By
David G. Barry
The
Constitutional Reserve Fund of Monaco is taking the plunge with a water-focused investment firm.
Monaco’s
sovereign wealth fund is committing €10 million (US$10 million) to Ocean 14 Capital’s
impact fund, which has a €150 million (US$150 million) target. Ocean Capital
has to date raised €100 million (US$100 million) since launching the
growth-stage impact fund in December. Other investors in the fund include the European
Investment Fund (EIF), Chr. Augustinus Fabrikker, Builders Vision, Minderoo
Foundation, Alex Beard, and Niklas Zennström.
The
Constitutional Reserve Fund of Monaco’s mission is to fund sustainable
solutions to improve ocean health. According to the Sovereign Wealth Fund
Institute, the fund has assets of $7.5 billion.
Focused
on the so-called “blue economy,” Ocean 14 was formed by the founders of Vedra
Partners Ltd., Pontus Aqua Ltd., and Blue Marine Foundation. The impact fund is
on track to invest in eight companies this year and 20 to 25 within three
years.
Using
the United Nations Sustainable Development Goal number 14: Life Below Water as
a guiding principle, Ocean 14 Capital is searching for entrepreneurs and
businesses with big ideas around aquaculture and alternative proteins, reducing
plastic waste pollution, protecting ecosystems and marine flora, and ending
overfishing.