Fund manager New Forests has taken a half stake in the $150 million-plus McPhee Beef Farms operation, built up by the McPhee family over three decades into one of the country’s top suppliers of Wagyu beef.

To back the new fund that will hold the investment, New Forests has brought together a series of high-powered institutional investors, including Australia’s Clean Energy Finance Corporation, Japan’s Kyushu Electric Power, Germany’s BVK and Sweden’s AP2.