Blue Ocean 4Impact, a maritime decarbonisation fund, has raised $935 million on its way to a target of $1.5 billion, according to documents prepared by investment consultant NEPC for Boston Retirement System.
The fund is being raised by asset management business EnTrust Global and is being created to invest solely in the equity of one company – Purus Marine – which plans to acquire a fleet of over 100 “environmentally-advanced maritime assets, diversified across the maritime sectors”, according to EnTrust’s website.
Boston Retirement System, a $6.26 billion US public pension, is considering a commitment to the fund as part of its private infrastructure programme.
Other than the fact it invests entirely in one entity, the fund follows a conventional private equity-style structure, with a 10-year term, a hurdle rate of 7 percent, and a 2-and-20 management fee and carry combination. It is targeting a net multiple of 2x invested capital and a net IRR of 20 percent.