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Managing partner Morty White said the firm views the controlled environment agriculture business less as a food business and more as an ‘agricultural infrastructure business’.

The indoor farming start-up intends to extend across the GCC and secured a joint venture with South Korean vertical farmer Farm8 in October ahead of a planned expansion into Asia.

The firm joins a growing list of LPs and GPs taking steps to measure and improve the biodiversity of their natural capital assets.

The New York-headquartered firm has secured at least two commitments for a follow-up to the $1.45bn Fund V, to focus on an agribusiness sector it says has outpaced all others since 2006.

Fundraising in Q1 2022 rose to $3.3bn from $2.6bn in the previous quarter, as the sector built on a record year in 2021.

Rhode Island is the latest state to reach its maximum number of commitments halfway through the year.

AC Fund3 will target low to mid-teens net IRR through a focus on fresh citrus in the US, Australia and Spain that builds upon the firm’s previous experience in permanent crops.

The French energy giant plans to develop carbon credits from reforestation, agroforestry and conservation as part of a national ‘Green Gabon’ initiative as it tries to offset its own emissions.

Annual farmland continues to outperform permanent farmland in the ANREV Australian Farmland Index, driven by high commodity prices and bumper yields.

The firm, co-founded by partners including three former Queensland University of Technology start-up program managers, is seeking up to A$50 million for its first VC fund.