Facing climate change and other systemic disruptions, we not only advise others but design, develop and manage our own contracted food-supply projects that stabilise offtakers’ raw-material costs, aiming to safeguard food affordability and long-term food security.
In 2023 we anticipated that cocoa would become the first crop falling victim to runaway volatility and started developing our first-of-its-kind cocoa project in Brazil.
New Cerrado is now fully investable — an industrial-scale but at the same time climate- and nature-positive cocoa platform, backstopped by a 15-year fixed-price, fixed-volume offtake agreement with a large, investment-grade global food corporation.
Climate change is shortening commodity cycles and raising price amplitudes. Food corporates must reinvent procurement — solving for price stability before price level.
Concentrated in fragile geographies, cocoa is the first food crop whose price volatility has become unhedgable — with demand destruction at peak prices.
Other permanent crops will follow, then annual crops. Corporates that miss the shift to utility-style risk management will struggle to hold profitability and credit ratings.
The evidence, in one picture: as cycles shorten and amplitudes rise, the hedge fails — the contract does not.
Illustrative. Contracted prices still rise — predictably. What disappears is the volatility around them.
NewAg develops and manages contracted, regenerative food-supply systems so that the food corporate can procure like a utility, not a trader: supply contracted forward at fixed price and volume. Regeneratively produced, it leaves the farm decarbonised and biodiversity-positive.
The thesis, documented: five structural trendlines to 2041, four reinforcing supply risks — including the unmodelled Congo Basin moisture teleconnection — and a phase-based price framework grounded in peer-reviewed elasticity research.
In commodities, risk is volatility — and volatility carries a price. Fixed price and volume convert a food corporation’s most exposed cost line into a contracted one, improving its risk profile and credit metrics.
The buyer gets certainty — that is the product, and NewAg stands behind it. The investor’s exposure splits in two: utility-like risk on the contracted bulk, a paid residual of commodity risk (and upside) on the rest.
Approximate annualised volatility, 2016–2026. Cocoa tracked the staple-food crops until the 2023–2025 West African supply shock broke the correlation — it surged to 60–90% while wheat and soybeans held their historical band, and it remains near 70% today. This is the volatility a fixed-price contract removes. Sources: NYU V-Lab; Reuters (Dec 2024). 2026 values match live V-Lab GARCH readings; prior years illustrative.
The buyer is not necessarily purchasing a cheaper product; on average, the open market might match the price. But the open-market path runs through the peaks — each one forcing reformulation, substitution and lost shelf space that never fully returns.
A fixed contract sails over the peaks. That is worth paying for above the naive average, because the average ignores the demand the volatility destroys.
And the effect compounds. Each contract strengthens the buyer’s credit metrics — and a stronger rating lowers not only its cost of capital but, because offtake pricing reflects the buyer’s rating, its cost of goods. Certainty compounds.
The design: the bulk of revenue contracted — predictable, infrastructure-grade income — with the production system keeping the fluctuating remainder small.
On that residual, the investor is paid to carry commodity risk — capturing the price upswings that lower production tends to bring. Utility risk on the bulk, compensated commodity risk on a residual: a far better place than 100% commodity exposure.
The transformation always involves a shift towards an infrastructure-like business case and risk profile. The aim: to underwrite based on contracted volumes, with residual volumes and other revenues as upside only — never core.
Where it also requires a change in land use, the development risk is defined and managed as in infrastructure and mining. Four risks — each named, allocated and mitigated:
The early years are greenfield development in agricultural clothing — and treated that way. Mitigants: fixed-price EPC-style contracting, insured scope, completion tests.
Yield builds over a defined ramp, monitored module by module. Mitigants: operator incentive alignment and insurance through the ramp.
Price discovery in each offtake agreement reflects the buyer’s credit rating. Mitigants: rating, tenor and payment mechanics — priced into the contract, not assumed.
The bulk of conservatively estimated volumes contracted at fixed price. Mitigant: a downside case built on the contract, not the residual.
Impact works the same way — as a financial tool. Restoration and decarbonised production are eligibility criteria for green- and adaptation-labelled debt and development-finance lending: a wider lender universe, named take-out instruments, a lower cost of capital.
As the platform de-risks, development-stage returns compress towards utility yield. Certainty is not only the product — it is the re-rating path.
