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.