European private markets firm SWEN Capital Partners has revealed more details about its fledgling ocean-focused impact strategy. The firm, which in June announced the hire of two specialists to launch the strategy, has set a target of €120 million for its Blue Ocean Fund. It has already raised €52 million for a first close, the firm said in a statement. Here’s what we know from the release:
- Investors in the first close include French insurer Macif and French bank Crédit Mutuel Arkéa, alongside unnamed investors, one of which is described as “a major American family office recognised in circles with an interest in the international oceanic ecosystem”.
- The Blue Ocean Fund team comprises four investment professionals, led by Olivier Raybaud and Christian Lim.
- The vehicle will be classified as Article 9 under EU SFDR and will pursue the dual goals of “systemic impact” in line with UN Sustainable Development Goal 14 (“conserve and sustainably use the oceans, seas and marine resources”) and “competitive returns on investment”.
- SWEN has partnered with Ifremer, a French national scientific institute for ocean science, for the fund. Ifremer will “support the study of investment opportunities based on robust scientific and technical criteria”.
- The fund will focus on “solutions that address the major threats to the ocean (overfishing, ocean pollution and climate change), to transform high-growth, job-creating markets such as aquaculture and marine energy”.