The more reliably we deliver, the more of our production can be sold at a fixed price. Execution capacity is the capacity to sell certainty.
Production always carries residual yield risk — and, on excess volume, price opportunity. No single lever removes it; combined, these seven tools drive it as low as it can go.
Soil health and carbon-negative production systems as the foundation of the platform. Outcome: yield resilience with a negative carbon footprint.
Tangible climate, nature and people benefits are a condition of entry. At New Cerrado: native biome restored or protected at 1:1 to production. Outcome: impact embedded in the asset, not appended to it.
Secured water rights and precision drip systems. Outcome: production decoupled from rainfall volatility.
Structured covers for residual agronomic and event risk. Outcome: tail risk transferred off the platform.
Specialist local operators with at-scale track records in the exact system deployed. Outcome: execution risk reduced to repeatable practice.
Module-level data, precision agriculture, and AI-driven management. Outcome at New Cerrado: 2,000 fertigation modules of 8 ha, each digitised and managed individually — sensors, AI decision support, autonomous tractors doubling as data harvesters.
The instrument that binds the other six: a long-term, fixed-price, fixed-volume purchase agreement with an investment-grade counterparty. Outcome: contracted, utility-like cash flow over the life of the contract.
NewAg is a corporate owner-operator — internalised management, dedicated country subsidiaries, no intermediary fees. A deliberately small core connects on demand to veteran local operators wherever NewAg operates.
Each opportunity held and run in its own subsidiary. Outcome: an operator’s alignment, not an intermediary’s fee.
A lean partner core, connected on demand to local operators with at-scale track records. Outcome: institutional quality without institutional overhead.
A top-down sector heatmap connected to proprietary, bottom-up deal flow. Outcome: access to off-market opportunities.
Pigs, poultry and aquaculture are off the table — whatever the return. Outcome: a platform defined as much by what it refuses as by what it does.
Every project is underwritten to work before any nature-based revenue — and restoration credentials are eligibility criteria for green-labelled and development-finance capital. Outcome: carbon is option value; impact lowers the cost of capital.
Institutional-grade underwriting and management, scaled through horizontal aggregation and vertical integration. Outcome: scale that — counter-intuitively — reduces execution risk (and generates positive externalities that move the needle).
NewAg executes this strategy by:
More than 30% of global greenhouse-gas emissions are created by food and agriculture.
80% of biodiversity loss and deforestation originate from food systems.
Around 30% of the world's population is moderately or severely food insecure.
NewAg operates at the intersection of three core impact fields — climate, nature, people — and every project must deliver on all three.
Yields have never been higher; food has never been less nourishing. Breeding for volume has thinned the nutritional quality of many crops — “hidden hunger” amid ample calories. Independent comparisons indicate regenerative practices measurably improve nutritional profiles.
The benefit is fragile: diluted in long, over-processed chains, it never reaches the consumer. NewAg therefore prefers and where possible designs short, traceable, vertically integrated supply chains — identity and nutrient density preserved from farm to consumer.
Change starts at the farm — and survives only in a short supply chain.
The first application of a replicable model — not a one-off.
New Cerrado, Brazil: the contracted-supply model demonstrated at full scale in cocoa.
The water-adduction capex is sunk — the marginal hectare is cheaper than the first.
New platforms elsewhere in Brazil and, over time, in East Africa and Australia.
The same system, applied to other crops facing the same hedging failure.
Since 2023, NewAg has been building New Cerrado in Brazil — cocoa plus native-biome restoration, with the economics of contracted infrastructure, not a commodity.
New Cerrado is anchored by an executed 15-year, fixed-price, fixed-volume purchase agreement with an investment-grade global food corporation — BBB (S&P, Fitch), Baa1 (Moody's), stable outlook — covering 66% of conservatively estimated volumes.
The counterparty’s conclusion: cocoa exposure now demands utility-style risk management. The contract gives the platform multi-decade contracted USD revenue; the farm is the delivery mechanism, de-risked through irrigation, a specialist operator and insurance.
of world cocoa supply from a single source
child labour or forced labour
reforestation instead of deforestation
offtake secured with a global food corporate
…one hectare of native Cerrado biome is restored or protected. Restoration is not an offset purchased elsewhere; it is contiguous with, and inseparable from, the production asset.
