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Fund Structure

Co-founder Adam Waglay says the firm’s ability to offer a menu of co-investment options has played a key role in helping Butterfly become a ‘partner of choice’ for leading LPs.
Jake Espenmiller says a recent three-year equity-focused stint with Oak River Farms confirmed the importance of local networks in ag lending.
The firm’s two flagship open-end vehicles returned 17.47% and 22.28% last year, buoyed by demand from permanent horticulture in Australia – despite wetter-than-average climatic conditions.
The firm, co-founded by partners including three former Queensland University of Technology start-up program managers, is seeking up to A$50 million for its first VC fund.
The 7,365-acre Catahoula Parish, Louisiana, farmland property produces crops including cotton, soybean, rice, wheat and was purchased from Farmland Partners late last year.
Data products manager Allison Kopf says the company has already helped facilitate about $250m in expansion and project finance capital through a process it plans to accelerate over the next 18 months.
Non-bank lender Thera Capital Management has secured two-thirds of its commitments from outside Australia, gaining traction among investors thanks to ag’s defensive characteristics and ESG themes.
Sydney-headquartered New Forests is targeting $300 million for the vehicle, which will invest in assets in Southeast Asia.
Meeting materials describe discounted management fees in perpetuity for LPs committing to PGIM’s US Agriculture Fund at or near February 20.
Founder Joelle Faulkner says the farmland manager dropped plans to raise a distinct vehicle for investments in Canadian provinces that restrict institutional capital.
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