The first hints of how California’s deepening water shortage may play out in the agricultural land market are starting to emerge.

(From the article)

Note from the editor: In April 2015, Agri Investor reported that the Maine Public Employees’ Retirement System (MainePERS) approved a $200 million commitment to Teays River Investments and that Washington State Investment Board will be voting on a similar $300 million commitment, which would take WSIB's agri exposure to $1.1 billion, as part of its $1.4 billion tangible assets programme. According to Agri Investor: "Teays River was established in 2009 initially as an investment fund with investment from TIAA-CREF, Teacher Retirement System of Texas (TRS) and Swedish pension AP Fonden 2 totaling $903 million. But it was re-structured into a company to reflect the long-term investment wishes of the investors and is now a co-investment structure. ... It also has a sister fund called Blue Road Capital which recently raised $30 million from New Mexico Educational Retirement Board, which invests into vertically-integrated agriculture assets."