Alongside a Cocoa Academy open to surrounding out-growers, and investment in local healthcare and housing.
The New Cerrado project site — western Bahia, Brazil
Delivered by people who’ve been there and done it.
NewAg has structured, closed and operated vertically integrated food-system investments since 2019, alongside the most demanding institutions. New Cerrado rests on capabilities already proven in the field.
NewAg originated and led the aggregation of three targets into a vertically integrated apple-and-cherry operation — farming, packing, marketing — anchored by Goldman Sachs Asset Management. NewAg led strategy, due diligence and structuring.
As CEO, COO Carl-Fredrik Wachtmeister turned one of Sweden’s largest private estates — forestry, livestock, dairy, arable — from sustained losses to strong profitability, through disciplined governance, cost control and regenerative practice.
The same operating discipline is embedded in New Cerrado.
What the market is converging on, NewAg’s founder has executed for four decades — farm, global grain trading, institutional farmland. The dates are the argument.
A small, cost-efficient core team connected to an on-demand network of proven local operators.
Dr. Schumacher has held senior executive roles across real estate, timberland, agriculture, and private markets. Until mid-2024, he served as Global Head of Real Assets, Private Markets, and President & CEO of Manulife Investment Management Timberland & Agriculture (Boston/Zurich). Prior to Manulife, he was Global Head of Real Estate at Credit Suisse Asset Management and, from 2011 to 2017, CEO of Union Investment Institutional Property GmbH, where he led the institutional business and served on the investment committee. Earlier in his career, he worked at Generali Real Estate across Cologne, Luxembourg, and Paris, and practiced law at Linklaters in Berlin and London.
He currently serves as an Independent Investment Committee Member at CBRE Investment Management, a Member of the European Board of the Urban Land Institute, and as Managing Partner at BLACKLAKE Investment Partners. Dr. Schumacher studied at the universities of Freiburg, Geneva, and Bonn, and holds a PhD from the University of Münster in International Business Law.
Mrs. Berner’s career spans business leadership, public service, and international board governance. She began her career at Vallila Interior AB, a family-owned interior design company she joined in 1986 and led as CEO and Chairwoman from 1989 to 2012. Alongside her business career, she served as a Member of the Finnish Parliament and as Minister of Transport and Communications (2015–2019). She has since held board and chair roles across sectors including forestry and paper, insurance, building materials, energy, logistics, healthcare, and financial services.
Currently, she serves on the boards of Kühne + Nagel AG, SEB AB, Grifols S.A., and Medicover AB, and has chaired the Advisory Board of Getec Energie Holding GmbH since 2022. She is also Chairwoman of the Board of the Foundation for Children’s Trauma Hospital Nadija sr in Helsinki. Mrs. Berner holds an MSc in Business Administration and Economics from Hanken School of Economics.
Jim Cain’s career spans law, business, sports and international diplomacy. From 2005 to 2009 he served as U.S. Ambassador to the Kingdom of Denmark. Prior to his diplomatic service he served as President and Chief Operating Officer of the NHL Carolina Hurricanes, as a partner in the international law firm Kilpatrick Townsend, and in leadership roles at various civic and business organisations. Since leaving diplomatic service, working through his company Cain Global Partners and his law firm Kilpatrick Townsend, Ambassador Cain has worked on global economic and infrastructure development projects, supporting investment and collaboration in the agribusiness, security and defence, and life science sectors, and assisting North American and European companies expand their operations into markets in Asia, Latin America, Eastern Europe and the Middle East, as well as bringing foreign investment into the United States.
Ambassador Cain serves on the Board of Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500 company focused on early-stage innovation in the AgTech and BioTech sectors. He serves on the Advisory Boards of The National WWI Memorial Commission and the Global Leadership Council. Before leaving North Carolina for his diplomatic post, Ambassador Cain served in leadership positions for numerous civic and non-profit institutions and was named "Business Leader of the Year" by Business Leader Magazine.
Ambassador Cain grew up in a farming family in North Carolina. His political activities began with the 1976 Reagan for President campaign, included a term as RNC National Committeeman from North Carolina, and service as Presidential Emissary to the Philippines in 2004. His novel “Reign of Secrets” was released in February 2026.
