Impact-focused 8F raises $358m for land-based salmon farming fund

Photo by Caroline Attwood on Unsplash

8F Asset Management, a Singapore-headquartered impact-focused private equity firm, has raised $358 million for its debut fund that will finance its global land-based salmon aquaculture business, the company announced Wednesday.

The 8F Aquaculture Fund I, together with parallel fund 8F Aquaculture Fund I (Ireland), exceeded its original target and received commitments from a global network of institutional and sovereign wealth funds in Europe, Asia, the Middle East, Latin America, and the United States.

8F said the latest fund would provide it with a substantial capital base to begin its ambitious plan to develop Pure Salmon into the largest producer of sustainable Atlantic Salmon in the world.

Pure Salmon is the global operating company and brand name created by 8F for its investment in land-based salmon farms.

The PE firm said the fund has started to deploy capital to acquire and develop aquaculture facilities in Poland, Japan, France, and the United States, representing a total production target of 40,000 tonnes per annum.

Karim Ghannam, CEO & Co-founder of 8F, told DealStreetAsia that Fund I closed before the COVID-19 evolved into a pandemic, and the strong interest from investors has been unrelated to the specific event.

“That being said, by bringing production on-land in the end market, our technological solution does reduce/eliminate the need for air transportation. As a result, we aim to shorten the traditional supply chain and provide fresh, healthy, and locally produced Salmon into various markets around the globe,” Ghannam said.

He also emphasised that the ongoing pandemic has no significant impact on the firm’s development plans or timelines for any of its new facilities.

“Pure Salmon Poland is taking steps to ensure business continuity, while we continue to actively monitor information and advice regarding the various locations in which we operate,” he added.

With offices in Hong Kong, London, and Frankfurt, the Singapore-regulated investor manages private equity funds that invest in vertically integrated aquaculture production and processing facilities.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.