Sector-specialist fund focused entirely on alternative protein
Principal Partners have proven track record investing in over 60 alternative protein deals, with stellar returns and exits
Global coverage of sector with exceptional deal flow and on-the- ground presence in the U.S., U.K., France, Israel, India, Hong Kong, mainland China, and Singapore
Status of Fundraising
As part of Venture Smart’s rigorous selection and due diligence process, we analyse the fund’s investment record for the specific fund strategy in great detail. We scrutinize investment level performance, comparing investment strategy with results and understanding the team’s actions to drive overperformance and manage under performance.
Venture Smart, including its management and advisors, only offers investments that have gone through a rigorous due diligence process once we are convinced of the merits of the investment opportunity.
Owing to supply constraints in the animal proteins industry, alternative proteins will make up one-third of the global protein market by mid-century, with sales of plant-based meat alone reaching an estimated US$140 billion by 2029.
Consumer considerations of health, sustainability and animal welfare are driving the shift toward alternative proteins. Interest is particularly strong among Gen-Z and millennial consumers, who are set to have the highest spending power over the next decade.
Leading investment firms and major food companies have invested more than US$4 billion in alternative protein startups in the past five years. The pace of acquisitions is also continually increasing, providing ample opportunity for liquidity events.
Investment team has collectively made 60+ alternative protein investments; partners Nick Cooney and Lawrence Chu have a track record of 8.6x TVPI and 86% IRR, and 6.5x TVPI and 69% IRR, respectively.
Since initial deployment in July 2019, the fund has made 14 investments and achieved a Multiple on Invested Capital of 2.5x and an IRR of 152%. A third closing at ~US$47 million will be completed in March 2021.
Carry and Management Fee
Setup fee(one-time) for GP
Past performance is not a guide to future performance. Returns may increase or decrease as a result of currency fluctuations. All performance data is calculated NAV to NAV, net of fees, dividends reinvested and does not take account of commissions and costs incurred on the issue and redemption of units. US/Hong Kong dollar-based investors are exposed to currency fluctuations where funds are denominated in currencies other than US/Hong Kong dollars.
Performance data is not available if a share class is less than 12 calendar months old. However performance data for other share classes of the same fund will be available in the factsheet, provided such share classes are more than 12 calendar months old. Performance between share classes may differ due to factors such as hedging strategies and fees.