Binyamin Ali
The fund received a $30m commitment from CPP Investments in August and will create high-integrity carbon credits by permanently and legally preserving all of its reforested trees in the Amazon.
The direct-to-consumer marketplace has more than 300 farmers selling directly to consumers in 13 European countries.
New Forests Asia’s Tropical Asia Forest Fund II had raised $120m against a $300m target prior to the commitments.
The sale represents Cibus Capital’s first exit of a wholly owned portfolio company from the $322m Cibus Fund I.
Our first fundraising report for agrifood and forestry vehicles paints a bleak picture but the outlook for H2 and beyond shows signs of promise.
H1 2023 fundraising for agrifood and forestry funds dropped to $1.4bn, which is the lowest half-year figure since H1 2011.
The firm wants to build up to a portfolio worth £100m and is targeting a 10-12% IRR.
Despite the segment’s leading contribution, it experienced a near 10% decline on H1 2022 figures while NBS removals credits account for less than one third of its total.
Land-based aquaculture investments, debt-for-nature swaps and DFI-backed investments are on an upward trajectory but the scale of capital needed remains daunting.
The start-up is also pursing regulatory approval for its beef product in Switzerland.