Fundraising

The investment is the first from a Japanese LP into Proterra’s third Food Fund, which is focused on investments in the Asia-Pacific region.

A trickle of fund managers choosing to link carried interest to their impact and ESG targets is good news for private markets, showing the industry is serious about its sustainability goals.

The GP says it will not receive 50% of its carried interest if it fails to meet new fund’s impact goals, which will be verified by an independent third party.

Packhorse Pastoral Company, whose thesis revolves around ‘Australian land for Australian investors,’ is raising more capital to fund two property acquisitions.

The separate account’s buy-and-lease strategy was trialed by the GP in 2019 and involves a flex lease arrangement that is conducive to organic farming.

With over $1bn to the asset class confirmed between July and August and roughly $1bn spent in acquisitions, GPs are converting interest into commitments.

The British fund manager was recently confirmed as the manager for AXA IM’s $700m Australian timber property and plans to launch a further three funds this year.

Co-Founder Trent Yang says agriculture could account for about 30 percent of the firm’s sustainability strategy, which seeks mid-teens returns.

Opportunities in the secondaries space have remained ‘quite strong through the covid period,’ says managing partner Stephen Addicott, but a lack of assets entering the market could stifle co-investments.

The Chicago-based start-up plans to launch its products across the US in 2022 and wants to use its established bases in Singapore and India as a springboard into the continent.