What Promised Land does

Promised Land is a private investment fund manager based in Aurora, Illinois, that operates a series of Qualified Opportunity Zone (QOZ) and Qualified Rural Opportunity Fund (QROF) vehicles focused exclusively on acquiring and improving rural U.S. farmland. The firm was founded in 2020 and serves accredited investors, family offices, and capital gains holders seeking tax-advantaged, inflation-hedged exposure to farmland as an alternative real asset. The firm employs a multi-manager operating model, sourcing farm property managers based on the geographic and crop-specific expertise required for each acquired property, with a primary focus on corn and soybean operations across the Midwest and Southeast United States.

The underlying technology stack is purpose-built for farmland underwriting rather than software-as-a-service. Core assets include a proprietary 15-minute property pre-qualification diagnostic framework covering OZ qualification, soil characteristics, tenant qualifications, and local-economy assessment, together with a data partnership that provides institutional-grade farmland valuation analytics through the University of Illinois farmdoc program and the TIAA Center for Farmland Research. Funds I ($57M, ~9,000 acres across NC, SC, MS, and IL, closed 2021) and II ($12M, 860 acres in Douglas County, IL, closed 2022) have been deployed; approximately $5.5M of appreciation above historical cost was recognized across ten Fund I properties through June 30, 2023. Fund III is forthcoming and intended to qualify as a QROF to capture the enhanced rural tax benefits under the OBBBA-enacted OZ 2.0 framework effective January 1, 2027.

Promised Land operates a private-placement fund-management business model, generating revenue through management fees on deployed capital and carried interest on investment returns after the requisite OZ holding period. Tenant farm operators generate cash rents on Promised Land-owned acreage (~$9M from Fund I, ~$1.5M from Fund II), creating the underlying cash flow that ultimately accrues to fund investors and drives fund-manager economics. Distribution is exclusively direct-to-investor, combining conference-driven investor sourcing (Land Investment Expo, ASFMRA, Novogradac OZ Summit, FARMCON), content-led thought leadership, and partnership referrals, with Parallel Passport used for accreditation verification. The firm has 1–10 employees and is managed by John S. Heneghan, President of Servant Financial, Ltd., alongside a small investment team and an advisory board anchored by Dr. Bruce Sherrick (UI farmdoc), Kellee James (Mercaris founder), Christian Zann (former BAM partner), and Joe McAdams (former Affinity Group CEO and ELS President).

Name

Promised Land

Legal name

Promised Land

Website

https://promisedland.fund

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

Promised Land is a private fund manager operating a series of rural Qualified Opportunity Zone farmland funds that acquire and improve U.S. farmland. It serves accredited investors, family offices, and capital gains holders seeking tax-advantaged, inflation-hedged exposure to farmland.

Ownership category

akta.pro rank

Product category

Alternative Asset Management / Farmland Opportunity Zone Funds

NAICS

Support Activities for Crop Production (11511), Land Subdivision (23721)

SIC

Investors, Nec (6799), Real Estate Dealers (For Their Own Account) (6532), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Natural Resources Funds (Timberland, Farmland, Minerals) (FSANAEAK)

akta.pro secondary industries

Natural Resources — Farmland & Agriculture (FSAAAKAI), Sustainable Real Assets (Green Real Estate, Land, Forestry) Funds (FSANAJAD), Real Estate Funds — Opportunistic / Development (FSANAEAI), Transitional/Development Land Brokerage (Entitled, In-Path-of-Growth) (BPAJADAJ)

Keywords

• Opportunity zone funds
• Farmland investment
• Rural private equity
• Alternative real assets
• Agricultural fund management

Headquarters

HQ city

Aurora

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Private Fund Management: Promised Land operates as a private investment fund raising capital from accredited investors. Revenue is generated through fund management fees and carried interest (performance fees) on investment returns, typical of private placement opportunity zone funds. The fund acquires and improves farmland in Qualified Opportunity Zones, generates revenue through farmland cash rents paid by tenant operators, and returns capital to investors through distributions upon exit after the OZ holding period.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Promised Land is a private investment fund manager that raises capital from accredited investors to acquire and improve U.S. farmland located in Qualified Opportunity Zones. The firm operates a series of closed-end opportunity zone funds (Fund I, Fund II, and the forthcoming Fund III) that purchase rural farmland, lease it to experienced tenant operators, and distribute returns after the OZ holding period. Promised Land employs a multi-manager approach, sourcing farm property managers with location-specific and crop-specific expertise for each acquired property.

Product overview

Promised Land is a private investment fund that operates as a series of opportunity zone farmland funds (Fund I, Fund II, and upcoming Fund III). Fund I is a closed $57 million fund investing in farmland across North Carolina, South Carolina, Mississippi, and Illinois, producing corn and soybeans on 9,000 acres. Fund II is a closed $12 million fund focused on Douglas County, Illinois. Fund III is forthcoming and expected to launch under the OZ 2.0 framework as a Qualified Rural Opportunity Fund (QROF). The funds acquire and improve farmland in qualified opportunity zones to generate returns for investors while spurring rural economic development.

Differentiator

Problem solved

Functional benefit

Brands

• Fund I: First closed fund focused on McCotter Farm in North Carolina with properties in NC, SC, MS, and IL. Raised $57 million, developed 9,000 acres.
• Fund II
• Fund III

Products and services

• Fund I Private Qualified Opportunity Zone fund investing in U.S. farmland across North Carolina (McCotter Farm as centerpiece), South Carolina, Mississippi, and Illinois, producing corn and soybeans on 9,000 acres and generating ~$9 million in revenue. Open only to accredited investors; currently closed.
• Fund II Private Qualified Opportunity Zone fund focused on Douglas County, Illinois farmland, producing corn and soybeans on 860 acres and generating ~$1.5 million in revenue. Open only to accredited investors; currently closed.
• Fund III Forthcoming private Opportunity Zone farmland fund planned for deployment under the OZ 2.0 program, intended to qualify as a Qualified Rural Opportunity Fund (QROF) with enhanced rural tax incentives (30% basis step-up, 50% improvement threshold).

