Key Takeaways
- Lucerne Capital Management has appointed Agriglobe, LLC as farm manager for Rubicon I, L.P., the firm’s inaugural farmland fund launched in late January 2026.
- Agriglobe manages over 33,000 acres worth approximately $1.0 billion in asset value across the Western United States and Portugal under founder Phillip Christensen’s leadership.
- Frank Austin serves as Portfolio Manager leading Lucerne’s Bramble Run farmland investment platform, which has grown to over 40 investment and farm management professionals.
- The partnership grants Bramble Run exclusive first look rights on all U.S. farmland opportunities originated by Agriglobe, founded in 1992.
- Lucerne’s platform offers both separately managed accounts for larger allocators and fund structures with lower minimum commitments through Rubicon I.
Lucerne Capital Management Expands Farmland Investment Operations
Lucerne Capital Management, L.P. announced a strategic partnership with Agriglobe, LLC to manage its debut farmland investment fund. The Greenwich, Connecticut-based investment firm has appointed Agriglobe as farm manager for Rubicon I, L.P., marking a significant expansion into agricultural assets.
Since launching in late January 2026, the farmland team has rapidly scaled to over 40 investment and farm management professionals. Frank Austin leads the initiative as Portfolio Manager through Bramble Run, Lucerne’s dedicated farmland investment platform responsible for investment decisions, capital deployment, and portfolio construction.
Agriglobe Brings Decades of Agricultural Expertise
Founded in 1992 by Phillip Christensen, Agriglobe has established itself as a leading farm manager specializing in California permanent crops. The Fresno-based firm currently oversees more than 33,000 acres valued at approximately $1.0 billion across diverse agricultural operations including citrus, fruit and nut orchards, and vineyards.
“If you respect the land, protect the balance sheet, and make decisions with a long horizon, everything else follows. Our responsibility is steady execution,” said Phillip Christensen, founder and CEO of Agriglobe.
Partnership Structure and Investment Approach
Under the partnership terms, Agriglobe provides Bramble Run exclusive first look rights on all U.S. farmland opportunities, though the arrangement excludes Agriglobe’s existing mandates and international activities. The collaboration focuses on combining institutional investment management with operational execution expertise.
“This partnership reflects how we think best-in-class investment platforms are built,” said Thijs Hovers, Senior Partner and Portfolio Manager at Lucerne. “Lucerne’s culture is research driven and risk aware. In farmland, that discipline must extend beyond acquisition and into operations, where forecasts become outcomes.”
Lucerne Capital Management’s Dual Investment Structure
Bramble Run accommodates different investment scales through two structures: separately managed accounts for larger allocators seeking bespoke mandates, and Rubicon I fund structure offering lower minimum commitments while maintaining identical underwriting standards. The platform emphasizes cash yield optimization and portfolio-level risk limits that prioritize minimum cash yield thresholds before exposing capital to performance incentives.
