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| Fund Description |
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A private equity investment opportunity in the new strategic asset of the
21st century. The Pharos Miro Agriculture Fund is
focused on acquiring and managing agricultural land holdings in Eastern
Europe, Eurasia and Africa. The Fund creates target annualized capital returns of 20-25% for investors
through acquiring agricultural land, supporting infrastructure assets and distressed operational farm holdings.
The objective of the Fund is to acquire and operate arable farming with a minimum operating yield target of 18%.
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| Agriculture: A
New Asset Class |
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Emerging Supply and Demand Imbalance
Leading to an Increased Focus on Agricultural Producing Assets
Demand
Fundamentals
Increasing Global Population
Growing Dietary Patterns
Rising Standard of Living
Alternative Agricultural By-Product Uses
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Supply Reality
Finite Resource: Arable Land
Limited Water Resources
Food Security
Farm Input Constraints |
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Summary |
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- High quality investment pipeline
- Excellent entry point into the market post global
crisis
- Play on food security
- Geographical scope: Moldova, Romania, Ukraine,
Russia, Kazakhstan, Tanzania and Ghana
- Estimated annual dividend of 8-10%
- Experienced management consisting of "dream team" of emerging
markets investment manager and global agriculture
asset manager |
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| Fund Name | Pharos
Miro Agriculture Fund |
| Structure | Cayman
Islands Exempted Limited Partnership |
| Currency | US Dollar |
| Target Fund Size |
US $350 million |
| Minimum Investment |
US $5 million |
| Target Return |
20-25% per annum |
| Preferred Return |
9% per annum |
| Term | 6 years,
subject to two 1- year extensions |
| Commitment Period |
3 years, subject to 1 year extension |
| Investment Manager |
Pharos Financial Advisors Ltd. |
| Asset Manager |
Miro Asset Management Limited |
| Performance Fee |
20% with catch-up |
| Management Fee |
2% of Commitments during Commitment Period,
Thereafter 2% of Invested Capital |
| Clawback |
Yes |
| Investment Advisory Committee |
Yes |
| Legal Advisors |
Allen & Overy |
| Auditor |
Deloitte |
| Fund Administrator |
Apex Fund Services |
| Tax Consultants |
Grant Thornton |
| Banker | HSBC |
| Reports | Annual
audited financial statements, Semi-annual
unaudited financial statements |
| | PETER M. HALLORAN, CEO, Pharos Financial Group |
| Co-Portfolio Manager |
Mr. Halloran has twenty-four years financial markets experience.
Pioneered Russian capital markets since their inception, including
acquisition of over 7.5% of voucher market, first placements of local
debt to foreigners, $3bn privatization bids, 1st domestic IPO in Russia and
bringing over $8bn of capital to the market. Originally in New York
with Morgan Grenfell, Salomon Bros. and CS First Boston. Moved to
Moscow in 1995 establishing CSFB as #1 broker in market; ran trading,
research, sales and $300mm prop book. Established Pharos in 1997.
Adviser to Soros Fund Mgmt 1999-2000. Ran local investment bank Aton
Capital 2000-2002. Created Eurasian natural gas fund in 2004.
Founded oil exploration company in 2006 with interests in W. Siberia
and Caspian regions. Member advisory board of Cayenne Oil & Gas in
Texas. Yale University-B.A., 1984.
| | OLIVER BARNES, CEO, Miro Asset Management |
| Co-Portfolio Manager |
Mr. Barnes is a fifth generation agricultural specialist whose great
grandfather, pioneered the British horticultural industry. One of Oliver's
family businesses, Chesswood Produce Limited, became one of Europe's
largest horticultural businesses. In his early teens Mr. Barnes
developed a keen interest in emerging market agriculture and
conservation when living on Ol Pejeta Ranch, a 130,000 acre wheat, livestock
and game ranch in Africa. Mr. Barnes started his career working as
part of an expatriate team involved in the turnaround of Sulmac (Kenya)
Limited, a distressed Unilever business acquired by the Commonwealth
Development Corporation. Sulmac was a horticulture business
predominately supplying Europe with over a million stems of flowers a
day. While at Sulmac, Oliver was responsible for the venture setup of a
new field horticulture division which supplied over 40 tons of fresh
vegetables per week into European supermarkets. In 2002, Oliver joined a
British start-up waste recycling company as a development director. In
2005, Mr. Barnes became an adviser to Robert Gold and Mike Richards
working on contaminated land remediation strategies, venture setup for
alternative oilseed crops and biofuel companies. During this period,
Mr. Barnes also lead development of valuation models for an Asian
forestry investment initiative now known as Sunshine Technology Group.
In 2007, Mr. Barnes helped launched Miro Holdings International
Limited as a partner. Miro has successfully launched three clean energy
companies, an environmental asset management company, an African rice
growing company, an edible oil from algae company and a forestry
company. Mr. Barnes studied Agricultural Business Management at
Imperial College, London.
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| Subscription Information |
| Apex Fund Services Ltd. |
Enterprise House, Watersedge, Midleton, Co. Cork, Ireland
Tel: +(353) 21 463 3366 - Fax: +(353) 21 463 3377
Contact: Ms. Anne Marie Quinn, Annemarie@apexfunds.ie |
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