In brief: Ikea retailer builds up impact portfolio

Ingka Investments has made its first commitment to a blue economy fund.

Ingka Investments, an investment business linked to retail giant IKEA, has committed €30 million to the Ocean 14 Capital Fund, a private equity vehicle focused on the blue economy.

This is Ingka’s first investment in an ocean-focused fund, but not its first foray into impact; the LP recently committed to Planet First Partners debut fund. Based in the Netherlands, Ingka Investments has €20 billion in financial assets and is part of the Ingka Group, which is a “strategic partner in the IKEA franchise system”, operating 392 IKEA stores in 32 countries. Ingka Investments has made direct investments into unlisted companies, renewable power generation assets and real estate.

Ocean 14 Capital has now raised €130 million towards its target fund size of €150 million, the firm said in a statement on Monday. The vehicle was launched in November 2021 and uses UN SDG 14: “Life below water” as its building principle, the firm said.

“I’d like to think we are at the tipping point of where the blue economy becomes mainstream,” said Chris Gorell Barnes, co-founding partner of Ocean 14.”In less than two years we have backed four ground-breaking growth-stage companies, doing extraordinary work. So for Ingka Investments to recognize this just spurs us on further.”