Pharos $350m argriculture fund targets Middle East investors

Emerging Markets | November 23, 2009

By Jason Corcoran

Pharos Financial Advisors today launched a $350m private equity fund focused on acquiring and operating land in Eastern Europe, Eurasia and Africa.

Pharos, a Russian-based investment firm which expanded to Dubai last year, is expecting to raise more than half of the fund from investors in the Middle East.

The Pharos Miro Agricultural fund, with a minimum subscription of $6m, is being offered to family offices, private equity groups and other investors across the region.

The new fund is in partnership with Miro Asset Management, a Dubai-based agriculture and timber operator which will act as asset manager overseeing land acquisitions and farm development.

Pharos hopes the fund will achieve returns of about 25% over five years.

Peter Halloran, the founder of Pharos, said in a statement: “We have identified a high quality pipeline of arable farm projects that meet our targeted returns of 25% annualised, including significant operating yield.  Given global concerns over food security and the impacts of climate change, arable farms represent a timely investment in today’s world.”
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