SYDNEY, AUSTRALIA: Pacific Current Group Limited (ASX:PAC) has sold its investment in Proterra Investment Partners Asia PTE. Ltd. (Proterra Asia), a subsidiary of Proterra Investment Partners LP (Proterra), to Challenger Funds Management Holdings Pty Limited, a subsidiary of Challenger Limited (ASX:CGF), an Australian-based investment management firm.
Pacific Current will receive approximately US$8.25 million in the transaction, less costs associated with the sale, and will continue to hold its current economics in the broader Proterra business.
Proterra Asia has historically managed Proterra’s Asian-based food fund investment strategies, which focus on investing in the food and agriculture sector in the region. Pacific Current has retained its economic interests specific to Proterra’s first two food funds, but has divested its economic interest in Proterra’s Food Fund 3, as well as all future investment strategies sponsored by Proterra Asia.
PAC’s CEO, Paul Greenwood, said: “We appreciate the business Proterra Asia helped develop for Proterra since Pacific Current’s initial 2019 investment.” He added: “We recognize that Challenger is uniquely situated to help grow Proterra Asia’s business and we wish them well in the new partnership.”
Pacific Current is a global multi-boutique asset management firm that provides capital and strategic support to high-quality boutique investment managers. The firm has investments in 18 boutiques across the world, with a combined assets under management of over US$80 billion.
Challenger is an Australian-based investment management firm that provides customers with financial security for retirement. The firm has over A$100 billion in assets under management and operates two core businesses: Life, which provides annuities and guaranteed retirement income products; and Funds Management, which manages funds across equities, fixed income, property and infrastructure.
Proterra is a private equity firm that specializes in natural resource investing. The firm has over US$3.2 billion in assets under management and operates three investment platforms: food, metals and mining, and energy transition.
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