Pillar II · Capital

Financing the supply chains we trade on.

We deploy capital across the agricultural value chain — producers, processors, infrastructure, and technology — using project finance, trade finance, and selective equity to strengthen sustainable supply at the source.

01 · Why we invest

Capital with a commercial rationale.

We invest because the supply chains we trade on are being rebuilt — and the producers, processors, and projects doing that rebuilding need a capital partner that understands the agricultural cycle, the off-take requirements, and the certification economics behind the trade.

Our capital is patient, our underwriting is operational, and our presence continues across cycles. We are not a generalist fund seeking exposure to agriculture; we are a principal in the value chain that uses capital where it strengthens supply we care about.

Because we also trade, we know what the end-buyer needs — and what they will pay for. That perspective shapes which projects we back, and how we structure the engagement.

— Mandate

We back producers, infrastructure, and technologies that improve the long-term economics of sustainable agricultural supply for functional food and nutraceutical markets.

02 · Engagement models

Three ways we deploy capital.

i.
Model 01

Project finance.

Capital deployed against specific producer-level or processor-level projects — typically structured against off-take, supported by clear unit economics, and aligned with operational milestones.

Stage
Operational / expansion
Structure
Debt or hybrid
Horizon
Multi-season
Anchor
Off-take alignment
ii.
Model 02

Equity investment.

Selective minority equity in producers, processors, or supply-chain businesses whose growth trajectory and operational discipline align with our long-horizon thesis.

Stage
Established / growth
Position
Minority, active
Horizon
Long-cycle
Anchor
Strategic alignment
iii.
Model 03

Trade finance.

Working capital structured around physical trade flows — pre-shipment finance for producers, inventory finance for processors, and structured solutions across the supply cycle.

Stage
Transaction-linked
Structure
Asset-backed
Horizon
Cycle-based
Anchor
Physical flow
03 · What we look for

Underwriting criteria.

Operational substance
Demonstrated capability at the producer or operator level. We invest in operators with track records, not in promises.
Clear unit economics
The underlying activity must produce a defensible margin without dependence on speculative price assumptions or unproven demand.
Off-take logic
A credible path to market — usually one we can support directly through our trade activities or through existing buyer relationships.
Sustainability foundation
Environmental and social standards built into the operating model — not retrofitted for marketing purposes. We measure them on the same basis as any other operational metric.
Alignment of interest
Structure that aligns our return with the operational success of the project. We do not back projects whose financial logic conflicts with our agricultural one.

Where capital goes.

The same five themes that shape our trade activities also direct our capital deployment. Many of the strongest opportunities sit at the intersection of two or more.

04 · Engagement process

From introduction to deployment.

i.
Introduction
Initial conversation to understand the project, the operators, the commercial logic, and the fit with our themes. Typically a one-hour discussion and a follow-up note.
ii.
Underwriting
Operational, agronomic, commercial, and sustainability due diligence — often supported by site visits, independent verification, and counterparty references.
iii.
Structure & close
Capital structure designed around the project's cash-flow rhythm, the operator's capability, and the alignment requirements of both sides.

Bring us a project.

Capital desk
What to send
A short summary of the project, the operator, the commercial logic, and what stage of capital is being sought. We will reply with a view on fit and next steps.
Confidentiality
All enquiries are treated in confidence. We can sign NDAs before discussing specifics where appropriate.