Fidante and Proterra Investment Partners Asia have struck a strategic partnership that will also see Fidante take a minority equity position in Proterra Asia. Financial details were undisclosed.
A subsidiary of Australian Securities Exchange-listed financial services provider Challenger Group Limited , Fidante specialises in linking the challenger global investor base with equity, fixed income and alternative asset managers. It is common for Fidante to take a minority position in the GPs with which it works.
Fidante and Proterra Asia began working together under the guise of a third-party distribution arrangement in 2020 when Proterra Asia was raising its Food Fund III.
Proterra Asia identified Fidante as a partner to help it tap European capital when “anti-China and anti-Asia” sentiment sidelined US investors during the fundraise. Proterra Asia Food Fund III closed on $200 million in 2022.
With this new partnership, Fidante will also offer distribution support to Proterra Asia in jurisdictions including Australia, Japan and others that will be agreed on an ad-hoc basis.
“This prior relationship covered only Fund III whereas the expanded partnership covers all future fund raisings,” said Adam Brown, general manager and head of distribution Fidante EMEA.
“Demand [for Food Fund III] was highest in the Nordics, UK and Benelux. The specialist nature of Proterra Asia’s food strategy has benefited from a growing awareness of food security, health and nutrition, and the burgeoning Asian consumer,” Brown told Agri Investor.
He added that Fidante envisages further growth opportunities for Proterra Asia in the UK and Europe due to investor focus on ESG and Sustainable Finance Disclosure Requirements.
Proterra Asia managing partner Tai Lin added in a statement: “We have enjoyed a highly productive collaboration with Fidante over the past few years, including most recently in the successful final close of Proterra Asia Food Fund III in October 2022. We are pleased to be deepening our relationship with Fidante through this minority investment, leveraging their network and market expertise globally.”
Proterra’s US arm has launched a new fund that will invest in US farmland for the first time, having previously only invested in Australia, Brazil, Columbia, Mexico and Paraguay.
The firm has also signalled its intent to expand into US real estate and has made a senior hire to build out this new part of its investment strategy.