By Bruce Rolfe
WisdomTree, a global investment firm in the process of acquiring Ceres Partners LLC, is not purchasing any of the Ceres Farm properties, including over 850 acres of land in Climax Township, according to a Ceres Farms representative and a WisdomTree representative.
WisdomTree Inc. announced July 31 on its website that it entered into a definitive agreement to acquire Ceres Partners LLC, a leading U.S.-based alternative asset manager specializing in farmland investments.
The deal is anticipated to close some time in the 2025 fourth quarter, subject to regulatory approval, obtaining financing and other customary closing conditions.
Brandon Zick, chief investment officer at Ceres Partners, said none of the properties that Ceres Farms owns has been sold.
“Our management company, which is Ceres Partners, is what WisdomTree purchased,” said Zick, who said WisdomTree only purchased the investment management company.
Jessica Zaloom,? head of Corporate Communications and Public Relations at WisdomTree, confirmed what Zick explained.
Zick said the real estate is inside third party investors and Ceres was the investment manager.
“We raised the money from the investors, we purchased property for our fund and Ceres Farms owns 180,000 acres across 12 states. Michigan is our second largest holding outside of Indiana,” said Zick.
All 24 employees of the Ceres Partners team are part of the acquisition and Zick said the Ceres Partners team will continue to manage all Ceres Farms properties.
“The ownership of those properties has not changed. We’re an investment fund, so the underlying investors have not sold the land. So Ceres Farms is still the owner of all of these properties and Ceres Partners is still the manager. It’s just our employer, rather then being an independent company, the manager Ceres Partners, is now owned by WisdomTree,” explained Zick.
The Ceres chief investment officer said day to day operations remain the same.
“Nothing’s changed for us. We’re still trying to buy land in Michigan to rent to Michigan farmers,” said Zick.
According to a WisdomTree presentation, a summary of the deal terms includes consideration of $275 million in cash payable at closing, subject to customary adjustments and an earn-out of up to $225 million, payable in 2030, contingent on compound annual revenue growth of 12–22% measured over five years.
Ever since Michigan Governor Gretchen Whitmer signed into law Public Act 233 and 234 of 2023 that removes local control from townships and other units of government for siting of certain renewable energy wind, solar and battery storage facilities, many in the area have been concerned the Love property would be a prime target for renewable energy use.
WisdomTree embraces farmland investment as an opportunity with solar leasing adding potential value.
In a press release announcing the Ceres Partners acquisition, WisdomTree talks about solar opportunities, noting the Ceres farmland platform benefits from opportunities in strategic adjacencies in demand for solar, AI data infrastructure and water that are expected to drive faster growth.
In a recent earnings presentation made by WisdomTree CEO Jonathan Steinberg reviewing Ceres Partners key highlights, Steinberg points out Ceres has a tactical overlay of solar lease options that boosts rent 3x-5x, when and where it makes sense.
Though infrequent and low probability, potential conversion to Artificial Intelligence (AI) data infrastructure offers 10x potential it was noted in the presentation.
Steinberg adds there are also water rights initiatives in strategic parts of the U.S.
Steinberg feels farmland is a compelling opportunity for investors.
In WisdomTree’s Executive summary on the Ceres Partners acquisition, it was noted farmland and Ceres Partners are attractive because:
• Farmland values have risen in all but nine years since World War II, with an average annual price of return of 6%.
• Ceres manages $1.85 billion of farmland assets, with a 10.3% net return since inception and opportunities in solar, AI data infrastructure and water further accelerate future return potential.
• Farmland market is an estimated $2.5 trillion in the U.S. but is highly fractured with minimal institutional competition.
Steinberg said the transaction adds more strength today and even more potential for the long run.
Steinberg adds the Ceres acquisition expands WisdomTree’s platform in a way that is accretive and highly aligned of “where we see the future of asset managing heading.”
Steinberg said by 2030, WisdomTree projects to raise at least $750 million into farmland focus strategies which would more then double Ceres’ current base and performance fee revenues.
The Ceres Partners website lists the Love farm consisting of 856 total acres. A total of 774 acres are tillable, 716 acres are irrigated and 82 acres are non-tillable according to the Ceres Partners website.
