BOULDER, CO | September 17th, 2025 ― Mad Capital, a leading impact credit firm financing regenerative organic agriculture, today announced the closing of its Perennial Fund II (PFII). The fund is designed to provide U.S. farmers with tailored transition finance to help them adopt regenerative organic practices while boosting long-term profitability.

The oversubscribed Fund II marks a major milestone in Mad Capital’s mission to transform U.S. agriculture by scaling regenerative practices that restore soil health, improve biodiversity, and strengthen rural economies. Fund II attracted a diverse group of mission-driven investors, including family offices, foundations, and institutional investors who see regenerative agriculture as a powerful lever for climate impact and financial return.

Initially targeting $25 million, but after two upsizes due to strong investor demand, closed a total of $78.4 million on September 15, more than 7x their $10mm Fund I closed in 2021, lifting their total AUM to $100 million. 

With early commitments from Builders Vision, The Rockefeller Foundation, the Schmidt Family Foundation, the Mad Capital team was able to attract additional investment from Social Finance, Innovaciones Alumbra, the New Mexico Finance Authority, Bedari Collective, the McConnell Foundation, and others, totaling 111 investors. 

Industrial agriculture is one of the leading drivers of climate change, soil degradation, and biodiversity loss. Regenerative organic farmers work with natural systems to reverse this damage, creating ecologically resilient farms and healthier food systems. PFII — Mad Capital’s second private credit fund — will provide regenerative organic farmers with flexible loans to cover the full spectrum of capital needs, from transition financing to soil health investments, market development, and enterprise diversification.

Since its founding, Mad Capital has partnered with farmers across the country to provide flexible, values-aligned financing solutions. Fund II will enable the firm to expand its support for independent farmers and ranchers adopting regenerative and organic practices — offering access to capital that traditional banks often withhold from transition-focused operators.

They have already partnered with 17 farmers and ranchers managing over 126,260 acres to deploy over $25 million in loans in PFII.

The Rockefeller Foundation recently visited Andrew Barsness in the field to see how his transitioning is going. He shared, “Taking this to conventional lenders felt frustrating,” Barsness said. “I was a novice, without a decades-long track record. And traditional lenders usually don’t understand the switch to regenerative — I might as well have been growing bananas and oranges instead of corn and soy. They were skeptical of yields and profitability even once I went organic.”

Mad Capital works with farmers like Andrew by taking the financial tools typically reserved for middle-market operations borrowing over $50mm+ and applying them to smaller operations. They can equip the farm with a customized financing package to help them navigate the J-curve to a successful farm transition and thrive post-transition.

Conceptualization of Fund III is already underway, with the leading concept being a semi-liquid, evergreen fund designed to scale into a vehicle exceeding $500 million to attract institutional investors seeking impact forward and uncorrelated yield. 

ABOUT MAD CAPITAL

Mad Capital provides tailor-fit private credit to regenerative organic farmers. They are working to bridge the transition financing gap by providing the flexible and patient capital it takes to transition a farm from degraded to a beautiful, profitable, and regenerative farm. They are currently working with over 35 farmers managing 163,513 acres of U.S. farmland, with 30,115 acres transitioning to organic from their two funds and strategic lending partners representing $100mm in AUM.