Tillridge agribusiness fund nearly halfway to target

A regulatory filing from the NGP Capital Management affiliate reveals further progress in fundraising on its second agribusiness fund.

The Tillridge Global Agribusiness Partners II fund has raised $309 million of its $750 million target, according to a new filing with the US Securities and Exchange Commission.

The fund has secured $102 million in commitments in less than one month, as $207 million had been raised as of a previous filing from 7 November.

Commitments since the fund’s first sale on 21 October come from 16 investors, including the Houston Municipal Employees Pension System, the New Mexico Public Employees Retirement Association and the Maine Public Employees Retirement System.

Kristin Varela, portfolio manager at the New Mexico pension, previously told Agri Investor that the Tillridge fund would focus on midstream assets including value-chain support, primary and value-add processing, handling and storage, inputs as well as crop and animal production, targeting a gross IRR of 25 percent over its 10-year life.

Its predecessor fund, Global Agribusiness Partners I, closed last year on $402 million, surpassing its initial target by 25 percent.

Based in Irving, Texas, Tillridge is an affiliate of NGP Capital Management, making direct equity investments in food, feed and industrial product companies within the agribusiness supply chain. The team leading Tillridge began investing from the NGP Natural Resources X fund in 2012.

The firm’s portfolio companies include Agriculture and Energy Carriers, a dry bulk chartering and vessel company; crop nutrient blending, packaging and distribution company Campo Rico; and Proximity Malt, which offers base and specialty malts.

A Tillridge representative did not return a message seeking further comment by press time.