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A private-equity firm that was part of agricultural commodities producer and trader Cargill Inc. has been spun off and renamed Proterra Investment Partners.
Proterra was previously part of Cargill's Black River Asset Management subsidiary. Proterra manages more than $2.1 billion of committed capital, and Minneapolis-based Cargill will continue to be an investor, Proterra said Monday. The firm has three strategies: agriculture, food, and metals and mining.
Last year, Cargill announced the breakup and spinoff of investment arm Black River Asset Management after 12 years. The formation of Proterra comes following a year of portfolio "reshaping" at the 150-year-old Cargill intended to boost returns.
In the past few months, the company completed the sale of its U.S. pork business to Brazil's JBS and agreed to sell its crop insurance unit. It also bought a salmon-feed producer and Archer-Daniels-Midland Co.'s chocolate business.
Last week, it announced plans to close its London shipping office and consolidate some of its operations in Geneva as the freight market slumps to the lowest in three decades.