MACQUARIE Group's agricultural division has launched a new cropping fund that will buy large-scale grain properties in Australia and Brazil.
Macquarie has been low-key about its target for the fund, but investors approached by the group said it might seek to raise as much as $US600 million ($672 million).
The launch of the fund, as foreshadowed by The Australian Financial Review, comes as the deregulated Australian grain industry faces major consolidation after Canadian giant Viterra's $1.6 billion acquisition of ABB Grain last year, and the recent takeover offer for AWB by GrainCorp.
Macquarie Agricultural Funds Management division director Simon Aboud confirmed the fund was under way, and an initial close was likely later this year.
The fund, named Macquarie Crop Fund, will purchase cropping country across Australia and Brazil based on the availability of scale and geography.
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