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The Economics of Deforestation and the Degraded Pasture Solution

By AgDev “Six Tickets for the Tree Museum Please” If you are reading this document it is likely that you are either interested in the environment or a climate-oriented investor.  If, like me, you live in Europe and have young kids, you may get asked by your kids (at least
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What to expect from Brazilian agriculture after the election

Introduction With the recent presidential elections in Brazil and the priorities of the new  administration, a renewed interest at the federal government level in environmental, sustainability, and deforestation issues has emerged.  This, combined with the agricultural importance of Brazil, creates a significant opportunity for sustainability-oriented investors to create substantial impacts
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Bela Vista – Case Study

CARROLL DISTRESSED DEAL CASE STUDY:  BELA VISTA FARM  An unconventional deal-sourcing mechanism used by the Carroll organization is the monitoring of auction houses.  While it is less common for banks to auction farmland to dispose of a non-performing asset (compared to residential and commercial real estate assets), this mechanism still
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Brazil and the Creation of a Natural Currency Hedge

“Brazil is a complex country, not a country for beginners.” – Tom Jobim Long-term global investors that choose to invest in Brazil understand Tom Jobin’s quote quite well. These investors have gained expertise, built teams on the ground, and have made money.  They may have had a bruise here or
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Understanding the Mechanics of a US Dollar-Based Loan in Brazilian Agriculture

Part One:  Explanation of Farmer Cost Structure  Approximately 60-70% of farmer costs in Brazil are indexed in dollars. A real-world example for a farmer in Western Bahia, Brazil for the 2022/23 crop cycle is as follows: Total costs for a soybean crop, including land costs, were US $1291/ha. Of that,
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Juan Arteaga

Investor Relations Associate

Juan, a versatile professional and devoted father of two, brings rich expertise to his role at AgDev as Investor Relations and Research Associate. Fluent in Spanish, English, and Portuguese, his diverse journey from Colombia to Maui, via Ecuador, São Paulo, and Florianopolis, has cultivated cultural insights. Educated across British and American schools, Juan is currently pursuing a Finance and Economics degree at Unisul. He also attended the University of Hawai’i Maui. Starting in water sports at 15, he gained hands-on experience in instruction, retail, and brand importation, including licensing for prominent national brands in Brazil. He expanded into equity markets in 2019, furthering his financial expertise, and embraced agriculture and farm finance in 2022. Juan’s entrepreneurial spirit and financial acumen adeptly navigate industry complexities, alongside his balanced approach to career and fatherhood.

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Tami Gongora

Marketing Associate

Tami is a pivotal member of our Marketing team, leveraging her background and talents to the fullest. Holding a B.A. with Honors in Psychology from Bethel College, KS, she also earned certificates in Neuroscience and Clinical & Counseling Studies from the same institution, where she stood out as a member of the Phi Theta Kappa Honor Society and received an academic scholarship. She also holds a postgraduate degree in Marketing from FGV, Brazil. While originally from São Paulo, Brazil, Tami spent considerable time in Kansas, where she completed her high school and college education, concurrently serving as a mental health Case Manager for Sedgwick County. In Brazil, she discovered her entrepreneurial skills by founding an English teaching business for teenagers and adults, progressing to instruct kindergarten students at a prestigious São Paulo school. Additionally, she dedicated three years as a Chapter Manager for the Entrepreneurs’ Organization (EO) of São Paulo. Surprisingly, Tami is also an aspiring actress, immersing herself in Theater studies since 2017.

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Carolina Ulloa

Investor Relations Associate

Carolina, the Executive Assistant and Investor Relations Associate at InDev Capital, spearheads global investor research, while providing comprehensive support to the CEO in various capacities including marketing campaigns, road shows, logistics, research, and investor meetings. With a prior 7-year stint at ProColombia in São Paulo, focusing on trade and tourism promotion between Colombia and Brazil, she brings valuable experience to her role. Carolina’s educational background includes a B.A. in Finance and International Relations from Universidad Externado de Colombia, along with certificates in International Peace and Conflict Resolution and International Trade from American University. Holding Colombian and Brazilian dual citizenship, she’s proficient in Spanish, Portuguese, and English, embodying the eclectic spirit that aligns with the InDev team ethos.

