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Pinnacle Investment Management Group (ASX: PNI) has put its weight behind a food, agriculture and water fund founded earlier this year by a former investment director at Blue Sky Alternative Investments (ASX: BLA)
The partnership with Riparian Capital Partners (RCP) provides the new company with capital to invest in the business along with acess to Pinnacle's non-investment support services.
Pinnacle's stable of now 13 investment affiliates account for over $50 billion in funds under management.
RCP is a Brisbane-based water, agriculture and food investment firm, and was established earlier this year by managing partner Nick Waters who was formerly an investment director of Blue Sky's real assets division.
At Blue Sky, Waters was responsible for managing and executing the water investment strategy.
Since establishing RCP Waters has been joined by fellow ex-Blue Sky director Patrick Hayden. Hayden is now a managing director at RCP and was previously part of Blue Sky's US division.
The RCP team is rounded off with more former Blue Sky associates Brent Loeskow and Matthew Houlahan.
Waters says he is looking forward to working alongside Pinnacle.
"We are pleased to have the strategic support of Pinnacle and look forward to working closely with them as we grow the firm to the benefit of agriculture sector investors," says Waters.
"We're particularly happy with the team we now have in place at RCP who have a strong working history together and a broad skillset and depth of experience that extends across the agriculture sector. Importantly, we've been able to structure the business in a way that ensures complete alignment of outcomes between the team and our investor clients."
Pinnacle's partnership with RCP comes as the former is engaged in a tug of war over Blue Sky Alternative Access Fund (ASX: BAF).
Both Pinnacle and Wilson Asset Management are vying to run the Access Fund, but no major progress in conversations between the three parties appears to have occurred since January 2019.
Shares in Pinnacle are down 0.36 per cent to $5.49 per share at 11.37am AEDT.
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