NRFC: Diversify and Transform Australian Agriculture, Forestry and Fisheries (AgFF)

Opportunity for

A broad ecosystem of partners:

Businesses at all stages of maturity (must be investment ready) – from early-stage VC-backed innovators (e.g. agtech, biotech, digital platforms), to growth-stage scale-ups requiring expansion capital (e.g. aquaculture facilities, engineered wood processing, advanced food manufacturing), through to mature operators expanding or modernising infrastructure (e.g. processing plants, renewable fuels).
Investors – private equity, venture capital, institutional and superannuation funds who can co-invest alongside NRFC.
Research partners – CSIRO, RDCs, universities, CRCs and private labs driving next-generation breakthroughs.
Industry partners and adopters – agribusinesses, cooperatives, processors, and supply chain leaders.
Field trialists and technology adopters – growers, aquaculture operators, forestry managers, who can validate and commercialise innovations.
Government and policy collaborators – ensuring alignment with national priorities in food security, decarbonisation, regional development, and sovereign capability.

Opportunity description

Industry challenge

Australia is globally competitive in primary production but lags in value-add manufacturing and processing, capturing less of the global agrifood value chain. Productivity growth has slowed to 0.6% p.a. over the past 15 years, compared to 3.6% in earlier decades. Climate variability has already reduced farm profits by ~23% since 2001. We plan to invest $500M into AgFF as support industry aspirations for agriculture, fisheries and forestry to contribute $100B p.a. to GDP by 2030.

Current opportunity

We are inviting potential partners to co-invest, co-develop and commercialise projects that accelerate Australia’s shift from commodity exports to higher-value, climate-smart, and digitally enabled products.

Partners should submit opportunities where NRFC’s capital can de-risk projects and crowd-in private investment. The NRFC provides:

Flexible and patient capital structures – minority equity, structured debt, guarantees, or co-fund partnerships.
A partner across the business lifecycle – helping early-stage innovators prove models, growth-stage firms scale operations, and mature businesses modernise infrastructure.
Strategic alignment – with national policy frameworks including Ag2030, Digital Agriculture, Climate-Smart Agriculture, and sovereign manufacturing strategies.
Access to networks – leveraging NRFC’s convening power across government, industry, and global investors.
Strategic co-investment – to accelerate adoption, scale, and export competitiveness.

Find out more and apply here. 'Enquire now' with any questions about the fund or your application.

Opportunity background

The National Reconstruction Fund Corporation (NRFC) is a $15B sovereign investment vehicle designed to diversify and transform Australia’s economy. Within AgFF, we aim to deploy $500M–$2Bn by 2029, building sovereign capability in food manufacturing, forestry, aquaculture, bio-manufacturing, carbon and renewable energy solutions.

Our point of difference is a focus on commercially ready, high-impact manufacturing and processing projects that deliver both financial returns and national benefit. NRFC leverages Australia’s strengths – abundant raw production, skilled workforce, biosecurity reputation, and premium export branding – to capture more value domestically.

Key features and benefits:

Co-investment model: crowding in private capital at a 1:1 ratio or better.
Sovereign alignment: tackling climate resilience, digital adoption, and food security.
Scalability: backing transformative infrastructure and technologies, not just incremental improvements.
Impact: stronger regional economies, premium export growth, high-value job creation, and resilience against climate and global supply chain shocks.
NRFC’s role is catalytic: de-risking projects, accelerating innovation adoption, and ensuring Australia becomes a trusted, sustainable, high-value food and fibre producer for global markets.