Black River PE team goes solo as part of Cargill spin-out
The private equity team of Black River Asset Management, an independently managed alternative investment unit of agribusiness giant Cargill, has spun out to form Proterra Investment Partners.
Asia accounts for four of the firm's six offices, with bases in New Delhi, Singapore, Shanghai and Sydney. It manages three food funds, which have combined committed capital of approximately $1.2 billion and make growth investments in protein production, value-added food processing and supply chain management across emerging markets.
Recent deals include a $45 million commitment from Food Fund 2 to India's Future Consumer Enterprise (FCEL). At the same time, Black River entered into a strategic alliance with FCEL to develop upstream capabilities in food and related sectors.
Proterra also has $782 million in three agriculture-focused funds and one metals of mining fund with a corpus of $165 million. All LPs and fund commitments have been retained following the spin-out. Cargill will also continue to be an investor in Proterra funds.
It was announced last September that Black River, which was formed in 2003, would separate from Cargill and split into three separate employee-owned firms. These cover fixed income, credit and private equity. Cargill said that employee-owned firms would create better alignment of interest with investors.
"Our team has worked together to serve clients for nearly a decade, identifying global private equity investment opportunities in the important sectors of agriculture, food, and metals and mining. We look forward to maintaining the relationship we have developed with Cargill over many years," Rich Gammill, managing partner of Proterra, said in a statement.
The Proterra team, which launched its first funds in 2010 under Black River, comprises 49 professionals.
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