Lucerne Names Industry Leader Agriglobe as Farm Property Manager for Rubicon I
Greenwich-based investment firm announces selection of Phillip Christensen’s firm, Agriglobe, as the lead farm manager for new farmland investment platform Bramble Run
GREENWICH, Conn., March 10, 2026 (GLOBE NEWSWIRE) -- Lucerne Capital Management, L.P. announced today that it has entered a partnership with Agriglobe, LLC and appointed Agriglobe as the farm manager for Rubicon I, L.P., Lucerne’s inaugural farmland fund. Since announcing their launch in late January 2026, Lucerne has grown the new farmland team to over 40 investment and farm management professionals, with investment specialist Frank Austin leading the platform as Portfolio Manager.
Bramble Run, Lucerne’s dedicated farmland investment platform, leads investment decision making, capital deployment and portfolio construction, working in tandem with Agriglobe to align institutional investment management with disciplined asset-level operational execution.
Founded in 1992 by Phillip Christensen, Agriglobe is widely regarded as the industry’s leading farm manager in California permanent crops. Christensen brings a 35-year track record of successfully managing and operating a wide range of institutionally owned permanent crop assets. Since its founding, Agriglobe has developed and managed agricultural operations across citrus, fruit and nut orchards, and vineyards. Under Christensen’s direction, the firm has distinguished itself as an industry leader in disciplined operational management. Currently the firm manages over 33,000 acres (~$1.0bn in asset value) across the Western United States and Portugal.
Partnership Overview
Under the partnership terms, Agriglobe provides Bramble Run an exclusive first look on all originated opportunities in U.S. farmland. Following Rubicon’s first close, Bramble Run and Agriglobe will continue to work strategically together on U.S. transactions. The relationship does not extend to Agriglobe’s existing mandates or non-U.S. activities.
“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.”
“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.
“I have always envisioned our platform being anchored in decades of proven operational execution,” said Frank Austin. “The Christensens helped institutionalize this model. Our industry owes them a tremendous debt for pioneering an operational management approach that works.”
Austin went on to say, “Rubicon is designed to scale the owner operator model into a diverse portfolio of permanent crops. Operational excellence sits at the intersection of agronomy and capital investment. In permanent crops, operational excellence is the key driver of investment outcomes.”
Farmland Platform Update
Bramble Run has been designed to accommodate capital at different scales. For larger allocators, Bramble Run offers open architecture separately managed accounts (SMAs), allowing for completely bespoke mandates. For investors seeking diversified access through a fund structure, Rubicon I offers substantially lower minimum commitments while maintaining the same underwriting discipline and operating partnership.
“We have listened carefully to long-term capital providers,” Hovers said. “In recent years, farmland strategies have too often relied on unrealized gains bolstered by the promise of favorable exit environments. That dynamic is evolving quickly.”
Austin has developed a fully integrated analytical platform built around controllable operating variables and structured cash yield. The approach defines portfolio-level risk limits that prioritize minimum cash yield thresholds before capital is exposed to performance incentives. The framework is intentionally designed to achieve target returns without reliance on external land price appreciation.
“Cash yield is central to everything farmland investing. Our structure reflects that reality, with cash yield optimization thoughtfully considered at every step. We require every asset to hold its own economically,” said Austin. “Returns in farmland cannot be financially engineered. They are earned, operationally.”
By anchoring acquisitions to measurable cash generation and enforceable portfolio-level cash yield floors, the platform seeks to align incentives across operating partners and investors while preserving downside discipline. The firm believes the early engagement reflects a broader shift among sophisticated private capital toward strategies that combine direct asset exposure with institutional-grade governance, predictable income, and transparent operating accountability.
Lucerne confirmed it is in advanced discussions with both prospective SMA partners and investors for Rubicon I. Bramble Run is garnering interest from investors expressing conviction in the platform’s Portfolio Manager, investment approach, operating depth and analytical infrastructure. The firm confirmed that the early engagement reflects what they believe is a broader shift among sophisticated private capital toward bespoke strategies that combine direct asset exposure with true institutional-grade governance and transparency.
About Agriglobe
Agriglobe, LLC is a California-based agricultural asset management firm established in 1992 by Phillip Christensen. The firm employs more than 40 professionals and is headquartered in Fresno, California. Agriglobe is an SEC-registered investment adviser providing operating oversight across permanent crop systems and diverse growing regions, with experience spanning citrus, nut and tree fruit orchards, and vineyards. The firm’s approach emphasizes disciplined planning and budgeting, agronomic execution, operator oversight, and consistent reporting designed to protect and enhance long-term farm productivity and investment outcomes.
About Lucerne
Lucerne Capital Management, L.P. is a Greenwich, Connecticut based investment firm founded in 2000. Lucerne operates a multi-manager platform supporting specialist led strategies within an institutional framework for governance, risk management, and reporting. The firm has built a 20+ year track record on fundamental research and real cash generation. The firm is known for equity portfolios in Europe and for a consistent process that values price, quality, and downside control. Bramble Run is Lucerne’s dedicated farmland investment business and the General Partner to all of the firm’s farmland investment vehicles, including Rubicon I. Bramble Run is led by Frank Austin, Portfolio Manager. Learn more at lucernecap.com/.
For More Information
Institutional investors interested in learning more about Rubicon I, L.P. should contact:
Patrick Moroney
Lucerne Capital Management, L.P.
Email: PM@Lucernecap.com
Phone: +1 (203) 983-4400
73 Arch Street, 3rd Floor
Greenwich, Connecticut 06830
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