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NOW Closed – Now closed to investment.

Fund facts

Asset Class
Private Equity Growth and Impact
Underlying Investment Manager
Cibus Capital (formerly ADM Capital Europe)
Term Sheet Date
23 July 2021
Fund Term
8 years, with two 12-month extensions
Distribution Frequency
Annually, as at June 30 (commencing June 30, 2026), subject to the terms of the Underlying Fund.
Minimum Commitment
US$ 250,000
Wrap Access
Investment Partner

“We need to produce 70% more food while simultaneously moving towards eliminating emissions all together. It will take a lot of new ideas!” – Bill Gates, How to Avoid a Climate Disaster 2021

Spire Capital Pty Ltd (“Spire”) continues to have high conviction in select pockets of the global private markets (i.e. ‘sweet spots’). As a private markets firm, we are excited for the future as we believe private markets have a structural advantage (relative to public markets) in accessing investments at the forefront of prevailing mega-trends. This includes impact investments whereby patient capital can be paired with active business plans to generate tangible outcomes in line with the UN Sustainable Development Goals. We are excited to be investing in the Food Security and Sustainability strategy in partnership with a high-quality investment adviser – Cibus Capital LLP (“Cibus Capital”) ( formerly ADM Capital Europe LLP).

Spire has partnered with Cibus Capital, a limited liability partnership in the United Kingdom, to enable Australian investors to invest in the CIBUS Fund II (“CIBUS II” or “The Underlying Fund”) strategy, capitalising on emerging and accelerating shifts in the sustainability and procurement of food. The future of food is being shaped by regulatory push and consumer pull, both of which have undergone an acceleration in their rate of change in recent years.

The key regulatory push factors centre around the key tenets of the Paris Agreement; a reduction of 50% in Green House Gas emissions by 2030 and “Net Zero” by 2050. There is a growing trend from governments across the globe to introduce policies, regulation and programs that both encourage and support farmers and landowners to change the way they produce food and use their land. Since 1947, there have been 2,211 climate laws and policies passed, planned, or approved globally, 2,056 of which were introduced since 2000. This policy shift will likely create significant investment opportunity. The key consumer pull factors are a result of growing interest in health and wellbeing, not only of individuals, but in the natural capital that supports the growing global human population. Food production is increasingly being scrutinised for its use and abuse of inputs, as well as the impact intensification of food production on the environment; in particular, water course pollution and soil degradation, as well as the potential long-lasting imbalances inflicted upon natural capital.

The CIBUS team has seen that traceability and transparency in the supply chain, has resulted in increasing demand for “better for you” and organic products as well as “clean label” inputs and ingredients, as consumer priorities shift. The total global wellness market is estimated to be USD 1.5tn with a CAGR of around 10%.

Performance as at 31 December 2023 Net Returns*
3 months0.33%
1 yearN/A
Since Inception*-9.07%

*Past performance is not an indicator of future performance. Unit Price and performance do not include the value of Foreign Income Tax Offsets (FITOs) which have been distributed in addition to cash. “Performance since inception” is measured as the Internal Rate of Return since inception. The IRR is the rate of return that equates the amount and timing of irregular cashflows since inception with the period end value. Inception date occurred from the commencement of NAV based unit pricing, following the completion of capital raising in December 2023.

Date Unit Price (USD) Quarterly Net Return*
31 March 2024$0.50010.33%

Fund Documents

Off Market Transfer Form
Change in Address & Communications Election Form
Letter of Authority From
Change of Advisor Form


Spire Capital Master Fund - 30 June 2023 Financial Report
PeriodDistribution Amount (cents per unit)Ex PriceDistribution Components
30 June 2023 Nil CPU Cash; Nil CPU FITO's $N/A SPIRE Distribution Components
30 June 2022 Nil CPU Cash; Nil CPU FITO's $N/A SPIRE Distribution Components