Brookfield Said to Raise $300 Million for Brazil Farmland Fund

Brookfield Asset Management Inc., Canada’s largest alternative asset manager, has raised $300 million for a new agricultural fund targeting Brazilian farmland, a person with knowledge of the matter said.

The Toronto-based firm is targeting $500 million in total for the fund, with a maximum of $700 million, the person said, asking not to be identified discussing private information. Brookfield Brazil Agricultural Fund II will be used mainly to acquire cattle ranches that will be converted into sugarcane or soybean farms, said the person.