WP Global wins $130m in agri mandates, targets $250m – exclusive

The fund of funds house was awarded mandates by two European institutions and hopes to have $250m in agri-dedicated AUM by end of 2015.

Two European institutional investors have awarded WP Global Partners, a global private equity fund of funds house, agriculture investment mandates worth around $130 million.

The firm has invested around $25 million of the separately-managed accounts and is targeting a range of different agriculture-related companies and technologies including plant sciences, food technology, animal disease products, water management technologies and high-value crop farming.

The firm is targeting $250 million of agricultural assets under management by the end of the year through separate mandates and a fund of funds.

One example portfolio company is Bright Farms, a hydroponic greenhouse builder and operator which raised $7.4 million in Series B funding last year including a $2.4 million tranche led by WP in June. WP’s senior managing director Gregory Oberholtzer is on the board.

WP Global has $2.4 billion of assets under management including funds of funds worth $750 million or less. Eighty percent of AUM is invested into third party funds while the remainder is invested into co-investments and syndicates.

The firm operates an opportunistic investment strategy.

It launched an agri-focused strategy two years ago at the request of clients, although it had invested into various agri-related businesses previously.