In brief: Marine impact fund passes $150m target

Ocean 14 Capital has received a €20m commitment from Convex for its debut fund.

Insurance company Convex has become the latest LP to commit to Ocean 14 Capital‘s fund, according to a statement.

Ocean 14 Capital launched its debut fund in 2021, which invests in businesses developing products to help regenerate ocean health. It has since received commitments from a range of LPs, including €30 million from Ingka Group, which represents the largest IKEA retailer; and €10 million from the Monaco sovereign wealth fund.

Convex has invested €20 million into the Luxembourg-based fund, bringing the amount raised to €160 million, exceeding Ocean 14’s €150 million target. The firm now hopes to reach €200 million in commitments by the end of 2023.

Ocean 14 is on track to establish a portfolio of 20 to 25 businesses within three years, said co-founder Chris Gorell Barnes. So far, the firm has made five investments from the fund, most recently €10 million in Norwegian technology and seafood company Ava Ocean.