Field Notes: LandFund Partners side car takes $25m; Nuveen appoints new CEO; Proterra raises $34m for new $200m Rural Growth Fund
Agri Investor
Global coverage of the deals, firms and people driving agri-business today
LandFund Partners takes $25m for a side car vehicle aligned to its open-end Soil Enrichment Fund; Nuveen, a TIAA company appoints William Huffman as new CEO; Proterra Investment Partners raises $34m for its new $200m Rural Growth Fund; VC firm Collaborative Fund closes $125m Fund VI; and more. Welcome to Field Notes, the start-of-the-week briefing from Agri Investor.
Tips & feedback to Binyamin Ali or email: [email protected]
First look
LandFund Partners takes $25m
LandFund Partners has raised $25.6 million from five LPs for a vehicle called Soil Enrichment Fund Blocker, according to an SEC filing.
President and chief operating officer Chris Morris told Agri Investor the investors are US-based endowments and foundations investing in a vehicle related to the firm’s open-end Soil Enrichment Fund, through a structure offering tax advantages via the unrelated business income tax.
They said it
“As a very initial screen, if you were doing a sector screen, it would pop. What it shows is that at the very least they have been able to maintain pricing power throughout a really turbulent economic time”
Bain and Company partner Mark Burton talks to Agri Investor about how agribusinesses were able to command prices for their products that outpaced input costs
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Fund watch
Proterra’s Rural Growth
Proterra Investment Partners has raised $34 million toward a $200 million target for a new vehicle called the Rural Growth Fund, according to an SEC filing.
The regulatory filing shows the firm raised the $34 million figure from a total of 15 investors.
Proterra eclipsed its $400 million target for its second credit fund in July 2023, hitting it’s $500 million hard-cap.
Farmland
Financing regenerative ag
Pollination and the Rockefeller Foundation have highlighted blended finance, guarantees and project finance as some of the mechanisms that can be used on a wider scale to finance the transition to regenerative agriculture.
In a report written alongside education and engagement provider the Transformational Investing in Food Systems Initiative, they detail challenges facing financing for regenerative ag and highlights early movers in a market such as Agriculture Capital, Impact Ag Partners, SLM Partners and others.