Fundraising

Packhorse Pastoral Company, which is targeting A$1.5bn in total for its first fund, has made a strong start after just six weeks of fundraising.

Roc Partners’ Premium Food Fund was one of three buyers, alongside Primewest and another local buyer, for Harvard University’s Western Rosella portfolio.

Chairman Dave Chen says developments in controlled environment ag since Fund I’s $336m close in 2019 helped attract large Canadian and European pensions to its successor.

Managing partner Adam Anders says the sector has hit a ‘sweet spot’ where traditional VC investors, corporates and real estate investors are all paying attention to the space.

The blended-finance impact vehicle was initiated by the UN and has made five investments with underlying commodities such as cocoa, hazelnuts and timber.

The North Carolina-headquartered firm surpassed its hard-cap to close its distinct credit vehicle at $325m and took approximately $115m in co-investments.

The French asset manager could hit its €300m hard-cap if it continues fundraising, says president and CEO Michel Chabanel, but will instead prioritize launching its buyout and senior debt vehicles.

The Lithuanian firm has reached the halfway mark towards its €100m target for the 2020-vintage vehicle, which will invest in the Baltics and Central and Eastern Europe.

Ejnar Knudsen says US pensions are among LPs in a distinct AGR vehicle focused on the type of ag-related real assets that proved resilient throughout covid-19-related shutdowns.

The $750m vehicle follows the same buy-and-build strategy of its $433m predecessor and is likely to attract LPs from Europe and the Middle East as well as North America.