US-based impact investment fund The Meloy Fund has announced the final close of its debut fund at over $22 million, with Dutch development bank FMO committing $5 million, to support sustainable coastal fisheries in Indonesia and the Philippines.
In a statement, the fund, which is a wholly-owned subsidiary of global conservation organization Rare, said it received commitment from a diverse group of family offices, investment managers, and foundations for The Meloy Fund I LP.
The Meloy Fund’s investors and partners include the Global Environment Facility, the Jeremy and Hannelore Grantham Environmental Trust, the US Agency for International Development (USAID), and JPMorgan Chase & Co.
The fund is projected to have a positive impact on the lives of 100,000 fisheries household members and place 1.2 million hectares of coastal habitats under improved management over its ten-year life.
“The Meloy Fund seeks to invest in fishing and seafood-related enterprises in Indonesia and the Philippines that will lead to better management and protection of historically undervalued community-based coastal fisheries, as well as opportunities to boost the livelihoods of local, small-scale fishers,” according to a statement on its website.
The Meloy Fund offers debt and equity financing tailored to the investee’s needs. Additionally, it may also provide technical assistance to support business growth, including financial management, corporate governance, operations, marketing, and sustainable seafood best practices.
FMO, which invested $5 million in the fund, invests in over 80 countries, supporting jobs and income generation. A supporter of the United Nations’ Sustainable Development Goals, FMO’s role extends beyond financing, helping businesses to operate and grow transparently in an environmentally and socially responsible manner.
“FMO is proud to join the Meloy Fund and contribute to the creation of economic opportunities for small-scale fisheries in Indonesia and the Philippines,” said Maurice Scheepens, Investment Officer of the Agri, Food & Water department at FMO.
The Meloy Fund is focused on Indonesia and the Philippines, which together represent 4.3 million small-scale fishers, 2.7 million tons of fish, 21 million hectares of critical marine habitat, and $4 billion latent value in small-scale fisheries.