About This Fund
Lios Fund I is the inaugural private equity fund raised by Power Sustainable Lios, a specialized agri-food investment platform and wholly-owned subsidiary of Power Sustainable, itself a subsidiary of Power Corporation of Canada (TSX: POW). The fund was launched in early 2022 and achieved an initial close of CAD 210 million in June 2022 before reaching its final close at CAD 285 million — slightly below its original CAD 300 million target — in mid-2024. The investor base includes a distinguished group of Canadian and international institutions: The Canada Life Assurance Company, Farm Credit Canada, Export Development Canada, Fonds de solidarite FTQ, Fondaction (CSN), BMO Capital Partners, CIBC, leading pension funds, large corporations, family offices and strategic investors. The fund is managed from Power Sustainable Lios's offices in Toronto and Montreal, with McCarthy Tetrault LLP serving as fund counsel.
Lios Fund I targets profitable, growth-oriented mid-market companies operating across the North American food value chain, with revenues typically up to approximately CAD 250 million. The fund pursues majority ownership or meaningful minority positions, deploying individual investment cheques of CAD 25-70 million with a five-to-seven year investment horizon. The mandate concentrates on three segments: food production (including sustainable agriculture and vertical farming), manufacturing, and distribution and retail. A defining feature is the fund's ESG orientation — it explicitly prioritises companies embracing sustainability practices, reducing environmental impact and building food system resilience, consistent with Power Sustainable's broader mission as an impact-oriented asset manager. The team is led by Managing Partner Jonathan Belair, who brings over 20 years of food and agriculture investing experience including senior roles at McCain Foods.
As of the fund's 2024 annual update, Lios Fund I had deployed over 30% of committed capital across three platform investments: Food Cycle Science (food waste reduction solutions), Private Brand Consortium (value-added food distribution including baby foods, snacks and plant-based beverages), and GoodLeaf Farms (Canada's leading commercial vertical farming platform for leafy greens and microgreens). These investments illustrate the fund's thesis across the food value chain — from waste reduction technology to processing and production. Power Sustainable Lios is positioned as a long-term institutional partner to management teams building resilient, sustainable food businesses across North America, supported by the resources and relationships of the broader Power Corporation ecosystem.