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BrasilAgro
Founded in 2006 by Argentine-Brazilian billionaire Elie Horn, BrasilAgro was conceived as a land-transformation vehicle rather than a passive farmland...
BrasilAgro
Founded in 2006 by Argentine-Brazilian billionaire Elie Horn, BrasilAgro was conceived as a land-transformation vehicle rather than a passive farmland holder. The company listed on the Novo Mercado segment of Brazil's B3 exchange, with operations spanning grain, sugarcane, and livestock production. Horn, who built Cyrela Brazil Realty into the country's largest homebuilder, applied a developer's mindset to agriculture: buy raw or degraded land, install infrastructure, improve soil and yields, and sell the upgraded asset at a premium. The strategy targets undervalued rural properties across Brazil's agricultural frontier, including the Cerrado region of Maranhão, Piauí, and Bahia, as well as more established areas in Mato Grosso and São Paulo state. BrasilAgro cultivates soybeans, corn, cotton, and sugarcane on its transformed land, often rotating with cattle grazing to rebuild soil organic matter. The firm holds a portfolio that has exceeded 200,000 hectares, with a portion operated directly and other parcels leased to third parties. Confirmed divestitures include a 3,700-hectare farm in Bahia sold in 2021 and a cluster of properties in Mato Grosso sold to a Canadian pension fund. CEO André Guillaumon has run the company since 2019, steering a lean team from São Paulo. BrasilAgro's parentage connects it to Horn's broader investment empire, though the firm operates as a standalone agricultural operator with independent public-company governance. The company pays dividends linked to land-sale gains, creating a direct alignment between management and shareholders. As of late 2024, the firm continued evaluating new land acquisitions in frontier regions while preparing mature farms for monetization. BrasilAgro sits at a junction that few competitors occupy: a liquid, exchange-listed vehicle for capturing the illiquidity premium in raw-land conversion. Unlike traditional farming operators, its returns derive substantially from capital appreciation on land sales rather than operating margin alone. The structure offers institutional investors a proxy for Brazilian farmland exposure without the lockups and redemption constraints of a closed-end private-equity fund. Succession and capital-allocation discipline remain tied to Guillaumon and the board's ability to identify new tracts that can be purchased below replacement cost, developed, and sold into strong agricultural commodity cycles.
General information
Firm type
Asset Manager
Year founded
2006
AUM
Undisclosed
Location
Region
Latin America
Country
Brazil
City
São Paulo
Corporate office
São Paulo, SP, Brazil
Principals
André Guillaumon
CEO
Sector focus
Frequently asked questions
Who runs investment decisions at BrasilAgro?
CEO André Guillaumon leads the executive team and is responsible for major land acquisition and divestiture decisions, reporting to a board chaired by founder Elie Horn. The investment committee reviews all large property transactions before board approval.
How does BrasilAgro source land for acquisition?
The firm identifies underperforming or raw-land properties in Brazil's agricultural frontier through a proprietary network of brokers, local contacts, and direct outreach to landowners. Properties must meet criteria for soil improvement, logistics access, and climate suitability before purchase.
Is BrasilAgro structured as a family office or does it operate more like an agricultural fund?
It operates as a publicly traded operating company on Brazil's B3 exchange, not a family office. While founder Elie Horn is a controlling shareholder through his investment entities, BrasilAgro has independent governance, audited financials, and a mandate to maximize shareholder returns through land transformation and resale.
Does BrasilAgro participate in fund commitments or only direct deals?
The company invests directly in physical farmland and does not allocate capital to third-party funds. All agricultural operations are either managed in-house or supervised through leasing arrangements, maintaining operational control over the land-improvement cycle.
What investment stages does BrasilAgro typically target?
BrasilAgro targets early-stage land development — undeveloped or degraded properties that require infrastructure investment, soil conditioning, and initial planting before reaching commercial productivity. The firm exits assets once they reach mature yield levels and can command premium pricing.
Which sectors does BrasilAgro explicitly avoid?
The firm does not invest outside agricultural land and related production. It does not pursue real estate for residential or commercial development, nor does it hold non-agricultural operating companies.
How is BrasilAgro related to Elie Horn's other businesses?
Elie Horn founded both BrasilAgro and Cyrela Brazil Realty, but the two companies operate independently with separate management teams and exchange listings. Horn's family interests hold significant stakes in both firms, but BrasilAgro's land-transformation mandate is distinct from Cyrela's residential and commercial development focus.
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