LOS ANGELES — Butterfly Equity has closed its sophomore fund with commitments of $1 billion from partners including institutional investors, family offices, entrepreneurs and food investors. With its previous fund and co-investments, the private equity firm now has nearly $4 billion in assets under management.

Launched in 2016, Butterfly invests in food companies spanning the entire value chain, partnering with founders and management teams to accelerate growth. Its investments include Chosen Foods, MaryRuth Organics, Pete & Gerry’s Organic Eggs and Pacifico Aquaculture. Earlier in August, Butterfly agreed to acquire the Qdoba restaurant brand from Apollo Global Management for an undisclosed sum. Also recently, Bolthouse Farms, a business owned and operated by Butterfly Equity, acquired the Evolution Fresh cold-pressed juice brand from Starbucks Corp. Additionally, Butterfly sold a majority interest in Orgain, a plant-based nutrition brand, to Nestle Health Science.

“We are beyond excited to announce the closing of this sophomore fund and are overwhelmed by and thankful for the receptivity and support we have received from our investors and their confidence in our team,” said Adam Waglay, co-founder and co-chief executive officer of Butterfly. “When we launched Butterfly, we knew the opportunity for a specialized focus in the food sector across the seed-to-fork spectrum was significant, but it has far surpassed what we expected in many ways, and this is just the beginning. Through these uncertain times, the food sector has emerged as one of the most important sectors for investing and we are humbled to be at the edge of this new frontier as a partner of choice working with such incredible food industry leaders, innovators and disruptors to drive transformational change and growth where it matters the most.”