Adveq, which has about $US5 billion under management, spent the past two years interviewing agricultural fund managers globally for its recently launched real assets fund of funds.

Laguna is backed by US-based Global Endowment Fund, which is advised by soft commodities guru Jim Rogers.

Sources told The Australian Financial Review Laguna won the mandate because of its ability to generate returns and ability to meet Adveq's environmental and governance processes.

Laguna will be able to fund future acquisitions through the Adveq platform.

The Zurich-behemoth's clients include pension funds, insurance companies, family offices and asset managers in Europe, North America and the Asia-Pacific region.

The main talking point in rural circles is where Laguna plans to direct its increased firepower.

One investment proposition could be the assets held by the Singaporean-based farming, processing and trading giant Olam, which became one of Victoria's biggest landholders and the single biggest water baron after swooping on the Timbercorp collapse in 2009.

Temasek Holdings-backed Olam bought 8000ha of almond groves and 41,000mL of water in a fire sale of assets.

It also owns Queensland Cotton, plus grain trading and wool broking businesses.

Olam's huge push into Australia was part of a broader agricultural asset binge that has come back to haunt it.

The company, which reported a 48 percent fall in fourth quarter profit on August 30, is slashing costs and selling assets after bowing to intense pressure from Carson Block's US hedge fund Muddy Waters.

Carson has fiercely criticised Olam for borrowing too much to pay for assets that do not generate enough returns to repay its liabilities.

It's also worth noting Olam boss Sunny Verghese confirmed his intent to sell assets and lease them back during his most recent visit to Australia in April.

At the time of confirming it would move to do more asset sales Mr Verghese said he had listened to Olam's " fiercest critics" and " most ardent advocates" .

Olam has also scrapped a sugar deal and entered sale and leaseback arrangements for its US almond orchards.

Calls to Laguna and Olam on Wednesday were not returned.