This report is the culmination of a three-year research project that brought together forty members and partners of ILC to examine the characteristics, drivers and impacts and trends of rapidly increasing commercial pressures on land. The report strongly urges models of investment that do not involve large-scale land acquisitions, but rather work together with local land users, respecting their land rights and the ability of small-scale farmers themselves to play a key role in investing to meet the food and resource demands of the future. The conclusions of the report are based on case studies that provide indicative evidence of local and national realities, and on the ongoing global monitoring of large-scale land deals for which data are subject to a continuous process of verification. But while research and monitoring will continue, this report draws some conclusions and policy implications from the evidence we have already.