Los Angeles County Employees Retirement Association (LACERA) has acquired a limited partner’s $46.4m (€42.5m) interest in TIAA-CREF’s second global farmland fund, the pension fund disclosed in a meeting document.

LACERA’s latest investment into TIAA-CREF Global Agriculture Fund II follows a $265m secondary investment the pension fund made into Fund II in February last year.

The agriculture fund invests in a mixture of row crop and permanent crop assets located in the US, Australia, Brazil, Chile and New Zealand.

TIAA-CREF raised $3bn in August 2015 for its second global farmland fund, two years after it had received $2bn in capital commitments for its initial vehicle.

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