Sao Paulo-based mid-market private equity firm Aqua Capital has closed its Agribusiness & Food Fund ahead of its $150m target.
The fund has received commitments of $173.4m from an LP base that included US, European, Middle Eastern and Latin American development finance institutions, endowments, family offices and fund of funds.
Aqua is looking to take advantage of the “strong growth perspectives” in the agribusiness and food sectors in Brazil and the Southern Cone of South America. It said that these sectors are expected to benefit from a commodities tailwind, growth of local demand and increasing use of technology in the agriculture and food value chain.
The fund has already made two deals, having acquired cold-storage and foodservice logistics operator Comfrio and micronutrients supplier Aminoagro, which are located in Brazil.
Aqua’s managing partner Sebastian Popik said, “We remain focused and enthused as we continue to execute our investment strategy, acquiring and building great companies in Brazil and the Southern Cone’s thriving agribusiness and food sectors.”
Touchstone Group and North Sea Capital served as placement agents for the fund.
Last month AltAssets reported that the private equity arm of multinational agriculture giant the Continental Grain Company was targeting $400m for a new buyout vehicle aimed at investments in Latin America.
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