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Beatriz Martinez

COO

Beatriz, co-founder and COO of AgDev, is responsible for day-to-day systems and operations. Originally from Spain, but has spent a significant amount of time in Brazil, where she co-founded InDev Capital, a merchant banking firm focused on real estate investments. Drawing from a background in architecture and urban planning, she previously collaborated with prominent developers like Brookfield, PDG, and Rossi on urban residential projects in São Paulo. Her academic achievements include a Bachelor’s in Architecture and Urban Planning from the University of Las Palmas Gran Canaria, Master’s Degree in Collective Housing from Polytechnic University of Madrid, from Escola da Cidade (Sao Paulo), along with a PhD in architecture and Urban Planning from the University of Campinas, São Paulo, investigating the financial and housing policy dynamics in comparison between São Paulo and Madrid. Fluent in Portuguese, English, and Spanish, Beatriz’s aspiration to master meditation is challenged by her responsibilities as a mother of four young children.

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David Weihs

Farmer Relations

David is a co-founder of AgDev and responsible for Farmer Relations. He graduated from Cornell University in Applied Economics and Management with a specialization in Agribusiness and Finance. Since 2005, he managed a land development project in Brazil and was involved in the early stages of several agribusinesses based in Iowa, focusing on agriculture, pork production, and dairy. In 2009, David began working with Carroll Farms Brazil, concentrating on analyzing expansion opportunities. He is now a co-owner of Carroll and is engaged in management at all levels. He has also collaborated with the Carroll family in Carthage, Illinois, on various occasions. David resides in Bahia and is married to Fabíola Weihs. They have three children.

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John Carroll

Chairman

John is a co-founder of AgDev, where he serves as chairman. John is a member of a 5th-generation farming family. He graduated from Western Illinois University in 2003 with a degree in Agribusiness and an MBA with a finance emphasis. John and his wife Kelly moved to Brazil to manage the farm that the Carroll family had recently acquired. John lived in Brazil for 10 years where the operation grew to include 25,000 acres of owned and leased row crop farmland, a cotton gin, and a business services which does consulting, accounting, and compliance work for other foreigners with investments in Brazil. John oversees long term strategic planning for the Brazil business. In the US business John manages the family’s sow farms in Illinois and Missouri. 

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Ricardo Carvalho

Commercial Director

Ricardo is a co-founder of AgDev, where he serves as Commercial Director. With a strong track record as an opportunistic investor in Brazil, Ricardo held a managing partner role at JPP Capital, contributing significantly to the launch of an FII focused on residential real estate and collaborating on a $135M residential joint venture with InDev Capital. Earlier, at Avant Garde Development, he led investments and investor engagement for a sizable land development project near São Paulo. Ricardo’s academic background includes a Business Administration degree from FAAP and an MBA from FGV. Known fondly as “A Guru” within the firm, he’s an enthusiastic meditation practitioner who embarks on meditation retreats during holidays, inspiring the InDev team with his dedication.

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Joseph Williams

CEO

Joseph Williams, co-founder and CEO of AgDev, guides the company’s overall direction and investor engagement. He cultivated his international business career during his time at Stanford University, where he pursued a Japanese minor. After various experiences, including engineering and business development roles in Tokyo, an MBA from Harvard Business School, and work in investment banking, Joseph co-founded Wakefield James Management Group. Serving as its President, he transformed a residential supply company into an industry leader across the U.S. and Canada. Relocating to São Paulo, he immersed himself in Brazilian culture and language, paving the way for InDev Capital’s creation—an emerging market real assets merchant bank. In 2020, Joseph became interested in sustainable and regenerative agriculture, and saw there an opportunity to make a real impact in the world. He, then, founded AgDev in partnership with the Carroll Organization. Joseph’s academic background includes an undergraduate degree in Industrial Engineering from Stanford and an MBA from Harvard, and he is skilled in Portuguese and Japanese. A native of Durham, North Carolina, he’s an avid reader with a special interest in history and fiction, notably Nassim Taleb’s works. He’s known for reading Atlas Shrugged by Ayn Rand once a decade and Taleb’s The Black Swan three times, and he aspires to tackle Time Magazine’s Top 100 Fiction list.