Paine Schwartz Partners closed its latest sustainable food chain fund, Paine Schwartz Food Chain Fund V, at $1.4 billion, exceeding its fundraising target and hard cap, according to a news release.
The new fund is 57% larger than the prior fund in the series, Paine Schwartz Food Chain Fund IV, which closed in 2017 with $893 million.
Paine Schwartz's fifth food chain fund will invest in agribusiness and food businesses.
"We have seen an increasing number of institutional investors focused on the food and agribusiness opportunity set, along with the need for sustainability, which is synergistic with driving positive investment outcomes in this sector," said Kevin Schwartz, CEO and a founding partner of Paine Schwartz, in the news release.
Investors in the fund include the $145.4 billion Texas Teacher Retirement System, Austin, and $8.3 billion Rhode Island State Investment Commission, Providence.