By David G. Barry
Fonds de solidarité FTQ and
The Canada Life Assurance Company are among the institutional investors
biting into Power Sustainable’s inaugural agri-food private equity fund.
A Montreal alternative asset manager, Power Sustainable said it had closed an
initial CA$210 million (US$162 million) of aggregate capital commitments for
Lios Fund I. The list of initial investors in the fund also includes Farm
Credit Canada (FCC), Export Development Canada (EDC), BMO Capital Partners
and CIBC.
Power Sustainable is targeting total commitments of CA$300 million (US$231.8
million) and is expecting to close the fund in the third quarter.
Power Sustainable is focused on investing the Lios fund in mid-market companies
operating across the food value chain in North America. Through majority or
meaningful minority ownership participation, the firm aims to support companies
positioned to prioritize and improve food system sustainability.
In a statement, Dany Pelletier, senior vice president, private equity
and impact investments of the Fonds de solidarité FTQ, said the Quebec-based
development capital company’s support of the fund is in “direct alignment” with
its mission to enable “economic growth and development in the agri-food
sector.” The fund, he said, “will help agri-food companies innovating in the
face of current challenges.”
Power Sustainable also has established energy infrastructure equity and
sustainable China public equity platforms.
