Chris Janiec
Three LPs have confirmed to Agri Investor they have made commitments totaling a combined $350m to a fund that launched in December.
A market source says family offices are likely to be the source for much of the capital raised for the St Louis-headquartered firm's AgriFood Fund II.
Founder John Farris said the direct investment platform has already secured three commitments, including one from a large Asian institution.
The hemp market will have to rely on venture capital to scale up in the short term says Victory Hemp Foods founder Chad Rosen, but it could be part of US institutional farmland crop rotation by 2023.
Chief executive Perry Vieth says LPs in the targeted $25m first close for Ceres Sustainable Food and Agriculture Opportunity Fund II will be offered reduced management and incentive fees.
Atlantic Sapphire is building a land-based salmon farming facility in Florida, the success of which could influence financing conditions for up to 70 similar projects proposed globally.
Harris Family Farms president and chief executive Russell Harris says many recent almond plantings will no longer be economical following full implementation of California’s Sustainable Groundwater Management Act.
The Swiss impact asset manager said closure of the Fair Agriculture Fund did not reflect any change in investor demand for exposure to the vehicle, which had invested more than $1bn across 52 countries since 2011.
Other interested parties in the FruitSmart deal that could be worth as much as $105m included corporations, private equity funds, and endowments.
Lighthouse Finance managing director Howard Tang says the fund will largely look to help finance critical operating equipment for established seafood companies.