Proterra Investment Partners LP has officially launched its Net Lease Real Estate strategy, expanding its alternative investment offerings with a focus on income-oriented real estate tied to the global food and agriculture sectors. The Minneapolis-based private markets firm, which specializes in private equity and credit investments across the food value chain, is targeting well-structured net lease transactions that deliver consistent, defensive cash yields across cycles. 

The new strategy will emphasize sale-leaseback opportunities involving mission-critical properties, particularly within food, beverage, and agriculture industries—areas where Proterra already maintains deep operational and underwriting expertise. With rising rents and long-duration lease structures offering predictable cash flows, these assets are seen as attractive hedges against economic uncertainty. 

“We designed this strategy to complement our existing investment platforms and respond to growing demand from our investors and relationships for defensive, income-oriented alternatives,” said Rich Gammill, managing partner at Proterra. “We’ve been deliberate in building the right foundation—assembling a team, refining the strategy, and ensuring we can execute at institutional scale.” 

The effort is being led by David Kay, a veteran of the net lease space and founder of Capital Automotive REIT, a pioneer in sale-leaseback capital for the auto retail industry. Kay also previously served as president and CEO of ARCP (now VEREIT), which was acquired by Realty Income. 

Proterra, which spun out of Cargill’s Black River Asset Management unit, manages a suite of investment strategies spanning seven verticals, including credit, farmland, growth equity, Proterra Asia, sustainable agriculture, asset-backed strategies, and now net lease real estate.