Pacific Equity Partners (PEP), which identifies itself as the largest private equity fund manager in Australasia, is reported by Infrastructure Investor to be nearing its latest infrastructure vehicle at around A$300 (US$225.3) million.

In February of this year, the firm launched the Secure Assets Fund with the goal to raise close to A$800 (US$600.7) million to invest in active infrastructure assets that include mid-sized logistics, infrastructure, and agriculture businesses. It was reported that the fund will seek deals that offer internal rates of return in the mid-teens, and focus on businesses backed by physical assets that deliver stable long-term cash flows.

Current food and ag sector investments by PEP include Allied Pinnacle, a baked foods and bakery ingredient company, and related Allied Mills, both in Australia; Manuka Health, specialists in honey products, based in New Zealand; and Patties Food, Australia’s leading provider of frozen savoury and dessert pies.

Funds managed by PEP have made more than 26 operating company investments, and more than 90 bolt-on acquisitions. The firm has approximately A$2.7 billion in assets under management, according to its website.