Field Notes: Meet the biggest agri-food and forestry fund managers; BTG takes $55m commitment from DFIs
Agri Investor
Global coverage of the deals, firms and people driving agri-business today
The AFF 20 reveals the biggest agri-food and forestry fund managers; BTG Pactual ’s LatAm reforestation strategy takes a $55m commitment; Britain’s Crown Estate acquires a 2,552-acre rural asset; MOMBAK sells 50,000 carbon credits to 谷歌 ; ING ’s five lessons for adapting farming to climate change, and more. Here's your start-the-week on Field Notes.
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First look
The Agri-Food and Forestry 20
Agri Investor has revealed the Agri-Food and Forestry 20 , a ranking of the world’s biggest food, forestry and natural capital fund managers by capital raised. The ranking takes into account funds raised specifically to be invested in agribusiness, agtech, farmland, forestry, water and debt, aimed at these sectors between January 1, 2019 and December 31, 2023.
Fund managers represented in the AFF 20 raised $35.2 billion during the five-year counting period, with the top five having raised at least $2 billion each.
They said it
“It’s like everybody’s trying to go in and change what people are used to eating. What the market realized is people aren’t going to be shifting a whole lot”
Manna Tree Partners co-founder and managing partner Ross Iverson says his firm is focused on avoiding consumer adoption risk as it builds out a food-as-health portfolio
Fund watch
BTG’s Reforestation Fund lands $55m commitment?
FMO - Dutch entrepreneurial development bank and the UK government have partnered for a $55 million investment into BTG Pactual Timberland Investment Group ’s reforestation strategy.
The investment is part of the pair’s collaboration under the UK government’s Mobilising Finance for Forests Initiative (MFF), which was established in 2021 with plans for up to ￡152 million ($202 million; €181 million) in government funding aimed at private sector projects that protect and restore tropical forests across Africa, Asia and Latin America. Read more...
Cerulean Ventures closes $10m Fund I??
Cerulean Ventures closed its debut investment fund on $10 million. The fund will target pre-seed and seed stage start-ups developing scalable software and technology focused on biodiversity, natural capital and climate-positive profitable business practices.
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Deals
Britain’s Crown Estate acquires 2,552-acre rural asset??
The Crown Estate has acquired the Dissington Estate in the northwest English county of Northumberland. A purchase price was not disclosed for the transaction but has widely been reported to be worth ￡19 million ($25.4 million; €22.7 million). Dive in the details...
Climate change
ING’s five lessons for adapting farming to climate change?
ING has assessed how farmers are adapting to climate change through a case study of Italy, Portugal and Spain. The bank’s analysis found that crops including common wheat, durum wheat, oranges, vineyards and olives have experienced limited yield fluctuations in the 45-year period between 1977-2022.
Biodiversity
Pollination puts a value on voluntary biodiversity markets
Voluntary biodiversity credit markets are emerging as a key component in the global effort to address biodiversity loss, according to a new report by climate change investment firm Pollination . The report estimates that biodiversity scheme administrators have sold between $325,000 and $1.87 million worth of credits to date.
People
AIMCo elevates new head of private assets
Alberta Investment Management Organization has elevated an internal executive to oversee the pension’s private assets. Alberta Investment Management Corporation (AIMCo) announced last week that David Scudellari had been elevated from his current role as head of international investment to senior executive managing director, global head of private markets and strategic partnerships. He will oversee private credit, infrastructure and real estate as well as private equity investments.
VC fundraising
Arzeda , a protein design start-up for food, pharmaceuticals and other industries, has raised a $38 million investment round backed by Sofinnova Partners , Fall Line Capital , Sucden Ventures and SilverBlue Capital Partners BV , among others.
Ferovinum , a British supply chain platform for wine and spirits businesses, raised a €20.8 million Series A funding round led by Notion Capital , with participation from Shapers VC and Semapa Next , among others.