Fund Structure

While fundraising has been slow, Mandalay managing partner Mark Gustowski says deal flow is strong as the firm prepares to make its sixth investment from Fund I.

The Australian climate and agtech-focused venture capital firm has downgraded the target of its second fund from A$70m to A$50m amid trying market conditions, although momentum may be picking up.

Managing partner Rich Gammill says 'rural America is booming' as the firm's $200m Rural Growth Fund makes equity investments in the opportunity pipeline established by its credit strategy.

President Chris Morris says the firm has received more interest from foundations, endowments and other tax-advantaged investors after it passed due diligence with some large investors.

Director of innovation Heather Thompson says a commitment to Cultivian’s Fund III opened the company’s eyes to the variety of agtech innovation and led to the launch of its VC unit.

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 firm has held a $100m first close on a strategy that promises to mobilize $5.6 for every dollar spent.

The GoFarm Responsible Agriculture Fund will invest in Australian land the firm identifies as being ripe for horticultural redevelopment.

Managing partner and co-founder Fabio Sofia says the practice creates ‘some tensions in terms of alignment of interests’ in the value chain.

David Gould says his move from agribusiness to farmland comes at a time when interest rates and stress in other sectors is starting to bring investors’ attention to real assets.