News & Analysis

Convent Capital hits €100m second close

Dutch insurer ASR has committed €10m to the Article 9 fund, which links 100% of its carried interest to the achievement of impact goals.

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Dutch fund manager Convent Capital has held a €100 million second close for its AgriFood Growth Fund, which was launched in April 2022.

The vehicle is an Article 9 impact fund and has a €150 million target. It was seeded with €50 million from approximately 15 investors, the majority of which are European family offices.

Dutch insurance company ASR is among the new investors in the fund, which committed €10 million to the strategy.

AgriFood Growth Fund will link 100 percent of its carried interest to the achievement of impact goals, which will be verified by an independent investment committee and consultant MJ Hudson.

The vehicle will target businesses across the food value chain in the OECD region and has invested in phytogenic feed additive company AHC and biotechnology business Chaincraft.

The fund was the lead investor in the $43 million Series B for precision pollination company BeeHero, which was also backed by General Mills, Cibus Capital and Rabobank, among others.

Convent Capital will make investments ranging between €5 million and €20 million, as it seeks to establish a portfolio of 10 to 12 companies.

“We are thrilled to have reached this important milestone in the growth of our Food and Agri Impact Fund,” said Convent Capital principal Bor Boer.

“We believe that sustainable food and agriculture are critical to the future of our planet and we are proud to have the support of investors with the like of ASR who share our values and vision. As one of the largest investors in Dutch agricultural land, working with ASR will offer our portfolio companies a great link to the Dutch primary agricultural sector.”

ASR head of sustainable investment Raquel Criado Larrea added: “We are pleased to support the AgriFood Growth Fund as it invests in innovative and sustainable food and agriculture businesses. As a responsible investor, ASR believes in investing in businesses that are committed to creating positive social and environmental impact, and we are excited to partner with Convent Capital in this important mission.”