Collateral Good takes over €100 million Sustainable Food Fund from Deloitte

Collateral Good, a Zürich-based multi-strategy investment firm, has secured the mandate to manage an existing Sustainable Food Fund with around €100 million (US$108 million) in assets under management. The decision follows an auction process run by Deloitte Luxembourg and was backed by approximately 85% of the fund’s limited partners.

Previously operating as Blue Horizon Ventures I, the fund had been placed into voluntary liquidation by its investors before the transfer. Under its new name, Collateral Good Food Innovation I, the vehicle will now be managed with the aim of strengthening and creating value across a portfolio of 14 companies developing next-generation food solutions.

The fund’s holdings include businesses in plant-based foods, precision fermentation, and cultivated meat. Among them are Swiss plant-based brand Planted, US precision fermentation company Every, French microalgae specialist Algama, and Dutch cultivated meat pioneer Mosa Meat.

The strategy reflects Collateral Good’s focus on climate-first investing, targeting technologies that support more sustainable global food systems. The firm sees the fund as an important milestone in its ambition to build a leading venture capital platform with sustainability at its core.

The management team consists of four partners, led by Collateral Good co-founders Mariana Gonzalez and Michael Kleindl. They will be supported by a group of advisors and industry experts, including Maxence de Royer of Nestlé, Constantino Matouk of Grupo Bimbo, and Frank Alexander Kühne of Adalbert Raps Stiftung.

The transfer of management comes after a period of market turbulence for alternative proteins, which saw investment activity slow following a wave of initial enthusiasm. Despite these short-term setbacks, Collateral Good said the long-term outlook remains strong as the world confronts the challenge of feeding a growing global population sustainably.

The firm framed the fund as part of a broader shift in food and agriculture towards climate-smart solutions. By supporting early and growth-stage innovators, it aims to back companies that can scale technologies with both financial and environmental returns.

Michael Kleindl, Founder & Managing Partner of Collateral Good, said the mandate represented the culmination of an extensive process and underlined investor trust in the firm’s capabilities. “We are incredibly satisfied for this outcome of a long bidding process. The fact that Deloitte chooses us with the support of more than 100 LPs in this fund speaks for itself,” he said. “We are very motivated to manage this portfolio of innovative start-ups around the globe and to support them in achieving sustainable value creation and success.”

Ronald Janse, Managing Partner at impact fund-of-funds manager Wire Group, welcomed the outcome on behalf of investors. “We have been closely and actively involved in the transition process and are happy to see a resolution that we believe to be in the best interest of all stakeholders. In Collateral Good we have found a strong partner that paves the way for impact and value creation towards the future,” he said.

With the new fund under its management, Collateral Good now oversees three venture capital vehicles with total assets exceeding €140 million (US$151 million). The addition consolidates its position as a specialist in climate-focused investment strategies and broadens its exposure to alternative protein technologies.

The firm said the Sustainable Food Fund will not only stabilize the existing portfolio but also create opportunities to add value through active management and strategic support. By bringing in its network of advisors and industry leaders, Collateral Good aims to provide portfolio companies with both capital and expertise to accelerate growth.

The rebranded Collateral Good Food Innovation I Fund is expected to play a key role in bridging the gap between innovation and scalability in sustainable food. As demand for alternatives to conventional animal agriculture continues to grow, companies in plant-based, fermentation, and cultivated meat are positioning themselves to deliver solutions with reduced environmental impact.

For Collateral Good, securing the mandate underscores its credibility in impact investing and its ambition to lead in financing the transition toward more resilient food systems. The firm’s leadership believes that a combination of disciplined investment, strong governance, and industry expertise will allow the portfolio to achieve both financial performance and long-term sustainability goals.

(Main photo courtesy of Planted)