Seller Details:
Ceres Partners, located in South Bend, Indiana, is a specialist investment manager focused on food, agriculture, and most recently, water resources. Founded in 2007, Ceres Partners manages over $1.8 billion in its flagship farmland fund that owns approximately 174,000 acres of prime U.S. farmland across 12 states. The fund invests primarily in row crop farmland that delivers stable, uncorrelated returns including income and capital appreciation. Ceres serves a diverse investor base including institutions, family offices, registered investment advisors, and high net worth individuals.
Buyer Details:
WisdomTree is a global financial innovator, offering a diverse suite of exchange-traded products (ETPs), models and solutions, as well as digital asset-related products. Leveraging the latest financial infrastructure, the company creates products that emphasize access, transparency and provide an enhanced user experience. Building on their heritage of innovation, WisdomTree offers next-generation digital products and services related to tokenized real world assets.
Transaction Summary:
This strategic acquisition jumpstarts WisdomTree’s entry into the private asset markets, with a focus on a high-growth $3.5 trillion U.S. farmland market and adjacent verticals including solar, AI data infrastructure, and water. Additionally, the Ceres farmland platform benefits from those strategic adjacencies in demand.
Key Transaction Terms:
• $275 million upfront cash consideration payable at closing, subject to customary adjustments
• Up to $225 million earn-out consideration payable in 2030, contingent on compound annual revenue growth of 12–22% measured over five years
• Subject to approvals, financing and other customary closing conditions, the transaction is expected to close in Q4 2025
The acquisition delivers immediate scale and long-term upside, bringing approximately $1.85 billion in assets under management across approximately 545 U.S. farmland properties spanning 12 states, predominantly in the Midwest. Ceres has a strong track record of performance, having delivered a 10.3% net average annual total return since its inception in 2007—outperforming farmland benchmarks.