Paine & Partners has raised $476 million for its Paine & Partners Capital Fund IV, according to an SEC filing. The vehicle began marketing in late 2013 and has an $850 million target. Its predecessor, a $1.2 billion fund that closed in 2006, had a 1.27x TVPI as of the end of last year. P&P focuses on control investments in the food and agribusiness sectors. Probitas Partners is serving as placement agent.