The destruction of the Cerrado is closely linked to the growing demand for meat and dairy. This report shows that some of the world’s largest investment funds that have put billions into buying farmland in the Cerrado, including pension funds in Sweden and Germany, Harvard University’s endowment, and the Teachers Insurance and Annuity Association, better known as TIAA, the $1.2 trillion pension fund for 5 million people across the United States. Thanks in part to its investments in Brazilian farmland, TIAA has become one of the largest farmland investors in the world. Through its wholly owned subsidiary, Nuveen Natural Capital, the fund has accumulated some 3 million acres across 10 countries. Its investments in Brazil, where it manages 1 million acres, are some of its most controversial holdings.
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