positive and negative outcomes. There is no guarantee that target returns, income levels, or exit values will be achieved.
Liquidity and asset-specific risk: Farmland investments are illiquid and may limit the ability to sell assets quickly or at desired valuations. Asset-specific factors such as water availability, water rights, and regional regulations can materially impact long-term performance. Investors should be prepared to hold investments through full market cycles.
Note: This is not an exhaustive list of risks. Please refer to the offering documents for a comprehensive understanding of risks associated with this investment. In the event this offering generates unrelated business taxable income, which may subject an individual retirement account (“IRA”) to certain tax filings and payments, FarmTogether, Inc. (“FarmTogether”) will establish a blocker corporation (“Blocker Corporation”) for the payment of U.S. federal income tax; provided, however, that FarmTogether receives not less than $500,000 in aggregate capital commitments from tax-exempt investors. In the event the Blocker Corporation is established prior to the acquisition of any investment interests, any capital contribution made by IRA investors will be made to the Blocker Corporation, which will acquire the interests in the offering. In the event the Blocker Corporation is established after the acquisition of any IRA investment capital by the fund, Alto and FarmTogether will cooperate to transfer the interests to the Blocker Corporation. Any costs and expenses of the Blocker Corporation will be paid solely by the investors that invest through a Blocker Corporation.
Offering Documents
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