U.S. private equity fund Open Prairie closes third fund at $81 mln

U.S. private equity fund Open Prairie has completed its third fund, Open Prairie Rural Opportunities Fund, LP, at $81 million.

The fund was supported by 12 Farm Credit institutions, 14 commercial and community banks and several strategic, agriculture-related organizations.

The vehicle is focused on providing credit and equity capital of $2 million to $8 million to growth companies in food and agriculture. Open Prairie expects to develop a portfolio of 12 to 15 commitments with initial deal sizes between $2 to $5 million and additional reserves for follow-on funding.

To date, Open Prairie Rural Opportunities Fund has invested capital into three investments, that is, U.S. seed company Tillerman Seeds, cloud-based data company MyAgData and bioplastic company Green Dot Bioplastics.