Alternative Investment Specialist Conservation Resources Closes First Investment of its Second Agriculture Fund

EXETER, N.H.--(BUSINESS WIRE)--May 20, 2026--

Conservation Resources (“Conservation Resources”, or “CR”) announced today the first investment of Conservation Resources Farmland II, L.P. (“CRF II”, or “the Fund”) 1: a 155-acre permanent crop property in California producing kiwi and citrus. The acquisition strengthens Conservation Resources’ position as one of the largest institutional investor owners of bearing kiwi acreage in the U.S.

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The California property exemplifies CRF II’s differentiated investment strategy: acquiring institutional-quality permanent crop farmland in supply-constrained markets where active asset management can generate returns above passive ownership. Consistent with all CR fund investment properties, the farm will be managed regeneratively to what CR believes to be the most stringent regenerative agriculture standards in the industry. CR views this discipline as central to generating durable premium returns and building long-term asset value while also benefitting soil health, biodiversity, wildlife habitat, and water conservation.

“This acquisition reflects exactly the type of differentiated opportunity we built CRF II to pursue,” said Stavros Koutsantonis, CR’s Chief Operating Officer and head of the Firm’s agricultural investment strategies. “Bearing kiwi acreage in California is scarce, difficult to develop, and increasingly sought after as domestic demand for kiwi grows. Pairing that with citrus gives us multiple value streams within a single asset – and positions Conservation Resources as a meaningful institutional presence in a crop category where we see compelling long-term fundamentals.”

CRF II raised $54 million at its first close, supported by existing CR investors and new anchor investor Achmea Investment Management B.V. (“Achmea IM”), which will act as investment advisor to European institutional investors and other clients investing in the Fund. CRF II has been approved by Achmea IM for inclusion on its multi-asset impact platform.

The Fund targets institutional-quality farmland properties and associated downstream assets in North America, pursuing a differentiated strategy designed to generate excess returns over traditional farmland benchmarks. By unlocking multiple value streams – including premium commodity markets, non-commodity revenue sources, and operational efficiencies – the strategy is structured to deliver superior risk-adjusted returns for institutional investors. CRF II targets investment properties where CR’s active asset management capabilities create measurable value above passive ownership.

The California kiwi and citrus acquisition follows the final close of CR’s inaugural farmland fund in August 2024 and builds on the strong deal flow and asset management platform established through that vehicle. CR’s agriculture platform has raised over $275 million since 2022 and has been actively investing across its core geographies and commodity markets. Recent investments include a $20 million regenerative-organic integrated farmland investment in the Pacific Northwest, as well as $9 million in investments under a partnership with one of the largest cattle producers in the U.S. to implement a regenerative pasture and native grassland program in the High Plains.

CRF II remains open to qualified investors and expects to make capital calls in 2026 and 2027.

About Conservation Resources

Conservation Resources is a leading alternative investment specialist. Since its inception in 2004, the firm has invested over $1.3 billion utilizing its differentiated private equity investment strategies. It specializes in building high quality portfolios of alternative investments in timberland and farmland properties targeting superior long-term risk-adjusted returns, with a focus on real assets and natural resource strategies. In 2025, Conservation Resources was selected as one of ImpactAssets 50 list of top impact fund managers.

EDITOR’S NOTE: Photos of CR managed farms and farmland are available upon request to sarah@freshideasgroup.com. Link here for CR’s 2025 Impact Report.

For more information about CR and the CRF II offering, please visit our website at conservationresources.net or contact:

Hank Lawlor, Director of Investor Relations

Conservation Resources

Direct: +1-603-702-4568

Email: hlawlor@conservationresources.net

This news release is targeted to U.S. accredited investors and qualified purchasers. It does not constitute an advertisement or an offer to sell any security or the solicitation of any offer to buy an interest in the Fund or any existing or future fund or investment vehicle managed or advised by Conservation Resources and/or its affiliates or any other security. No sales of any Fund interests shall be permitted in any jurisdiction in which such offer, solicitation or sales would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The Fund interests will be offered only to accredited investors, including “qualified purchasers” as defined by Section 2(a)(51) of the Investment Company Act, in reliance on the exemption from registration set forth in Rule 506(c) of Regulation D promulgated under the Securities Act. Under Rule 506(c), general solicitation of offerings is permitted, however, prospective investors in the Fund may be asked to provide supporting documentation satisfactorily to the general partner of a prospective investor’s status as an accredited investor and/or a qualified purchaser. The Fund has not been and will not be registered under the Securities Act or the securities laws of any state or other jurisdiction and may not be offered or sold without registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue-sky laws and foreign securities laws.

Private market investments are speculative and considered risky, including potential loss of your investment, and may not be appropriate for every investor. Private investments are generally an illiquid asset class; shareholders cannot sell their investments when they want to without potentially facing high losses.

1 Conservation Resources Farmland II, LP is structured as a private offering only for qualified purchasers to be conducted pursuant to Rule 506(c) of Regulation D promulgated under the Securities Act.

Stavros Koutsantonis, Conservation Resources' Chief Operating Officer and head of the Firm’s agricultural investment strategies

Now that tax season is over, you’re probably tempted to not think about taxes again until next year. That could be a costly mistake. Asking the right questions throughout the year could help you financially come next tax season. In the long run, this could have a substantial impact on your wealth.

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This article was provided to The Associated Press by Morningstar. For more personal finance content, go to https://www.morningstar.com/personal-finance.

Sheryl Rowling, CPA, is an editorial director, financial adviser for Morningstar.

Related Links:

5 Smart Ways to Use Your Tax Refund: https://www.morningstar.com/personal-finance/5-smart-ways-use-your-tax-refund

3 Big Questions to Ask Your Aging Parents: https://www.morningstar.com/personal-finance/3-big-questions-ask-your-aging-parents

5 Money Questions Every Couple Should Ask: https://www.morningstar.com/personal-finance/5-money-questions-every-couple-should-askespecially-before-valentines-day

FILE - A sign outside the Internal Revenue Service building is photographed May 4, 2021, in Washington. (AP Photo/Patrick Semansky, File)