Named customers3 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and supporting.

• Peoples CompanycoreGTM or Marketing PartnerPeoples Company hosts the annual Land Investment Expo, the premier farmland investment conference in the U.S. Promised Land has attended and presented at this expo for 4+ consecutive years. John Heneghan and Mark Jablonski presented a breakout session at the 2026 Land Investment Expo. Promised Land had a booth display at the 2024 expo. The firm closed Fund II with an anchor investor first met at a Land Investment Expo breakout session, demonstrating the conference's role in investor acquisition.
• Parallel Markets (Parallel Passport)coreOthersPromised Land uses the Parallel Passport for Accreditation, provided by Parallel Markets, to verify investor accreditation status. This enables streamlined onboarding of accredited investors into the fund. Parallel Markets is a compliance and verification platform serving private fund managers.
• American Society of Farm Managers and Rural Appraisers (ASFMRA) – Mid-South ChaptersupportingStrategic or Co-development PartnerPromised Land participated in the 2026 ASFMRA Mid-South Chapter meeting in Starkville, Mississippi, sharing information on rural OZ investment alongside farm managers, appraisers, lenders, and Mississippi State University Extension economists. The event serves as a platform for investor and partner networking in the agricultural professional community.
• Illinois Department of Commerce and Economic Opportunity (DCEO) – OZ 2.0 Ad Hoc Advisory BoardcoreStrategic or Co-development PartnerJohn Heneghan, Promised Land's Fund Manager, was appointed to the Illinois DCEO OZ 2.0 Ad Hoc Advisory Board. This positions Promised Land as an integral partner in the OZ 2.0 tract designation process in Illinois and enables the firm to influence and anticipate program developments that affect its investment strategy.
• NovogradacsupportingGTM or Marketing PartnerJohn Heneghan attended and delivered a presentation at the Novogradac Opportunity Zones Summit in December 2025, tailored to an investor-focused audience, highlighting how capital can be deployed effectively in rural Opportunity Zones. Novogradac is a major accounting and advisory firm with an OZ practice.
• University of Illinois – College of Agricultural, Consumer, and Environmental Sciences (Craig Lemoine)supportingOthersPromised Land's founder John Heneghan and investment analyst Ailie Elmore were interviewed on the 'Land and Everything Else' podcast, created by Dr. Craig Lemoine at the University of Illinois. The podcast provides educational content on alternative investment topics, serving as a thought leadership and investor education channel.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• FarmTogether: Tech-enabled farmland investment manager offering both fractional and institutional vehicles to accredited investors and family offices. Comparable to Promised Land in investor base, US row-crop focus, and use of pooled vehicles, though FarmTogether operates with broader crop and geographic diversification.
• AcreTrader: Online farmland investment platform that acquires and manages individual farmland parcels for accredited investors. Directly comparable to Promised Land on target customer (accredited investors seeking passive farmland exposure) and underlying asset (US row-crop farmland), differing primarily in distribution model (online fractional offerings vs. private placement fund).
• Iroquois Valley Farmland REIT: Public reporting, B-Corp certified farmland REIT focused on organic and regenerative US farmland, raising capital from accredited and impact-aligned investors. Comparable to Promised Land in farmland ownership model and impact-oriented investor base, though structured as a perpetual-life REIT rather than a finite private fund.
• Peoples Company: National farmland services and investment firm that manages farmland assets, brokers farmland transactions, and hosts the Land Investment Expo (the conference where Promised Land sources investors). Comparable as both a farmland operating peer and a key GTM channel for Promised Land's fundraising.
• Gladstone Land Corporation: Public farmland REIT that acquires US farmland and leases it to farmers under triple-net and fixed cash-rent arrangements. Directly comparable to Promised Land's tenant-operator, cash-rent revenue model on US farmland, though at materially larger scale and with a public-market capital structure.

Broad incumbents

• TIAA-CREF Farmland Account: One of the largest institutional owners of US farmland through its General Account and TIAA Center for Farmland Research. Comparable to Promised Land as a long-duration US farmland investor and as the data partner cited for Promised Land's underwriting benchmarks (~10% equity-like returns 1970–2024).
• Nuveen (TIAA Nuveen) Global Farmland Strategy: Large asset manager operating a Global Farmland strategy that acquires and manages US and international farmland for institutional clients. Comparable to Promised Land as a pooled US farmland vehicle, though at institutional scale with a more diversified crop and geographic mix.
• Brookfield Agricultural Group: Large alternative asset manager with significant global farmland holdings via Brookfield Asset Management. Comparable to Promised Land as an institutional owner of US row-crop farmland, but at vastly greater scale and with broader geographic and crop diversification.

Emerging players

• Steward (Steward, Inc.): Regenerative agriculture investment platform offering private placement opportunities to accredited investors in sustainable US farms. Comparable to Promised Land in private placement structure and accredited investor focus, but differentiated by emphasis on regenerative practices and smaller individual deal sizes.
• AgAmerica: Specialty farmland lender and investment manager providing capital solutions across US farmland, including private debt and equity offerings. Comparable to Promised Land in farmland underwriting capability and focus on US row-crop markets, though primarily a lender rather than an equity fund sponsor.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/promised-land-fund

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Promised Land