Marcus Wignell is a co-founder of NewAg and serves as a Senior Advisor to the company. In his prior role at NewAg, he negotiated and closed a vertically integrated tree fruit transaction in Washington State in 2022 alongside Goldman Sachs Asset Management, then served as Head of Acquisitions for Manulife’s Farmland Plus investment group within the Manulife Timber and Agriculture platform.
Prior to NewAg, he worked at Amherst Capital as a senior Managing Director, served on the Executive Committee, and was responsible for forming, investing in, managing and exiting a US single-family rental (SFR) portfolio that generated strong returns for investors.
Prior to Amherst Capital (at the time part of BNY Mellon) Marcus worked at Capital Dynamics, RREEF/Deutsche Bank and while still practicing as a lawyer at Clifford Chance in London. He graduated from the University of Melbourne and was awarded his law degree from La Trobe University. Marcus is qualified to practice Law in England and Wales, is a Barrister and Solicitor in Victoria, Australia and is an Attorney of the New York Supreme Court.
Ricardo Madureira has worked as a corporate executive and entrepreneur. He is the CEO of Orfeu Cafés Especiais. Having worked as CEO and in other C-level positions in Vogel (Telecom), Patria Investimentos, Votorantim, AmBev, Monsanto and CanaVialis, he served as board member at NextStepe and other companies in the portfolios of VC funds.
Ricardo holds a bachelor’s degree in chemical engineering with specialisation in brewing technology from the Sibel Institute of Technology (Chicago) and an MBA from FDC (Brazil). He also graduated from the OPM programme at Harvard Business School.
Will is a climate finance and impact professional with over 20 years’ experience across carbon markets, clean energy, and venture development. He was part of the founding management team of Respira International, a carbon investment firm where he led sourcing, business development, and carbon credit sales for a nature-based portfolio of 20m tons. He has structured multiple carbon credit transactions, including pilot programmes to support the adoption of regenerative farming approaches in the UK and the US. Formerly a carbon lawyer, Will has closed carbon credit transactions across both regulatory and voluntary markets.
Sari Miller has invested in numerous startups and ventures and has held leadership roles at several large financial services companies. She was a Partner/EVP/CFO of an insurance company that was sold to AIG, and she was a lead founder in an insurance company and data centre company (both IPO’d).
In the last decade, Sari has focused on impact-for-profit ventures. She was the first angel investor and general partner in Leapfrog Investments, a leading impact investment firm, founding limited partner and Member of the Advisory Councils at Rebalance Capital and Grassroots Business Fund. Select angel investments with advisory include Gigawatt Global, Code Ocean, Purpose Global, Akagera Medicines, RubyWell, Biotia, Hyro.
BA, Barnard College, Columbia University; MBA, Wharton Business School, University of Pennsylvania.
Detlef Schoen is the Founder of NewAg, a regenerative farming and natural capital investment platform launched in 2019 after he stepped down as Head of Real Assets at Insight Investment, a BNY Mellon subsidiary and one of the world’s largest asset managers. He has 40+ years of experience in global agribusiness and investment, spanning hands-on farming, commodity trading, M&A, and institutional asset management.
Previously, he held senior roles at Cargill, founded and exited a German grain export business, ran the global grain book at NIDERA, and built a large-scale farmland investment platform at Aquila Capital, becoming one of the largest foreign investors in New Zealand agriculture. At Insight, he oversaw a 600,000-ha global farmland portfolio and led the first Guernsey Green Fund-accredited farmland strategy. NewAg’s flagship investment, New Columbia Fruit Packers (Washington State apples & cherries), is anchored by Goldman Sachs Asset Management.
Carl-Fredrik Wachtmeister was raised in Sweden and Switzerland and holds a BSc in Business from Lund University, with additional agricultural training from Skurups Lantbruksskola. In 2009, he joined Trolle Ljungby, one of Sweden’s largest privately owned estates (12,900 ha), encompassing forestry, livestock, dairy, arable farming, and related enterprises. After managing multiple parts of the business, he became CEO in 2017 and turned sustained losses into profitability within three years through changes to governance and cost control. From 2017 to 2019, he served as a landowner representative on the Skåne and Blekinge Tenant Court and currently acts as Deputy Auditor of the Swedish Fideicommissary Association. Since 2009, he has also served as a board member of Autokaross i Floby AB. As COO, Carl-Fredrik is responsible for executing investments across regenerative farming, sustainable food systems, forestry, silviculture, and carbon sequestration initiatives.
