Funds

Black River spins out agri and food assets

Black River Agriculture Fund 2, an own-and-operate farmland fund, had invested primarily in row crops in Australia and Latin America by September last year.

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Cargill subsidiary Black River Asset Mangement has spun out the lion’s share of its agriculture, food, metals and mining assets into a “natural resources-focused” private equity firm called Proterra Investment Partners, Agri Investorreports.

The new advisor and private equity fund manager, which has more than $2.1 billion in committed capital, has “retained all related funds’ limited partners and fund commitments”, according to a company statement. Proterra’s investor relations manager, Ned Dau, added there was no change to the terms of the funds.

Agriculture investor and trader Cargill said it would dismantle its $7.4 billion asset management unit, Black River, in September, in the face of weak investor demand for its hedge fund strategies, as well as its private equity business.

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