PitchBook年上半年农业食品基金报告

PE and VC fundraising and performance Contents Key takeaways3 PitchBook Data, Inc. Nizar TarhuniExecutive Vice President, Research andMarket Intelligence Introduction4 Paul CondraGlobal Head of Private Markets Research Agrifood specialist VC fundraising trends6 Agrifood specialist PE fundraising trends9 Manager lists11 Institutional Research Group Inclusion criteria and categories26 Analysis Alex FrederickLead Research Analystalex.frederick@pitchbook.com Ben RiccioAssociate Research Analystben.riccio@pitchbook.com Data Harrison WaldockData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byJenna O’Malley Published on September 8, 2025 Clickherefor PitchBook’s report methodologies. Key takeaways •The PitchBook Agrifood Funds Report offers acomprehensive guide to 329 agtech, foodtech, andfood & beverage CPG specialist managers across bothprivate equity and venture capital. Clients can interactwith dynamic manager lists to view investments,benchmarked returns, key personnel, and more onthe PitchBook Platform. •The average new VC fund size shrank to $35.4 million inH1 2025 from $72.9 million in 2022, while bigger VC fundsover $250 million have virtually vanished. •Emerging managers are launching most of the newagrifood VC funds. •Since 2020, only 11 VC agrifood funds have exceeded $250million in size, signaling limited scale. •Agrifood VC fundraising dropped 65% from its 2022 peak,and new VC fund launches shrank from 49 in 2023 to17 in 2024. •At least 282 independent asset management firmsspecialize in various strategies within the agriculture, food,and forestry sectors, collectively managing over $50 billionin assets. •PE in agrifood has remained relatively stable, with capitalraised declining 40% to $2.9 billion in 2024 from $4.8billion in 2023, but fund counts have been steady YoY. For a detailed explanation of the inclusion criteria andcategories used in this report, see the“Inclusion criteria andcategories”section. •Agrifood funds—including agtech, foodtech, and food& beverage CPG—span the whole food value chain butcomprise just 1.1% of the global VC fundraising count andjust 0.8% of the global PE fundraising count in 2025. Introduction Fund sizing patterns underscore a middle-market advantagein PE. In 2024, middle-market PE vehicles between $100million and $500 million represented 64% of all globalagrifood PE fund closes. While both large and middle-marketPE funds invest in established, cash-generative businesses,LPs increasingly favor middle-market strategies. These fundsoften provide access to a broader set of opportunities, allowfor more active operational involvement, and deliver greaterflexibility in sourcing and value creation than megafunds,which are limited by the scarcity of suitably large targets. Overview The global investment landscape has undergone profoundconsolidation in recent years, with fund counts decliningsharply across both PE and VC as capital increasinglyconcentrates among fewer, larger vehicles. For agrifoodspecialist managers, this trend has produced very differentresults: Private equity funds in the sector have remainedresilient with stable fundraising, while agrifood venturecapital funds have faced a marked drop in capital raisedand new fund launches—exposing both the strengths andvulnerabilities unique to each segment compared with thebroader market. On the VC side, smaller fund launches under $50 million fellfrom 24 globally in 2023 to eight in 2024—a 67% decline—while VC funds above $250 million disappeared entirely in2024 after six such closes in 2022. Estimated average fundsizes declined to $35.4 million in H1 2025 for VC, down fromabout $72.9 million in 2022. In PE, the average fund size fellto $262 million in 2024, down from $4334 million in 2023.Transparency also improved, as undisclosed VC fund sizesdropped from 14 in 2023 to zero in 2024, signaling tighter LPdiligence and maturing reporting practices. Agrifood funds are defined here as specialist vehiclesfocused on agricultural technology (agtech) (upstream farminnovations, biologicals, robotics, data, and AI), foodtech(midstream product development, logistics, packaging, ande-commerce), and food & beverage CPG (downstream brandsand distribution). Collectively, these strategies span the fullfood value chain, reflecting both hard-technology innovationand brand-driven growth. Structural factors drive differential performance At least 282 independent asset management firms specializein various strategies within the agriculture, food, and forestrysectors, collectively managing over $50 billion in assets—ascale that reflects sustained institutional confidence despiterecent challenges for VC fundraising. The divergent performance between PE and VC reflectsfundamental differences in investment approach and marketpositioning. Agrifood’s critical role in addressing globalfood security and climate challenges has positioned PEstrategies as compelling defensive invest