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Farmland LP
Founded in 2009 by Craig Wichner, Farmland LP launched its first fund with $65 million targeting undervalued farms in California and Oregon.
Farmland LP
Founded in 2009 by Craig Wichner, Farmland LP launched its first fund with $65 million targeting undervalued farms in California and Oregon. The firm systematically acquires, converts, and re-tenants conventional farmland for organic and regenerative production — a value-add model that expands crop diversity and drives rent increases from roughly $300 to $800 per acre. Its third fund closed in March 2026 and already holds over $100 million in assets across the Pacific West. The firm executes a buy-convert-manage strategy across California, Oregon, and Washington, deploying into row crops, permanent plantings, and tree fruit. On its 4,000-acre Burns Farm, a 150-year-old property acquired in 2013, organic conversion and infrastructure investment lifted revenue per acre from $347 to $809 while quadrupling crop types and tenant count. Confirmed portfolio additions include a joint venture with Stemilt Growers on apple and cherry orchards in Washington's Columbia Basin and a 15,257-acre position in Delta Acres and Riverwood Farm, targeting net IRRs of 14–15% over 10-year holds (per the firm, 2026). Farmland LP runs its investing and farm-management teams from Larkspur, California, and Monmouth, Oregon, respectively, with in-house operators farming roughly one-third of its acreage directly. In 2024, Agri Investor named it Farmland Fund Manager of the Year. The firm's third fund has already acquired four farms totaling 3,809 acres, with 272 acres transitioning to organic over four years (per the firm, March 2026). The structural edge is the operational integration: Farmland LP does not merely buy and lease ground; it acts as an owner-operator deploying satellite imaging, GPS-guided tractors, drip irrigation, and farm-management software to raise soil productivity and biodiversity. That in-house farming capability lets it capture the full margin uplift of organic transition — a differentiation from passive farmland REITs and institutional aggregators that outsource all management to tenants.
General information
Firm type
Generalist
Year founded
2009
AUM
$300M–$500M (Altss estimate)
Location
Region
North America
Country
United States
City
Larkspur
Corporate office
80 E. Sir Francis Drake Blvd., Suite 3B, Larkspur, CA, United States
Additional offices
Monmouth, OR, United States
Principals
Craig Wichner
Founder & Managing Partner
Mark Chedekel
Chief Financial Officer
Tom Sullivan
Managing Director, Capital Markets & Investor Relations
Sector focus
Frequently asked questions
Who runs investment decisions at Farmland LP?
Founder and Managing Partner Craig Wichner leads acquisition and strategy. He is supported by an in-house team that includes Mark Chedekel as CFO and Tom Sullivan overseeing capital markets and investor relations. The farm-management division, led by General Manager Kevin Lehar in Oregon, directly executes the on-the-ground conversion and cultivation.
How does Farmland LP source proprietary deal flow?
The firm targets at least $50 million of farmland in a single region that meets its 'sunshine, dirt, and water' criteria — strong growing climates, high-quality soils, and secure senior water rights. It concentrates on the Pacific West, where relationships with local landowners, farm operators, and processors generate off-market or lightly marketed acquisitions, particularly in the Willamette Valley and Sacramento–San Joaquin River Delta.
Is Farmland LP structured as a single fund manager or an operating company?
It operates as an integrated asset manager and farm operator. While investment capital flows through closed-end funds — Vital Farmland LP (Fund I), Vital Farmland REIT (Fund II), and Vital Farmland III (Fund III) — the firm self-farms roughly one-third of its acreage and actively manages tenant relationships on the remainder. That dual structure differentiates it from passive farmland REITs.
Does Farmland LP participate in fund commitments or only direct deals?
Farmland LP deploys exclusively through its own commingled vehicles. Fund III, which closed in March 2026, had already acquired four farms totaling 3,809 acres on a direct basis. The firm does not operate as a fund-of-funds or co-invest alongside external GPs in unrelated vehicles.
What investment stages does Farmland LP typically target?
The firm targets value-add and opportunistic farmland. It acquires conventional ground and invests in organic certification, crop diversification, and infrastructure — a process that can take three to five years — then holds the assets for income and appreciation over a typical 10-year fund life. It does not participate in venture-stage agtech or commodity futures.
How is Farmland LP's fund architecture structured across its three vehicles?
Fund I launched in 2009 with $65 million and focused on California and Oregon. Fund II, structured as a REIT, launched in 2014 and raised $135 million for Oregon and Washington assets. Fund III, the current vehicle, closed in March 2026 with over $100 million already deployed. Each fund is independently governed but shares the same investment and farm-management teams, allowing cross-fund operational efficiencies.
What is Farmland LP's known posture on co-investments alongside external GPs?
The firm has not publicly advertised a co-investment program. Its joint venture with Stemilt Growers on the Columbia CRISP Orchards was structured as a direct operating partnership rather than a passive co-investment alongside an external fund manager, reflecting the firm's preference for hands-on operating control.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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