WisdomTree, a global investment firm in the process of acquiring Ceres Partners LLC, is not purchasing any of the Ceres Farm properties, including over 850 acres of land in Climax Township, according to a Ceres Farms representative and a WisdomTree representative.
WisdomTree Inc. announced July 31 on its website that it entered into a definitive agreement to acquire Ceres Partners LLC, a leading U.S.-based alternative asset manager specializing in farmland investments.
The deal is anticipated to close some time in the 2025 fourth quarter, subject to regulatory approval, obtaining financing and other customary closing conditions.
Brandon Zick, chief investment officer at Ceres Partners, said none of the properties that Ceres Farms owns has been sold.
“Our management company, which is Ceres Partners, is what WisdomTree purchased,” said Zick, who said WisdomTree only purchased the investment management company.
Jessica Zaloom,? head of Corporate Communications and Public Relations at WisdomTree, confirmed what Zick explained.
Zick said the real estate is inside third party investors and Ceres was the investment manager.
“We raised the money from the investors, we purchased property for our fund and Ceres Farms owns 180,000 acres across 12 states. Michigan is our second largest holding outside of Indiana,” said Zick.
All 24 employees of the Ceres Partners team are part of the acquisition and Zick said the Ceres Partners team will continue to manage all Ceres Farms properties.
“The ownership of those properties has not changed. We’re an investment fund, so the underlying investors have not sold the land. So Ceres Farms is still the owner of all of these properties and Ceres Partners is still the manager. It’s just our employer, rather then being an independent company, the manager Ceres Partners, is now owned by WisdomTree,” explained Zick.
The Ceres chief investment officer said day to day operations remain the same.
“Nothing’s changed for us. We’re still trying to buy land in Michigan to rent to Michigan farmers,” said Zick.
According to a WisdomTree presentation, a summary of the deal terms includes consideration of $275 million in cash payable at closing, subject to customary adjustments and an earn-out of up to $225 million, payable in 2030, contingent on compound annual revenue growth of 12–22% measured over five years.
Ever since Michigan Governor Gretchen Whitmer signed into law Public Act 233 and 234 of 2023 that removes local control from townships and other units of government for siting of certain renewable energy wind, solar and battery storage facilities, many in the area have been concerned the Love property would be a prime target for renewable energy use.
WisdomTree embraces farmland investment as an opportunity with solar leasing adding potential value.
In a press release announcing the Ceres Partners acquisition, WisdomTree talks about solar opportunities, noting the Ceres farmland platform benefits from opportunities in strategic adjacencies in demand for solar, AI data infrastructure and water that are expected to drive faster growth.
In a recent earnings presentation made by WisdomTree CEO Jonathan Steinberg reviewing Ceres Partners key highlights, Steinberg points out Ceres has a tactical overlay of solar lease options that boosts rent 3x-5x, when and where it makes sense.
Though infrequent and low probability, potential conversion to Artificial Intelligence (AI) data infrastructure offers 10x potential it was noted in the presentation.
Steinberg adds there are also water rights initiatives in strategic parts of the U.S.
Steinberg feels farmland is a compelling opportunity for investors.
In WisdomTree’s Executive summary on the Ceres Partners acquisition, it was noted farmland and Ceres Partners are attractive because:
• Farmland values have risen in all but nine years since World War II, with an average annual price of return of 6%.
• Ceres manages $1.85 billion of farmland assets, with a 10.3% net return since inception and opportunities in solar, AI data infrastructure and water further accelerate future return potential.
• Farmland market is an estimated $2.5 trillion in the U.S. but is highly fractured with minimal institutional competition.
Steinberg said the transaction adds more strength today and even more potential for the long run.
Steinberg adds the Ceres acquisition expands WisdomTree’s platform in a way that is accretive and highly aligned of “where we see the future of asset managing heading.”
Steinberg said by 2030, WisdomTree projects to raise at least $750 million into farmland focus strategies which would more then double Ceres’ current base and performance fee revenues.
The Ceres Partners website lists the Love farm consisting of 856 total acres. A total of 774 acres are tillable, 716 acres are irrigated and 82 acres are non-tillable according to the Ceres Partners website.
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