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

  • 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