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Rural American II holds first close

The North American agribusiness PE fund closed on $20m earlier this week.

Chicago-based private equity firm Rural American Fund has held a $20 million first close on its Fund II, which aims to raise $75 million.

Rural American Fund targets middle market agriculture businesses providing agricultural inputs or services, companies that supply or process niche crop or animal-based products and agri equipment, according to its website. The firm will also consider businesses in other sectors that are based in rural America and target its population. It also targets companies with annual cash flows of $1 million or more and recurring annual revenues if $10 million.

Mira Capital Advisors is Fund II’s placement agent, according to a report in Fortune.

Rural American Fund I closed on just under $6 million in 2008, well under its $20 million target, according to Private Equity International. It made three investments and has exited one of them, Seeds 2000, a global provider of proprietary sunflower seed and sunflower genetics.

Rural American could not immediately be reached for comment at press time.