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Agricultural investments involving the acquisition of long-term rights over large areas of land in developing countries have been the focus of much debate in recent years. While many have welcomed the renewed momentum for private investment in agriculture, trends towards large-scale land acquisitions raise major social, economic and environmental concerns. And while calls for more inclusive investment models have multiplied, there is limited understanding of what works and under what conditions. This report discusses agricultural investments in Mali. It analyses national trends in investment flows and patterns; it assesses the adequacy of the legal and institutional framework regulating land and investment; and it examines two examples of more inclusive investments. The findings provide ground for concern as to the preparedness of national frameworks to ensure that investment pursues sustainable development goals. They also provide insights on the potential and challenges of making more inclusive investment models work in practice.