Firm raises nearly USD 900m for agribusiness, seafood research
Global private equity investment firm Paine & Partners announced the closing of its Capital Fund IV, geared toward food and agribusiness, including seafood investment, totaling USD 893 million (EUR 749.2 million).
The firm, based in Foster City, California (USA), announced the fund closed to investment, and exceeded it original investment target.
“We are excited to continue our leadership in food and agribusiness investing with the closing of Fund IV, which is the largest, dedicated food and agribusiness private equity fund,” said W. Dexter Paine III, Chairman and CEO and a founding Partner of Paine & Partners. “We appreciate the support from our Limited Partners — both long-standing and new — who have entrusted Paine & Partners as stewards of their capital, and we look forward to investing through Fund IV.”
The firm did not disclose details as to what the money will be used for, but Paine & Partners has a history over the past decade of using equity capital for expansion programs, acquisitions and other financial tools to support the global food and agribusiness industry. That includes the seafood industry — the firm has listed American seafood processor Icicle Seafoods and Norwegian fishmeal and fish oil producer Scanbio Marine Group as recent recipients of investment.
“The food and agribusiness sector is underserved from a private equity perspective, and Fund IV will benefit from this dynamic by meeting the demand for investment across the food and agribusiness value chain,” said Kevin Schwartz, President and founding Partner of Paine & Partners.