China-based agribusiness company the New Hope Group will reportedly launch an overseas investment fund, worth $200m, according to comments made by Liu Yonghao, chairman of New Hope, on November 16th. Wang Hang, vice president of New Hope, confirmed the news last Monday.
The fund will be run in conjunction with US-based agribusiness conglomerate Archer Daniels Midland (ADM), Japan-based conglomerate Mitsui and the Singapore government-backed investment fund Temasek Holdings.
Hang also disclosed that the fund would focus on food safety, food security and farming technology, reported news agency Reuters.
The move follows New Hope’s joint acquisition of a 50.1% stake in New Zealand-based agricultural services company PGG Wrightson, in conjunction with the Singapore division of China-based agribusiness firm Agria, in April. The $200m investment marked New Hope’s first corporate venturing investment outside of China.