MINNEAPOLIS--(BUSINESS WIRE)--Proterra Investment Partners LP (“Proterra”), a Minneapolis-based alternative asset manager focused on natural resources investing, today announced the successful close of its second private credit fund, Proterra Credit Fund 2 LP (“Fund 2”). Fund 2 exceeded its $400 million target and closed above its initial $500 million hard cap, attracting commitments from a diverse group of existing and new investors including state, local and corporate pension funds, insurers, family offices, RIA clients, and Proterra professionals. At more than double the size of its predecessor fund, Fund 2 builds on Proterra’s food and beverage credit platform established in 2019.
Proterra’s credit funds provide financing to North American middle-market food and beverage companies, with a focus on leading and arranging unitranche loans in support of sponsor-backed acquisitions. Since launching the strategy, Proterra has made over 20 investments, capitalizing on numerous long-term trends transforming the industry, such as the increased consumer demand for sustainably grown, clean label, and "better for you" products. These have offered investors a unique opportunity to achieve attractive, risk-adjusted returns with an established product in a growing and dynamic sector.
“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,” said Rich Gammill, Proterra’s Managing Partner. He continued, “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 dedicated exclusively to private credit, served as the sole placement agent. “We are proud to have supported Proterra during its successful fundraise,” said Jess Larsen, Founder & CEO of Briarcliffe. “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 LP
Proterra Investment Partners is a global alternative asset manager with $3.7 billion in AUM. With diverse skills and experiences, the firm is led by a team that has worked together for more than a decade. The now 61-person firm was originally spun out of Black River Asset Management, a wholly owned, independently managed subsidiary of Cargill, a global agriculture, food, beverage, financial, and industrial leader. Among credit fund managers, Proterra holds a top-quartile ESG transparency score according to Preqin. For more information, visit https://www.proterrapartners.com/.
About Briarcliffe Credit Partners, LLC
Briarcliffe Credit Partners is a placement agency dedicated exclusively to private credit. Headquartered in New York, Briarcliffe seeks to capitalize on the increasing complexity and continuing growth of the $1.5 trillion private credit market. It provides fundraising services to investment firms focusing on niche private credit strategies, with fund sizes between $500 million and $2 billion. Just 18 months after its founding, in March 2023, Briarcliffe was recognized by the industry through its selection as the Private Debt Investor 2022 Advisory & Placement Agent of the Year (Americas). For more information, visit www.briarcliffepartners.com.