Challenger Funds Management buys Proterra IP Asia PTE

Oksana Patron

22 June 2023

Challenger Funds Management Holdings, a subsidiary of Challenger Limited, has acquired Proterra Investment Partners Asia PTE from Pacific Current Group Limited for around US$8.25 million.

Under the terms of the deal, Pacific will also continue to hold its current economics in the broader Proterra business.

Proterra Asia, a subsidiary of Proterra Investment Partners LP, historically managed its Asian-based food fund investment strategies.

In the announcement to the Australian Securities Exchange (ASX), Pacific Current said that it had retained its economic interests specific to Proterra’s first two food funds but divested its economic interest in Proterra’s Food Fund 3 and in future investment strategies sponsored by Proterra Asia.

Commenting on the sale, Pacific Current’s chief executive, Paul Greenwood, said: “We recognise that Challenger is uniquely situated to help grow Proterra Asia’s business and we wish them well in the new partnership.”