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Alternative Market Briefing

Lumix launches AgroDirect Fund to outside investors

Tuesday, September 29, 2009

From the Opalesque team:

Opalesque recently learned that Switzerland-based Lumix Capital Management, after incubating its latest fund, the Lumix AgroDirect Fund, recently launched it to outside investors. The fund is focused on investing in agricultural production in Latin America and the team is looking to bring assets under management up to $100m.

The AgroDirect Fund outsources production of soybeans, wheat, corn and other soft commodities to local agricultural operating partners in emerging market areas. Crops are sold in the open market and money is redeployed. Although a large portion of the fund (40-100%) will be invested directly in agricultural commodities, the portfolio team also invests in commodity trade finance opportunities and agro public securities (equities, bonds, ETFs). Hedging and forward selling are used to manage price volatility in the commodities and insurances and crop diversification are used to manage weather risk.

The current portfolio (which is built around the harvest season ending June 2010) is invested in soft commodities and commodity trade finance in the countries of Uruguay, Argentina, Brazil and Paraguay.

The fund will target returns of 15% and will charge a 2% management fee and 20% performance fee. The investment structure is offshore, open-ended fund, with annual liquidity (at the close of every harvest season).

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