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Debut fund for foodtech investor, Synthesis Capital, receives Guernsey Green Fund status

17 June 2022

Foodtech and alternative protein investor Synthesis Capital has chosen to launch its debut fund as a Guernsey Green Fund.

Synthesis Capital Fund I LP’s final close had commitments in excess of US$300 million.

The pioneering fund, which will look to back technology solutions that will help global food system and environmental challenges, was oversubscribed and has attracted investment from institutional investors, corporate partners, family offices and high-net-worth angel investors.

It is believed to be the largest ever fund raised in the foodtech sector and comes a little over a year since the establishment of the London-based investment manager.

The fund has already invested in a range of businesses, including the likes of cultivated meat start-up Upside Foods, sans bovine ice cream maker Perfect Day, biomanufacturing-as-a-service platform Culture Biosciences, and 3D printing tech start-up Redefine Meat. The fund will look to invest in around 15 companies across the food value chain.

Carey Olsen's investment funds team in Guernsey advised on the launch, led by Partner David Crosland, who said the fund was incredibly innovative and forward-thinking.

“It recognises the huge potential of the foodtech sector and the viable solutions it is already offering,” he said. “Synthesis is another perfect example of a first-time manager coming to Guernsey and utilising the jurisdiction's expertise, infrastructure and well understood regulatory regime, further cementing the island's reputation as a leader in the green space.”

Aztec Group supported the launch with the establishment and investors' onboarding of the Fund and will continue to provide ongoing administration and accounting services from its Guernsey offices.

Aztec Director Cara McErlane said the launch was a great example of the Guernsey Green Fund working in practice by providing a clear framework to certify a fund's ESG credentials.

"With the aim of harnessing technology to address one of the world’s most current and pressing issues – challenges to the global food system – this launch once again confirms that Guernsey is well equipped to service innovative asset classes in Green Finance," she added.

To qualify for Guernsey Green Fund designation, a fund must achieve compliance with the Guernsey Green Fund Rules and strict eligibility criteria of green investing and aim to contribute towards a net positive outcome on the planet’s environment.

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