As a zoologist by training, a financier by necessity and a conservationist by choice, I have a desire to understand how food is produced, transmuted and delivered. Two years ago, I invited a team to join me in this challenge. Together, we have embarked on creating a business; the business of investing in food companies.

The strategy is to discover companies that are addressing the challenges of sustainable food supply, resource efficiency and improving nutritious content. The enabler is technology that is now being applied to the leaders in food production and agriculture. We believe it amounts to a second Agricultural Revolution.

We believe that by identifying companies that are category or local champions, with proven track records, a cost advantage and that specifically pay close attention to sustainability criteria, we will make investments that will outperform over the next decade.

Robert Appleby, Co-Founder and Joint CIO of ADM Capital.



The Global population is expected to reach 8.3bn (FAO) by 2030, with populations in certain developing economies and regions expected to grow by up to 50% by 2030. While net population change in developed countries between 2015 and 2030 is estimated at just 12m, net population change in developing countries between is estimated at 1.1bn over the same period.

Food demand will rise by 50%, and 60% of the world’s population will live in cities

The Chinese middle class is set to grow by 348m, and is likely to consume 66% more high value protein compared to 2013 domestic production levels.

Producing these high value proteins for China will require an extra 229m tonnes of feed, more than 14x local soybean production in 2013.

China will need an extra 285m cubic metres of water to produce these amounts of pork, beef and poultry, 77% of 2010 agricultural water use.

There is a direct correlation between per capita income and high value protein consumption. Although the countries in Asia with the largest populations are not necessarily the fastest growing in percentage terms, the growing absolute size of their middle class populations translates into a marked shift in calorific intake.

As economies become wealthier, the percentage of daily calorie intake that is provided by protein increases, with the source of protein also changing to include more animal-based proteins, such as beef, chicken, pork, fish and dairy. The graphic shows 3x greater consumption of meat as GDP per capita increases from USD 3,500 to USD 10,000.


The Cibus Fund will invest in rapidly-growing food chain companies that adopt technologies to enable the profitable and sustainable capture of high-growth market and produce opportunities.

These companies will produce, process and distribute more food whilst optimising inputs and mitigating any potential environmental damage as the industry deals with scarcity of resources and other exogenous factors.

The Cibus funds will identify food chain champions based in OECD markets where the factors of production can be easily secured and are well placed to supply the growth markets through vertical and horizontal integration.

The Cibus funds do not intend to invest in businesses seeking returns from farm land appreciation on a broad scale.

The Cibus strategy is a food and agribusiness focused platform that will invest opportunistically in food companies whose operating model, proprietary technologies or secure access to natural resource inputs provide a sustainable competitive advantage.