Proterra Investment Partners, an alternative asset manager specializing in natural resources investments based in Minneapolis, has announced the successful closing of its Proterra Credit Fund 2 LP (“Fund 2”). The fund significantly surpassed its initial target of $400 million and reached its hard cap, closing above $500 million due to strong investor interest. Fund 2 attracted a diverse range of commitments from both existing and new investors, including state, local, and corporate pension funds, insurance companies, family offices, and clients of Registered Investment Advisors (RIAs), as well as Proterra professionals. This second fund more than doubles the size of its predecessor, demonstrating the growth and success of Proterra’s dedicated food and beverage credit platform, which was established in 2019.
Fund 2: Building on a Successful Food and Beverage Credit Strategy
Proterra Investment Partners’ credit funds are strategically focused on providing crucial financing to middle-market food and beverage companies across North America. A key element of their strategy involves leading and arranging unitranche loans to support acquisitions backed by sponsors. Since the inception of this approach, Proterra has made over 20 strategic investments, effectively capitalizing on significant long-term trends that are reshaping the food and beverage industry. These trends include the increasing consumer preference for sustainably grown, clean label, and health-conscious “better for you” products. This investment focus has presented investors with a unique opportunity to achieve attractive, risk-adjusted returns within a dynamic and expanding sector, leveraging Proterra’s expertise in the market.
Expert Perspectives on Fund 2’s Success
Rich Gammill, Managing Partner at Proterra Investment Partners, expressed his gratitude for the strong investor support: “We are incredibly grateful for the support from our existing and new limited partners in this continued expansion of Proterra’s food and beverage lending platform.” He further elaborated on the market opportunity Proterra is addressing, stating, “Consumers continue to seek innovative, sustainably grown, organic, and clean-label food products produced by companies that are often overlooked by larger, generalist lenders. That’s a gap that Proterra is expertly poised to fill.”
Briarcliffe Credit Partners, a leading placement agency specializing in private credit, acted as the sole placement agent for Fund 2. Jess Larsen, Founder & CEO of Briarcliffe, commented on the successful partnership: “We are proud to have supported Proterra during its successful fundraise. In today’s market environment, investors are increasingly selective and continue to seek access to the top-tier, differentiated private credit strategies like those we represent. Proterra’s credit platform presents the perfect opportunity to meet that demand.”
About Proterra Investment Partners: A Leader in Natural Resources Investing
Proterra Investment Partners stands as a global alternative asset manager with a substantial $3.7 billion in Assets Under Management (AUM). The firm distinguishes itself through its experienced and diverse team of 61 professionals, many of whom have worked together for over a decade. Proterra Investment Partners originated as a spin-out from Black River Asset Management, a formerly wholly-owned and independently managed subsidiary of Cargill, a global leader in agriculture, food, beverage, financial services, and industrial products. Within the competitive landscape of credit fund managers, Proterra is recognized for its commitment to ESG transparency, holding a top-quartile score as evaluated by Preqin. For further details about Proterra Investment Partners and their investment strategies, please visit https://www.proterrapartners.com/.
About Briarcliffe Credit Partners: Specialists in Private Credit Fundraising
Briarcliffe Credit Partners is a dedicated placement agency exclusively focused on the growing private credit market. Based in New York, Briarcliffe leverages the increasing complexity and continued expansion of the $1.5 trillion private credit sector. The firm provides specialized fundraising services to investment firms that concentrate on niche private credit strategies, typically working with fund sizes ranging from $500 million to $2 billion. In recognition of its industry impact, Briarcliffe was named the Private Debt Investor 2022 Advisory & Placement Agent of the Year (Americas) just 18 months after its inception in March 2023. More information about Briarcliffe Credit Partners can be found at www.briarcliffepartners.com.
