Rabo targets $250m for second India agribusiness fund
Rabo Equity Advisors is targeting $250 million for its second India agribusiness fund, more than double the $120 million raised for its debut vehicle in 2008. The larger corpus means Rabo’s typical transaction size will increase to $25 million from the current $10 million.
Rajesh Srivastava, chairman and managing director at the firm, told LiveMint that Fund I's portfolio includes nine companies and there is enough capital for only two more deals. Rabo is looking at two investment opportunities and the transactions could close in the next two months.
Rabo first fund was sponsored by parent company Rabobank and received capital from the likes of International Finance Corporation, Germany's DEG, Dutch development finance institution FMO and UK development finance unit CDC Group. The firm expects to tap a combination of development finance institutions, institutional investors and fund-of-funds for its second vehicle.
"For LPs, it's a very exciting sector," said Srivastava. "Agri growth story is very sustainable. The only caveat is that one needs to understand it well and have the patience to let these company grow."
Rabo's most recent investment was a INR500 million ($9.8 million) commitment to Super Agri Seeds for a significant minority stake. Its portfolio also includes Daawat Food, Sri Biotech Laboratories, National Collateral Management Services and Prabhat Dairy. Rabo has made one exit, selling Geepee Agri to Archer Daniels Midland last year.
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