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Open Prairie Announces Initial Closing on $100 Million Open Prairie Rural Opportunities Fund and USDA License as a Rural Business Investment Company | KTIC Radio

Open Prairie Announces Initial Closing on $100 Million Open Prairie Rural Opportunities Fund and USDA License as a Rural Business Investment Company

Open Prairie Announces Initial Closing on $100 Million Open Prairie Rural Opportunities Fund and USDA License as a Rural Business Investment Company
openprairie.com/

EFFINGHAM, Ill.,  /PRNewswire/ — Open Prairie is pleased

to announce that its newest growth-stage private equity fund, the Open

Prairie Rural Opportunities Fund, L.P., has received a license from

the United States Department of Agriculture (USDA) to operate as a

Rural Business Investment Company (RBIC).  In conjunction with its

licensure, the fund has also completed a first closing with strategic

partner commitments of over $55 million from lead investors comprised

of institutions within the Farm Credit System, commercial and

community banks, family offices, farm organizations and individuals

passionate about advancing agriculture and growth throughout rural

America.

The global food and agriculture system is on the precipice of

unparalleled change.  World population is projected to reach 9 billion

by 2050 and agriculture continues to represent the largest

environmental footprint of any economic sector.  Globalization and

development of emerging markets has resulted in a burgeoning middle

class with disposable income, an expansive palate and greater focus on

food safety, health and convenience.  Additionally, caloric demands

are expected to increase more than 70% by 2050 as consumers

incorporate more proteins into their diets, resulting in crop demand

growth requirements of over 100%.

Open Prairie Founder and Managing Partner, Jim Schultz, stated, “Open

Prairie has worked closely with its lead investors to establish the

Open Prairie Rural Opportunities Fund as an investment vehicle

uniquely positioned to capitalize on the challenges facing today’s

agriculture environment.”  The Open Prairie Rural Opportunities Fund

is a balanced private equity fund offering debt and equity capital to

growth and later-stage companies across the agribusiness value

chain.

“Compeer Financial, along with our Farm Credit Associations and

partners, is committed to growth of agribusinesses, jobs and new

innovations in agriculture and rural America.  We’re excited to

partner with Open Prairie, 11 banking institutions and other investor

partners to provide leadership, expertise and expand rural networks

through the USDA’s Rural Business Investment Program,” explained

Compeer Financial’s Chief Mission and Marketing Officer, John Monson.

The U.S. remains a global leader in agriculture, particularly with

respect to creation, development and implementation of technologies

with worldwide applications.  Pat Morand, Open Prairie Partner and

President, said, “With our multi-generational connections to rural

America and a history of success in facilitating growth for its

portfolio companies while generating top-tier returns for its

partners, the Open Prairie team will leverage its expertise to

identify opportunities in areas such as crop protection, ingredients,

processing, storage, data management and logistics.  The fund has

begun cultivating a rich pipeline of prospects and will continue to

raise capital with additional closings expected during the first half

of 2018.”

 

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