While the company has been low-key about its target for the fund, investors approached by the group said it might seek to raise as much as $US600 million.
The fund will purchase or lease, and operate farms in Australia and Brazil growing soy, corn, wheat, canola, barley, sorghum, pulses and cotton.
"The fund aims to provide investors with ongoing income generated by the sale of the produce and capital growth returns through ownership of the land and increasing land values," Macquarie
said in a statement.
"The increasing demand for grains and oilseeds comes from a number of areas, including providing a source of food to meet the demands of a growing population, changing dietary habits which are seeing a move from lower-value staple grains to higher-value foods such as vegetable oils and meat, the increasing need for animal feed supplies and ongoing demand for industrial goods such as building materials."
Macquarie said Brazil and Australia were chosen for their climate, availability of large properties, mature agricultural industries and access to overseas markets for exporting produce.