The Royal County of Berkshire Pension Fund (RCBPF) has made its first investment in farmland, a £30m (€38.2m) commitment to two funds that own five working farms, with one fund investing in Australia and the other in New Zealand. Milltrust Agricultural Investments (MAI) manages the funds, with RCBPF as the seed investor. The MAI Buy and Lease Australia Fund and the MAI Buy and Lease New Zealand Fund, structured as open-ended Irish Collective Asset-management Vehicles (ICAVs), invest in established cashflow-positive farms, are leased to experienced lessee operators and are located in established agricultural regions. They invest in farmland assets including permanent crops, arable and pastoral farms and water entitlements.