Pension Fund Investment in Agricultural Land

GAO was requested to evaluate the impact that the American Agricultural Investment Management (AAIM) Company's plan to seek investment opportunities in farmland for pension funds is likely to have on the family farm structure. Issues considered concerned: (1) the attractiveness of agricultural land as an investment for nonfarm capital; (2) whether U.S. agriculture has the necessary capital; (3) the structure of AAIM; (4) the proposed business and plans of AAIM; and (5) the potential immediate and long-range impact of pension fund investment in agricultural land.