New Hope to establish $200m food fund
New Hope Group, the largest animal feed producer in China, has announced plans to establish a $200 million overseas fund to invest in food-related businesses.
The new vehicle, which counts Singaporean sovereign wealth fund Temasek Holdings among its LPs, will provide capital to companies in the fields of food security, food safety and farm technology, according to Vice President Wang Hang. New Hope President Liu Yonghao revealed earlier this month that cereal grain conglomerate Archer-Daniels-Midland Co and Japan's Mitsui & Co will also invest in the fund.
New Hope recently created an overseas investment centre in Singapore to work with its investments in Southeast Asia, where it has more than 10 animal feed plants and poultry farms.
The firm previously raised an RMB1 billion ($157.3 million) for its China-focused agricultural fund.
"China has 800 million farmers, of which 300-400 million are moving to cities," Yonghao said of that vehicle. "That will increase the demand for agricultural products while decrease the supply. This is positive to agricultural companies, like us."
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