The $132 million Sustainable Ocean Fund provides growth capital to scalable businesses that build resilience in coastal ecosystems and create sustainable economic growth and livelihoods. SOF is building a blended portfolio of sustainable seafood, circular economy and conservation focussed businesses. The fund has a blended structure, having secured a $50 million Development Credit Authority facility with USAID, which will provide a principal protection guarantee covering eligible projects in the portfolio. As of Nov. 2019, the fund has $92 million in commitments from (but not limited to) the European Investment Bank, Axa Investment Managers, IADB, FMO, and Caprock Group. The geographical focus of the fund will be 30% in Asia and Pacific, 40% Latin America and the Caribbean, and 30% Africa. Althelia has also partnered with Conservation International and the Environmental Defense Fund for scientific and technical expertise.80
As of 2020, the Fund has invested more than half of its assets in circular economy initiatives, including fair trade and chemical plastic recycling and port facilities; around 40% in sustainable seafood including marine aquaculture, by-catch reduction technologies and insect protein; and 3% in marine conservation through MPAs81. More than half of the funds have been awarded to start-ups.
79 Althelia, Press release 2018, Mirova Natural Capital Limited Announces The First Close Of The Althelia Sustainable Ocean Fund For Impactful Investment In Our Oceans: https://althelia.com/2018/09/12/first_close_sustainableoceanfund/
80 Althelia, Press release 2018, Mirova Natural Capital Limited Announces The First Close Of The Althelia Sustainable Ocean Fund For Impactful Investment In Our Oceans: https://althelia.com/2018/09/12/first_close_sustainableoceanfund/
81 Althelia, Impact Report, 2020. https://althelia.com/wp-content/uploads/2020/08/SOF-Impact-Report-2020.pdf