Proterra Investment Partners raises at least $35.7m for third Asian food fund

Agricultural paddy

Proterra Investment Partners, a food and agriculture-focused private equity firm, has raised at least $35.7 million for its third Asian fund, per its filing with the SEC.

Details related to the total targeted corpus were not disclosed in the filing.

DealStreetAsia last reported in May 2019 that Proterra was seeking to raise at least $700 million for this third fund. 

Proterra was carved out of US agribusiness giant Cargill unit Black River Asset Management in 2016. It previously launched two funds for Asia – a $700-million second food fund and a $460-million first fund.

Its investment ticket sizes range between $30 million and $50 million with a focus on India, China, Indonesia and some parts of Southeast Asia. Cargill remains one of Proterra’s long time limited partners (LPs).

Apart from food and agriculture, Proterra also invests in natural resource sectors like metals and mining. It has offices globally across Minneapolis, London, Mumbai, Sao Paulo, Singapore, Shanghai and Sydney.

Earlier this week, Proterra Investment Partners announced it was leading a consortium of food and agribusiness firms to invest up to $100 million in US-based food manufacturing firm Eat Just. The deal will see Eat Just set up Singapore’s first and largest plant-based protein production facility to produce its popular plant-based JUST Egg in Asia. Eat Just currently has protein facilities in North America and Germany.

“The partnership between Eat Just and Proterra is an important addition to Singapore’s agri-food ecosystem and will build new innovation and production capabilities within the sector here. This will allow us to better cater to the needs of the Asian markets while creating exciting opportunities for Singapore,” commented Damian Chan, executive vice president of EDB.

Eat Just’s local subsidiary, Eat Just Asia, will serve JUST Egg’s manufacturing and distribution partners across Asia. Its existing distribution partners in Asia include South Korean food firm SPC Samlip, Thailand’s Betagro, and a yet-to-be-announced partnership in mainland China. In the US, JUST Egg, is distributed through a partnership with Michael Foods.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.