Recent years have witnessed a renewed interest in agricultural investment. In many cases, this has translated into large-scale acquisitions of farmland in lower- and middle-income countries. These acquisitions have triggered lively if polarized debates about “land grabbing”. Less attention has been paid, however, to alternative ways of structuring agricultural investments. Drawing on a literature review, this report examines a range of business models that can be used to structure agricultural investments in lower- and middle-income countries, and that provide an alternative to large-scale land acquisitions. A business model is what enables a company to make money. Business models are considered as more inclusive if they involve close working partnerships with local landholders and operators, and if they share value among the partners.