A listing would see PIA join REITs Farmland Partners and Gladstone Land, while a third vehicle, American Farmland Company, recently filed for an IPO.
The firm is targeting PE groups focused on large-scale agribusinesses, impact funds and family offices as it sets its sights on sustainable cacao.
The fund has a dual stream revenue strategy consisting of investments in forest-linked agri crops and carbon credits from deforestation.
Granular closed Series B financing with $18.7m from four new investors and three returning investors.
The fund held a first close on $150m in January, and is still fundraising.
The fund has raised $5m from Global Environment Facility and is looking for more donors to meet its $25m target by the end of the year.
The Silicon Valley-based private equity and real estate firm – whose assets include more than 7,000 acres of California almond orchards – is raising its fourth agriculture-focused fund.
Two start-ups will receive $50,000 each at the end of the programme, which counts Omnivore Partners, Rural Agri Ventures and Aspada Investments as strategic and financial partners.
Private equity firm Hosen Capital reportedly now plans to raise $400m for its latest agri fund, said to be anchored by Chinese agribusiness conglomerate New Hope Group.
Sherpa Asset Management's agri investment arm will soon close on around $40m of commitments across two projects in Colombia and Peru.