Pulsar Network Capital launches €75m Sustainable Food Fund

The vehicle has a target of €75m, with a hard-cap of €100m, and expects an IRR of 18-22%. It is domiciled in the Netherlands and has a 10-year lifespan with a five-year investment period, with the possibility of a two-year extension.

The fund expects to hold a first close on €50m in the coming weeks.

According to Pulsar Network Capital founder and managing partner Patrick Driessen, the firm began to build a dealflow pipeline prior to launching the new fund. The idea for the fund came from the Sustainable Food & Nutrition investor forum that Pulsar held in June 2013.

The firm has also bolstered its workforce with the appointments of two investment partners, Maarten van Hemsbergen and Frank Wolterink. A new partner for the firm is also due to be announced soon, according to Pulsar Network Capital's website.

Investors
Sustainable Food Fund has already received commitments from several family offices and high-net-worth individuals from the UK, Belgium, Switzerland, Germany and the Netherlands. Investors are predominantly those with an interest in impact investing, says managing partner Driessen.

While the fund has yet to receive any commitments from institutional investors, Driessen said several institutional investors have expressed interest in the vehicle.

The fund is seeking further commitments from high-net-worth individuals, family offices and institutional investors on a global scale.

Investments
Sustainable Food Fund aims to invest in 15-25 western European companies operating within the sustainable food, nutrition, foodtech or agritech markets. Specifically, the fund hopes to make 10-15 early-stage investments of less than €1m, 10 follow-on investments of €1-2m and five later-stage investments of €2-10m. It will not make seed investments.

The vehicle will only invest in profit-generating companies. It will focus on health food and nutrition companies that are on the cusp of international expansion.

According to Pulsar Network Capital, the health food market is set to grow at an annual rate of 20% to reach $1tn by 2017.

People
Patrick Driessen is the founder and managing partner of Pulsar Network Capital.

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