PitchBook年上半年农业食品基金报告（英）

EMERGING TECH RESEARCHAgrifood Funds ReportPE and VC fundraising and performanceH120252H1 2025 AGRIFOOD FUNDS REPORTContentsInstitutional Research GroupAnalysisPublished on September 8, 2025Click here for PitchBook’s report methodologies.PublishingReport designed by Jenna O’MalleyAlex Frederick Lead Research Analyst alex.frederick@pitchbook.comBen Riccio Associate Research Analyst ben.riccio@pitchbook.comPitchBook Data, Inc.Nizar Tarhuni Executive Vice President, Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchDataHarrison Waldock Data Analystpbinstitutionalresearch@pitchbook.comKey takeaways 3Introduction 4Agrifood specialist VC fundraising trends 6Agrifood specialist PE fundraising trends 9Manager lists 11Inclusion criteria and categories 263H1 2025 AGRIFOOD FUNDS REPORTKey takeaways• The PitchBook Agrifood Funds Report offers a comprehensive guide to 329 agtech, foodtech, and food & beverage CPG specialist managers across both private equity and venture capital. Clients can interact with dynamic manager lists to view investments, benchmarked returns, key personnel, and more on the PitchBook Platform. • Agrifood VC fundraising dropped 65% from its 2022 peak, and new VC fund launches shrank from 49 in 2023 to 17 in 2024.• PE in agrifood has remained relatively stable, with capital raised declining 40% to $2.9 billion in 2024 from $4.8 billion in 2023, but fund counts have been steady YoY.• Agrifood funds—including agtech, foodtech, and food & beverage CPG—span the whole food value chain but comprise just 1.1% of the global VC fundraising count and just 0.8% of the global PE fundraising count in 2025.• The average new VC fund size shrank to $35.4 million in H1 2025 from $72.9 million in 2022, while bigger VC funds over $250 million have virtually vanished.• Emerging managers are launching most of the new agrifood VC funds.• Since 2020, only 11 VC agrifood funds have exceeded $250 million in size, signaling limited scale.• At least 282 independent asset management firms specialize in various strategies within the agriculture, food, and forestry sectors, collectively managing over $50 billion in assets.For a detailed explanation of the inclusion criteria and categories used in this report, see the “Inclusion criteria and categories” section.4H1 2025 AGRIFOOD FUNDS REPORTIntroductionOverviewThe global investment landscape has undergone profound consolidation in recent years, with fund counts declining sharply across both PE and VC as capital increasingly concentrates among fewer, larger vehicles. For agrifood specialist managers, this trend has produced very different results: Private equity funds in the sector have remained resilient with stable fundraising, while agrifood venture capital funds have faced a marked drop in capital raised and new fund launches—exposing both the strengths and vulnerabilities unique to each segment compared with the broader market.Agrifood funds are defined here as specialist ve