Chief executive Duane Cantrell says strategic input and product testing feedback from LPs helped shape the fund's focus on upstream agtech.
The $33bn pension will seek to add permanent crops to a $900m UBS-managed portfolio that includes assets previously managed by Hancock Natural Resource Group.
A final close is expected within months, 8F Asset Management said, with further funds focused on the Middle East and China to follow soon.
The investment is the first from a Japanese LP into Proterra’s third Food Fund, which is focused on investments in the Asia-Pacific region.
A trickle of fund managers choosing to link carried interest to their impact and ESG targets is good news for private markets, showing the industry is serious about its sustainability goals.
The GP says it will not receive 50% of its carried interest if it fails to meet new fund’s impact goals, which will be verified by an independent third party.
Packhorse Pastoral Company, whose thesis revolves around ‘Australian land for Australian investors,’ is raising more capital to fund two property acquisitions.
The separate account’s buy-and-lease strategy was trialed by the GP in 2019 and involves a flex lease arrangement that is conducive to organic farming.
With over $1bn to the asset class confirmed between July and August and roughly $1bn spent in acquisitions, GPs are converting interest into commitments.
The British fund manager was recently confirmed as the manager for AXA IM’s $700m Australian timber property and plans to launch a further three funds this year.