Fundraising

Packhorse Pastoral Company is aiming to raise A$1.5bn for its first pooled fund – and it wants it all to come exclusively from Australians.

The firm, one of the first VC firms to focus on Australian agtech, exceeded its fundraising target of A$30m for its inaugural vehicle.

The feed mill is the fund’s fourth asset and the first since the purchase of three foundation assets, all of which have been acquired via sale-and-leaseback arrangements.

Investment manager Sapient Capital Partners is targeting a net IRR of 12%-14% for its first dairy fund, which has lined up a seed portfolio of assets in Australia.

The vehicle aims to raise A$500m in its first 12 months, providing loans of A$10m-$150m to counterparties across a variety of commodities.

Private markets co-head Richard Jacobs says the firm aims to raise up to €1bn within the next three years for the open-ended vehicle targeting OECD farmland.

A funding round for Sea Forests, backed by MIRA, demonstrates that investors are keen to find ESG-positive investments in agriculture even if they carry risk.

The Melbourne-based GP is targeting 10-12% returns for its new vehicle, building on the 2019 launch of its Diversified Agriculture Fund.

Managing partner Reuben Munger says the Sustainable Asset Fund exceeded its $1bn target and the four and a half month fund raise reflects investor appetite for sustainable real assets.

Founder Josh Tetrick says becoming a public company ‘makes sense’ for Eat Just as it seeks to change global food value chains and attracts sovereign wealth funds.