Impact Ag SPAC strikes A$780m deal; TRS Louisiana to invest $150m in farmland
Agri Investor
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Impact Ag Partners SPAC strikes A$780m deal for Australian Food and Agriculture Company; TRS Louisiana to invest $150m in farmland over the next three years; Global cotton oversupply means prices face downward pressure; Finnfund unveils biodiversity framework; and more.?Dive into all the details in this week's Field Notes.
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First look
Impact Ag SPAC strikes A$780m ag deal
A special purpose acquisition company led by Impact Ag Partners co-founder Bert Glover is set to form a business combination with Australian Food and Agriculture Company in a deal that values AFA at A$780 million ($531 million; €479 million).
They said it
“I can’t say that there are a lot of instances where the LP will say: ‘Hey, there’s no succession plan in place and as a result we won’t allocate based on that one factor”]
Barnes & Thornburg LLP partner Scott Beal tells Buyouts a stronger bargaining position for LPs could mean more GPs implementing succession plans but it is not yet a critical priority.
LP watch
TRS Louisiana to invest $150m in farmland
The figures come from the pension’s August 26 strategic plan update for the 2025 fiscal year. TRS Louisiana currently has a 0.9 percent allocation to the asset class and has a 2 percent target.
The $26 billion pension has a $100 million separate account with food and agriculture asset manager AgIS Capital LLC , as well as a $100 million separate account with Manulife Investment Management .
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Cotton
Global cotton glut means tight squeeze for Aussie growers
An anticipated surge in global cotton supply is putting pressure on prices for Australian producers, according to a report from Rabobank .
Rabobank predicts that the 2024/25 season will bring a recovery in US cotton production and a potential record crop in Brazil, leading to a rise in global cotton stocks. Continue reading...
Biodiversity
FinnFund unveils biodiversity policy
Finnish development finance institution?Finnfund has unveiled its biodiversity policy statement. In short, the investor commits to ensure no “net loss” of biodiversity through its investment activities; to look for opportunities to create biodiversity net gains; and encourage the development and adoption of relevant global frameworks.
VC fundraising
Zepto , an Indian grocery delivery start-up, raised $340 million in a funding round led by General Catalyst , with participation from Dragon Fund , Epiq Capital , StepStone Group and Lightspeed , among others.
The Rounds , a New York-based recurring grocery delivery service start-up, has raised a $24 million Series B funding round led by Moderne Ventures , with participation from Construct Capital , First Round Capital , FJ Labs and Redpoint Ventures Inc , among others.
CEO | The Table Club - A Global Family Office Network
2 个月Well done Bert. Sitting on a plane from Dubai to London. Catch up soon. James
Supportability Manager excelling in Market Analysis and Performance Management
2 个月I would love to get involved with such an outstanding group to make a difference in Africa also, if that’s an area you’ll be looking at. I believe there are so many opportunities in Africa to make an impact in the lives of farmers and others who are looking for an opportunity.