Clément Chenost

1. Strictly confidential
Moringafund | A Sustainable Agroforestry Fund
Agroforestry systems risk/revenue balance: an investor’s point of view
World Agroforestry Congress – Clément Chenost
February 2014

2. WAC | introduction
 Agroforestry is a promising path to answer the growing need for
agricultural and timber products, while preserving the environment
and enhancing the livelihood of farmers
 To be competitive and replicated, agroforestry needs further
technical improvements (R&D), better access to market, and long
term investments (among others)
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 Moringa fund was developed by several public (AFD, CAF, ONFI), and
private institutions to upscale successful pilot projects and unlock
the potential of agroforestry
 This presentation presents key arguments developed by Moringa to
convince investors and main barriers faced
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3. Moringa | in a nutshell
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Mission
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Objectives
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Key strengths
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Moringa is a sustainable agro-forestry fund with a target size of
€100m
Geography: Latin America and Sub-Saharan Africa
Develop sound agroforestry projects providing a reasonable
commercial return to its investors
Have a positive environmental impact (climate change mitigation and
adaptation, soil improvements, biodiversity conservation, etc.)
Improve the livelihoods of farmers and local communities
A >€50m first closing achieved with 8 investors
Core team boosted by two complementary partners: La Compagnie
Benjamin de Rothschild and ONF International
A strong field presence and network
A well defined pipeline
A TA facility and science partners (ICRAF, CIRAD, IRD)
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4. Moringa | developing agroforestry models
Sylvopastoralism
Coffee under shade
Acacia intertwinned with cassava
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+
<
Global profitability
Social benefits
Environmental impacts
LA COMPAGNIE BENJAMIN DE ROTHSCHILD | ONF INTERNATIONAL | MORINGA
Examples of biological interactions :
 Better use of sun light
 Better use of water
 Biological regulation of pests
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5. Moringa | developing outgrower models
 A small nucleus plantation
 Smallholders interested in
increasing their incomes
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 A plant to process their products
and improved logistics / access
to market
 Quality of the relationship
between the farmers, their
organization and the company is
crucial
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6. Agroforestry | an investor’s point of view
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 Better risk mitigation in
the short and long run,
diversification of
revenues and outlets,
better resilience of
investment
Timber
plantation
Mono
culture
Profitable &
sustainable
agroforestry
Environmental services
Agroforestry synergies
Cash crops
Food crops
Soy, etc.
Eucalyptus,
etc.
Environmental risks:
Timber,
biomass…
from mixed
species
Env. risks
soil exhaustion, fire, wind, pests
Project risks
 Higher profitability in
the long run
Long term revenues
Increased and diversified
revenues
Social risks:
Social risks
food competition,eviction of communities
Market risks
Market risks:
Reg. risks
Price volatility
Regulatory risks:
Tech. risks
Local & International
Technical risks
Reduced risks
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7. Agroforestry |main barriers faced
 Industry is largely specialized and segmented, dominated by the
monoculture pattern (need changing consciousness)
 Complexity of projects to be better known and managed (need
communication, further R&D)
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 Investors need examples and success stories : a “track record” of
agroforestry projects
 Moringa is an innovative tool if proven to be successful could
participate in the mobilization of long term capital for sustainable
agroforestry
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8. Strictly confidential
Thanks for your attention !
Clément Chenost c.chenost@moringapartnership.com

9. Disclaimer
La Compagnie Benjamin de Rothschild and ONF International make no representation regarding the accuracy, reliability or legality of the information
contained in this document. Past performance is not a guarantee of future returns. The value of investments may fall as well as rise. In addition, the
contents of this document are not intended to constitute financial advice and readers thereof should consult their legal and/or financial advisers before
concluding any transaction on the basis of the information contained herein.
Strictly confidential
The project information presented in this document are based on the documentation given by the project operator to ONFI. It has thus not yet been tested
and analyzed by the Investment Advisor. The numbers presented are based on an average scenario.
This document does not constitute an offer or solicitation for any services or products in any jurisdiction in which such offer or solicitation is not authorized.
Any entity or person should make its own assessment in light of the laws and regulations applicable to it as to whether it is authorized to access the
information and/or products to which this document refers and otherwise refrain from doing so.
La Compagnie Benjamin de Rothschild and ONF International shall in no event be liable for any damages arising out of or in connection with the reliance
on the information contained in this document. This presentation is subject to French law, with exclusive jurisdiction in France.
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