Firms & Funds

Butterfly, formed by ex-KKR, Vista execs, invests in striped-bass aquaculture business

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Butterfly Equity, private equity, food, aquaculture
U.S. President George W. Bush holds up a striped bass he caught off the coast of Kennebunkport, Maine as his brother Marvin (R) watches on June 15, 2003. The pair spent the late Father's Day morning catching fish with their father former president George Bush, who himself caught at least one fish today as a five-day-long vacation winds up at the elder Bush's home on the coast of Maine. REUTERS/Jason Reed JIR - RP3DRIGFAPAA
  • Butterfly formed by KKR, Vista execs
  • Focus on agriculture, aquaculture investments
  • Targets $400 mln for debut fund

Butterfly Equity, formed by executives from Kohlberg Kravis Roberts and Vista Equity to invest in the food industry, invested in Pacifico Aquaculture, a producer of ocean-raised striped bass, the firm said.

Butterfly, which is in market with its debut fund targeting $400 million, focuses on investments across agriculture and aquaculture. UBS is working with the firm on the fundraising.

Terms of the investment were not disclosed.

“The future for sustainable ocean-raised aquaculture is extraordinarily bright and we are excited to back the Pacifico team to help expand their reach throughout North America and around the world,” Adam Waglay, a co-founder of Butterfly, said in a statement.

Waglay, a former principal at KKR, formed Butterfly with Dustin Beck, a former Vista Equity executive.

In 2016, Butterfly invested in Lemonade Restaurant Group, a Los Angeles fast-casual restaurant serving seasonal California cuisine.

Butterfly’s theme is investing across the entire food value chain “from seed to fork,” according to the firm’s website.

Action Item: Check out Butterfly’s Form ADV: http://bit.ly/2y2DOgX

U.S. President George W. Bush, on June 15, 2003, holds up a striped bass he caught off the coast of Kennebunkport, Maine, as his brother Marvin (right) looks on. REUTERS/Jason Reed