TPP Capital Holdings, a US private-equity firm dedicated to improving the health of ethnic communities, has launched a US$20m fund to invest in businesses ranging from healthy food and drinks to vertical farming and agriculture.
Philadelphia-based TPP is led by chief strategic officer Clinton Bush, who is also its co-founder and a principal investor.
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TPP explained the objectives of the Urban Agriculture and Food Investment Fund: “The purpose of the fund is to make direct place-based private-equity investments in agribusiness, agriculture, indoor vertical farms/greenhouses, farmland development, health-focused food and beverage enterprises with black and brown ownership located in federally qualified opportunity zones throughout the country in order to reduce health disparities and the disparate burdens of chronic medical conditions exposed by Covid-19 that disproportionately impact black and brown Americans.”
CEO Bush added: “TPP’s principals have 25 years of food industry experience in food science, food ingredients, food processing, food technology, packaging, and food marketing. With strong relationships with food ingredient suppliers, food scientists, food companies, and food CEOs and executives, TPP is well positioned for success.”
The fund’s capital-raising activities will focus on “high-net worth and ultra-high net worth individuals”, professional athletes, celebrities, entertainers, and institutional investors. “The fund also expects to be an attractive investment vehicle for women and people of colour who are interested in supporting enterprises with black and brown ownership participation.”
TPP said it has already committed to couple of investments in Vertical Harvest, a vertical-farming business in Jackson, Wyoming. It has funnelled $2m to drive a five-year expansion plan to build ten 70,000 square-foot greenhouses, which will create up to 550 jobs for “underserved populations in the US”.
It has also put in another $5m to build a 70,000 square-foot greenhouse in Philadelphia.
