Alternative Protein

The listed private markets firm expects to finish fundraising for Rise Climate Fund II and TRC TI, and reach a first close for Rise Fund IV, says CFO Jack Weingart.

Managing partner John Haugen says strategic investors are pursuing strong returns and a look at what is happening at the cutting edge of the food industry.

Weight-loss drugs are changing eating habits in wealthy economies, say reports. But with population growth, rising emerging-market incomes and finite arable land, agriculture’s investment case is shifting – rather than shrinking – toward productivity and quality.

From Burger King to vertical farming and cultured meat, McWin’s portfolio spans the food value chain – and the firm is making its network pay by using its distribution channels as a testing ground for prospective investments.

The vehicle held a €75m first close in June 2024 and has surpassed its €150m fundraising target.

Chief investment officer and former Tyson Ventures executive Tom Mastrobuoni says corporates have backed away from fund commitments but remain interested in startups addressing long-term challenges.

Founder Nick Cooney says a strong exit environment and past earnings by the innovative early-stage companies that are his firm’s focus are driving Fund II towards its $100m target.

Adaptation to climate change and increasing agricultural productivity will be key areas of focus for Mandala Capital SSEA Food Fund.

Countries seeking to reduce their dependence on imports are looking to indoor farming and novel production techniques such as fermentation – why not add insects to the menu too?

A target size has not been disclosed for the fund, but the firm’s Fund III closed above its C$70m target in 2020.