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Savills natcap head Alex Godfrey has been recruited to lead the strategy, which will invest in UK assets with afforestation and peatland restoration potential.

The firm has followed up its inaugural $423m fund with a successor that will continue its food and consumer strategy.

The new fund, backed by European Investment Fund, Ikea Foundation and Convex, among others, is one of four ocean-focused funds that have raised a combined $647m.

At PEI’s annual Women in Private Markets Summit in New York, LPs discussed the power dynamic with GPs and what they expect from managers they work with.

The salsa and tortilla chip business becomes the firm’s second acquisition since it closed its $425m debut fund.

Roc Food Fund II will follow a similar strategy to the first fund, with an increased target and greater emphasis on an own-and-operate model.

The company behind novel food products such as the mammoth meatball and quail parfait appeals to investors because it has no intention of replacing conventional meat.

The early-stage venture capital strategy was launched in December 2021 and has amassed a portfolio of more than 20 companies.

The investment was made into the firm’s tenth iteration of its secondaries timberland fund, which has a $1bn target and had raised $635m by January 2024.

Dairy giant Fonterra will listen to offers for its consumer brands as well as its manufacturing facilities in Australia, New Zealand and Sri Lanka.