A Paradigm Change in Regenerative Finance: With Esther Park, CEO of Cienaga Capital

The RegenNarration Podcast

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For all the great regenerative work bubbling up everywhere right now, it seems fair to say that finance and investment in it is lagging a little. As my guest today puts it, we often hear about how farmers and land managers need to change, for example, but we hear less often about how finance and investment needs to change. It’s why a major report and project was launched online in Australia last year by Sustainable Table, ‘Regenerating Investment in Food and Farming’. I hosted a conversation at that launch, which you might remember became episode 161. I never forgot it. So as soon as we knew we were coming to the US / Turtle Island, I asked Esther Park if she’d be up for meeting in person, to dig deeper into her paradigm changing work as CEO of Cienaga Capital.
Key to this story, too, is another pioneering woman you’ll hear about, Sallie Calhoun. 23 years ago, Sallie and her partner acquired Paicines Ranch, originally named Rancho Cienega de los Paicines. They subsequently set in tow a remarkable regeneration of the land, an array of enterprises, and learning journeys for people – including other investors and philanthropists. Sallie later founded Cienaga Capital, and recruited Esther to the lead role. Also key to this story, in all manner of unexpected ways, is Esther’s Korean ancestry.
Head here for chapter markers if you’d like to see an overview or navigate the conversation that way. You can find a transcript there too (also available on Apple and some other apps), which is AI generated and imperfect, but hopefully provides greater access for those who need or like to read.
Recorded at UCB, Berkeley, on 3 May 2024.
Title slide: Esther Park where we started our conversation (pic: Anthony James).
See more photos on the episode web page, and to see more from behind the scenes, become a member via the Patreon page.
Music:
Green Shoots, by The Nomadics.
Regeneration, by Amelia Barden, from Regenerating Australia.
The RegenNarration playlist, music chosen by guests (thanks to Josie Symons).
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Chapters

1. Music, Preview, Introduction & Supporter Thanks (00:00:00)

2. A Sense of Place (00:03:45)

3. An extraordinary story of First Nations reclamation (00:06:15)

4. A migrant family’s tale (& it’s early food system connections) (00:10:20)

5. Regenerative Agriculture and Ancestral Practices (00:11:55)

6. The ancient practice of Korean Natural Farming (00:15:55)

7. Esther’s unlikely way into caring about food and land (00:21:55)

8. Biodynamic Agriculture and Land Conservation (00:23:03)

9. The incredible story of Paicines Ranch (00:29:30)

10. Regenerative Agriculture and Investment (00:30:54)

11. The incredible story of Cienaga Capital (named after the original name of the ranch) (00:36:15)

12. Investing in Regenerative Agriculture and Philanthropy (00:38:02)

13. Stories of investing without KPIs (as we take a walk across campus to a quieter spot!) (00:39:15)

14. And investing without financial returns? (revisiting a critical moment from the event) (00:42:45)

15. Spending down the foundation & sunsetting Cienaga (00:45:00)

16. How fast is this sort of investment & philanthropy coming on? (& what’s holding it back?) (00:47:20)

17. A troublesome trend in regen ag investing (00:56:25)

18. A story of transformation from the ‘learning journeys’ conducted at the Ranch (00:58:20)

19. Broader multi-faceted enterprise - & one of the most impactful ways of influencing the field (01:00:35)

20. A little review of the new film Food Inc 2 (01:02:20)

21. The big money coming through the federal government now? (& upcoming election) (01:05:00)

22. Alternative governance structures that might help finance flow better? (01:07:55)

23. Exploring Spiritual Wisdom in Business (01:10:08)

24. Music & Closing Words (01:12:20)