Owner-operator in the commodity value chain.
The Lundy Commodities Fund invests in food and mineral security: agricultural and mineral value chains, owned and operated from origin to export. The focus is Africa; the mandate is global. We hold the physical chain, from farms to processing and logistics, while an active trading book keeps the fund liquid.
Investing in the business behind the commodity.
The investment case is built around the business and its operating cycle, not a directional view on a quoted commodity price. We take equity or senior-secured debt into businesses that allow for operational control, and work inside them.
In Nigeria the fund is developing and investing in the cocoa supply chain through a wholly owned export subsidiary, Lundy Commodities Nigeria Limited, with its own warehousing. Côte d’Ivoire, Ghana, Cameroon and East Africa are under coverage.
We hold the physical chain, and an active trading book keeps the fund liquid.
Where the fund invests, and what it holds.
Four links in the chain. For each, what matters to the investment case and what the fund does about it today.
| Link | What matters | What the fund does |
|---|---|---|
| Supply & production | Reliability of supply, quality, seasonality and production economics. | Owner-operator in cocoa plantations. 2026 |
| Processing & handling | Yield, capacity, storage, operating cost and quality control. | Cocoa processing facility finance, and warehousing in Lagos through the Nigerian subsidiary. 2023 |
| Market access | Customer demand, route to market, logistics and payment terms. | Direct exports through Lundy Commodities Nigeria Limited, an NEPC-registered exporter; branded and bulk sales through Lundy Origin. 2025 |
| Cash & control | Inventory, receivables, foreign exchange, counterparties and reporting. | Senior-secured trade finance since launch; pricing benchmarked to the London and New York terminal markets with an in-house basis-risk overlay; Lundy Edge for trading and hedging. 20202026 |
Five stages on every transaction.
Lundy Intelligence runs due diligence and monitoring, with staff in origin countries during harvest cycles. The investment committee receives exposure reports weekly.
Origination
Opportunities sourced on the ground in the value chains we already operate in.
Due diligence
On-site diligence by our own team: operations, counterparties, cash cycle and downside cases.
Structure
Structural review: equity or senior-secured debt, with the control rights the plan needs.
Committee
Investment-committee approval, with a written thesis and a defined exit.
Monitor
Post-close monitoring, weekly exposure reporting and staff in-country through the harvest.
From trade finance to owner-operator.
- 2020Fund launch: senior-secured trade finance in West African soft commoditiesLaunch
- 2022Cocoa export trade-finance facilities, NigeriaTrade finance
- 2023Cocoa processing facility financeTerm finance
- 2025Launch of Lundy Commodities Nigeria Limited for direct exportsOperations
- 2026Owner-operator in cocoa plantationsOrigination
- 2026Launch of Lundy Edge: commodity trading and hedging to generate alpha for the fundTrading
Administered, audited and valued independently.
The fund sits on the firm’s Cayman Islands segregated-portfolio platform, registered with the Cayman Islands Monetary Authority as a private fund.
Bolder Fund Services
Independent administrator; third-party verification of assets and NAV.
KPMG · Grant Thornton
KPMG Cayman Islands audits the fund; Grant Thornton values the portfolio.
Northern Trust · Osborne Clarke · Walkers
Fund banker, with English and Cayman counsel.
Three directors, one independent
Edward Rowson, Khaled Abdel Majeed (non-executive), Richard Scott-Hopkins (independent).
At a glance.
- Fund
- Lundy Commodities Fund SP
- Vehicle
- Segregated portfolio of a Cayman Islands SPC, registered with CIMA as a private fund
- Subsidiary
- Lundy Commodities Nigeria Limited (RC 7810809), NEPC-registered exporter
- Inception
- 2020
- Style
- Equity or senior-secured debt into businesses that allow for operational control
- Managers
- Edward Rowson and Wael Menhem
- Fund AUM
- On request
- Eligibility
- Professional clients and eligible counterparties only
Private-market investments can be illiquid and involve material operating, commodity, currency and country risks. Capital is at risk. Eligibility, availability and all investment terms are governed by the fund’s offering documents; nothing on this page is an offer.
Discuss the fund and request current information.
Strategy deck, factsheet and the managers’ letters are available to professional clients and eligible counterparties.