Field Notes: CDPQ acquires minority stake in Chinook Forest Partners; BTG’s Reforestation Fund sells 1.3m carbon credits to Meta
Agri Investor
Global coverage of the deals, firms and people driving agri-business today
CDPQ acquires Chinook Forest Partners; BTG’s Reforestation Fund sells 1.3m carbon credits to tech giant Meta; Australian farmland returns hit new low in Q2; Leaps by Bayer releases Ag Playbook for start-ups; Climate Asset Management appoints new non-executive chair, and more. Jump into the details in this week's Field Notes.
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First look
CDPQ takes stake in Chinook for timberland platform
Caisse de dép?t et placement du Québec (CDPQ) has acquired a minority stake of an undisclosed size in Chinook Forest Partners , as it builds a Pacific Northwest timberland platform within its Sustainable Land Management unit. Chinook will deploy capital and manage timber assets in the Pacific Northwest for the Canadian pension while continuing to solicit capital from new investors.
They said it
“Nearly two-thirds of companies [in the food value chain] mention regenerative agriculture, but fewer than 10 percent have allocated financial budgets to support the transition”
The Resilient Farms and Food Supply report from Pollination sets out the difference between the lip service paid to regenerative farming vs financial backing of the farm management approach
Lawsuit
Sam Mitchell, whose agricultural investment company WealthCheck was placed into liquidation earlier this year, has been ordered to pay more than $36 million to Hong Kong-based alternative credit manager ADM Capital in a ruling by the Supreme Court of New South Wales. In September 2022, ADM Capital provided funding to a property and livestock business run by Mitchell’s companies Wonga Ag and Mitchell River under a note subscription agreement.
ADM alleged that Mitchell failed to meet his obligations, and pursued payment of $36,194,864.39 plus interest accrued since May 31, 2024. Read more...
Fund watch
Microsoft eyes carbon in backing Farmland LP Fund III?
Farmland LP ?announced a commitment from 微软 ’s Climate Innovation Fund to the third iteration of its value-add organic farmland vehicle.
Microsoft’s commitment is of an undisclosed size to Vital Farmland III, which is currently seeking $250 million to support the San Francisco-headquartered firm’s strategy of acquiring conventional US farmland, converting it to organic production and adding value through sustainable practices.
Farmland
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Australian farmland returns hit new low in Q2?
The annualized return on Australian farmland has hit its lowest point ever on the ANREV Australian Farmland Index, according to the latest results for Q2 2024. The index recorded an annualized return of -1.66 percent for the 12 months ending June 2024, marking a continuation of the negative trend observed in Q1 2024 when the annualized return stood at -0.45 percent. Continue reading...
Carbon credits
BTG sells 1.3m carbon credits to Meta?
BTG Pactual ‘s BTG Pactual Timberland Investment Group has sold 1.3 million carbon removal credits to be derived from its Latin American reforestation and restoration strategy to technology Meta for an undisclosed per unit price.
The agreement includes an option to purchase, with options for delivery through 2038, an additional 2.6 million carbon credits derived from land managed by the reforestation strategy.
Agtech
Leaps by Bayer releases Ag Playbook for start-ups??
Leaps by 拜耳 has published a playbook intended to act as a roadmap for developing new agricultural products. The Ag Playbook seeks to address what it labels a mismatch of understanding throughout the industry that often fails to appreciate differences between ag-related technology and more established timelines associated with pharmaceutical drugs. Dive in the detail...
People
Climate Asset Management appoints Andrew Dyson as chair?
Climate Asset Management has appointed Andrew Dyson to the role of non-executive chair. Dyson will take up his new role immediately and step down from his position as a senior adviser to climate investment and advisory firm Pollination . Pollination, alongside HSBC Asset Management , founded Climate Asset Management as a joint venture in 2020. Prior to these roles, Dyson was formerly the chairman and chief executive of PGIM Quantitative Solutions from 2017 to 2022.
VC fundraising
Plant-Ex Ingredients Ltd , a British producer of natural plant-derived flavours, colours and extracts secured a ￡9 million ($12 million; €10.7 million) in funding from Growth Funding for Ambitious Businesses.
Number 8 bio , an Australian agtech company developing ways to reduce methane emissions from livestock, raised a A$7 million ($4.8 million; €4.3 million) seed funding round led by CSIRO-backed Main Sequence, with support from Breakthrough Victoria, among others.