Net assets of this fund were €54.4 million, as of 30 June, with investments in eight food and consumer good companies in five different countries.

Appers said: "We provide long-term capital to a diversified portfolio of leading organic food and sustainable consumer product companies across Europe, based on an 'evergreen' private equity model."

Triodos says this 'evergreen' model allows the fund to remain invested in companies without pressure of untimely exits.

One judge said the "evergreen approach and benefits are clearly explained and are rational factors."

Another commended the fund's "support of the entire value chain as well as the lack of pressure of an exit."