Effie Datson has 28+ years of experience in banking, asset management, and wealth management, with a focus on alternative investments, product origination, and structured solutions across liquid and illiquid strategies. Most recently, she served as Global Head of Family Office at Barclays Private Bank, having previously led a large hedge fund investment platform at Union Bancaire Privée.
Earlier in her career, she spent eight years at Deutsche Asset & Wealth Management as Head of Hedge Fund Sales and Product Head of the dbSelect platform, while also leading sustainable investment sales efforts. She began her career at Goldman Sachs in FX sales and e-commerce, and has held roles in trading, research, business development, and alternative investing, including work for the Rothschild family.
Effie is a Founder of 100 Women in Finance EMEA, serves on the boards of Wienerberger AG and Chia Network, and holds an MBA from Harvard Business School, an A.B. (magna cum laude) from Harvard College, and the CFA Certificate in ESG Investing.
TORR — Brazil’s largest cocoa consultancy, now integrated into NewAg Cocoa Brazil, overseeing 12,000+ ha. A fourth TORR partner is retained under NDA and not named publicly.
Mr. Maestri is a forestry and agribusiness professional with technical and operational experience across plantation forestry, agricultural production, and investment management. He holds a degree in Forest Engineering from the Federal University of Paraná, a Master’s degree in growth and production modelling of Black Acacia, and a PhD in eucalyptus growth and production modelling related to environmental variables. Early in his career, he was a researcher at EMBRAPA’s National Center for Forestry Research, followed by six years as a senior researcher at Aracruz Celulose, focusing on eucalyptus.
He then served for 13 years as Forest Planning Manager at Pisa Florestal with a primary focus on Pinus plantations, before becoming a partner in São Pedro e Santana Agropecuária. Since 2005, Mr. Maestri has been a Partner at Granflor Agroflorestal, providing investment, property, and project management services. Granflor has managed and maintained FSC (Forest Stewardship Council) certification across more than 44,000 hectares of forestry assets, at peak employing over 500 staff, and serving institutional clients including Harvard Management Company, Folium Capital, BTG, and Klabin.
Mr. Rocha, an agronomist and third-generation cocoa farmer, is the founder of TFR agricultural consultancy, specialising in cocoa cultivation. Since 2014, he has held technical positions in cocoa plantations. Mr. Rocha currently works in nine Brazilian states and four biomes (cerrado, caatinga, Atlantic forest, Amazon forest). He has developed technologies for planting cocoa in non-traditional environments. Mr. Rocha consults on cocoa planting projects in semi-arid regions of Brazil.
Mr. Kuhn has nearly two decades of experience in the retail sector and is a partner in a business group that manages multiple companies. Sixteen years ago, he took over management of a large cocoa production farm and introduced changes that raised its productivity. Orlando also leads agricultural operations across several of the group’s farms, with a focus on productivity and the use of technology. He is responsible for TORR’s day-to-day operations.
Mr. Yeo is a British national with a farming and farmland agency background in the UK, based in Brazil. He has experience across agricultural production regions and has studied crop and permanent tree production systems in tropical and subtropical regions, with a focus on micro-climates, irrigation, and domestic and export markets.
Mr Ortmeyer is a Danish national based in Brazil since 2011, fluent in English, Portuguese, and Danish. With a background in business administration and experience in overseeing operations, translation, and communication across international agribusiness projects, Kent coordinates collaboration between investors, partners, and producers. As responsible for the NewAg Brazil Office, Kent supports on-the-ground execution and stakeholder relations in Brazil.
Gisele Darski has experience in controllership and administrative management across agribusiness, industry, and services, in medium and large companies, including foreign investments in Brazil. Her background includes structuring organisational processes, implementing internal controls, and overseeing accounting and tax operations. Her career includes senior roles at Grant Thornton Brasil and, most recently, Grupo Granflor, where she served as Chief Controller from 2021–2024, managing controllership for foreign investments in Brazil and acting as liaison between investors, legal support firms, and Big Four auditors.
For qualified investors and food-industry counterparties: request an introduction.
info@newag-partners.com