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Tillridge agribusiness fund raises $207m

An SEC filing has revealed progress in fundraising for vehicle targeting midstream agribusiness opportunities.

Tillridge Global Agribusiness Partners has raised $207 million towards a target of $750 million for its Global Agribusiness Partners II fund, according to a new SEC filing.

The filing shows Tillridge’s second agribusiness fund has received commitments from 15 investors since 21 October.

Global Agribusiness Partners II is targeting a gross IRR of 25 percent over the 10-year life of the fund, Kristen Varela, portfolio manager of real assets at the New Mexico Public Employee Retirement Association, told Agri Investor. 

It will focus on midstream agribusiness assets including inputs, animal and crop production, handling and storage, primary and value-add processing and value-chain support, she said.

Last month, the Houston Municipal Employees Pension System committed up to $20 million to the fund and the New Mexico Public Employees Retirement Association committed up to $75 million to the fund. In September, the Maine Public Employees Retirement System committed up to $50 million.

The previous fund in the series, Global Agribusiness Partners I, closed last year on $402 million, 25 percent above its initial target.

Tillridge is an affiliate of NGP Capital Management and its team began investing from within NGP Natural Resources X fund in 2012. The firm invests throughout the agribusiness supply chain, from commodity processing and merchandising to food service manufacturing, packaging and distribution.

Its investments have included value-added specialty meat processing company Auxano, vertically integrated fresh produce provider Growers Express and Novita Nutrition, a protein-based animal nutrition company. Tillridge did not respond to requests for additional comment.