November 19, 2019
November 19, 2019 London, U.K. – Mirova Natural Capital wholly owned by sustainable investment manager Mirova, an affiliate of Natixis Investment Managers, today announces the second close of the Althelia Sustainable Ocean Fund (“SOF”), a fund dedicated to making pioneering impact investments into marine and coastal projects and enterprises that can deliver sustainable economic returns in fisheries, aquaculture, associated seafood supply chains, ocean waste & recycling and marine conservation. The fund’s total commitments are now more than $92 million. Mirova Natural Capital Limited is the investment advisor to the SOF.
The fund invests in scalable, impact-aligned businesses that harness the ocean’s natural capital with the objective to generate real assets, build resilience in coastal ecosystems and create sustainable economic growth and livelihoods in the blue economy. The new additional commitments come from leading European institutional investors and include the German Development Bank KFW, along with French insurers BNP Paribas Cardif and Garance. The fund is open to the end of this year and the target final close is expected to be more than $100m of total commitments.
“We are delighted to announce the second close for the Althelia Sustainable Ocean Fund and welcome the support from our new investors. This fund allows us to direct meaningful investments at scale to support sustainable business models and enterprises in the blue economy within developing countries and small island states while also addressing the most pressing issues in ocean conservation and resilience.” said Simon Dent, SOF Principal.
“It is a very important step for Mirova and its natural capital platform; it demonstrates leadership in impact investing and natural capital investment, that we intend to build upon to reach 1 billion euros of assets under management dedicated to natural capital by 2022” added Sylvain Goupille, Managing Director and co-founder of Mirova Natural Capital.
Target impacts include improved food and climate security, stabilisation or increased fish stocks, improved livelihoods and economic value for local stakeholders, prevention of marine waste and plastic pollution, as well as ecological biodiversity and conservation gains in
As a result of expanding coastal population centres and climate change, the ocean has also seen a decline of habitats with 35% of global mangrove, 30% of sea grass beds and 50% of coral reefs destroyed. Further 80% of all marine pollution comes from land-based sources and some 8 million tonnes of plastic enters the ocean every year2. Meeting these challenges will require significant new private investment. SOF aims to deliver this to projects and companies where we believe a compelling business and impact case can be made. The
The fund benefits from a partnership with the U.S. Agency for International Development (USAID) and has executed a risk sharing guarantee through USAID’s Development Credit Authority (DCA) that will provide loan guarantees directly to portfolio investments made by the SOF. In addition, Conservation International as well as the Environmental Defense Fund are engaged as strategic partners for SOF. This collaboration with leading environmental organisations ensures that the fund upholds the highest environmental standards and allow for collaboration with local stakeholders, including communities and governments. SOF’s existing and new LPs—all of whom are premier, experienced public and private institutions, as well as its Guarantor USAID, is further proof of the great potential for blended finance to leverage meaningful amounts of investment into conservation of Natural Capital
1 Source : World Bank
2 Source : Ocean Conservancy
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The Althelia Sustainable Ocean Fund (“Fund”) is a Luxembourg SICAV-SIF authorized by the Commission de Surveillance du Secteur Financier (“CSSF”). Alter Domus Management Company S.A. is the Alternative Investment Fund Manager (AIFM) of the Fund and is duly authorized by the CSSF as an alternative investment fund manager pursuant to Chapter 2 of the AIFM Law and the AIFM Directive. Mirova Natural Capital Limited is an investment advisor to Alter Domus Management Company S.A. The fund is exposed to capital loss risk, deal flow risk, operational risk, liquidity risk, country risk, market risk, regulatory risk, currency risk, counterparty risk and project risk.
Mirova is an investment manager dedicated to responsible investment. Through a conviction-driven investment approach, Mirova’s goal is to combine value creation over the long term with sustainable development. Mirova’s talents have been pioneers in many areas of sustainable finance. Their ambition is to keep innovating to propose the most impactful solutions to their clients.
Portfolio management company - Limited liability company
RCS Paris n°394 648 216 - Regulated by AMF under n° GP 02-014 59, Avenue Pierre Mendes France – 75013 - Paris
Mirova is an affiliate of Natixis Investment Managers.
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Mirova Natural Capital Limited
UK Private limited company
Company registration number: 7740692 – Regulated by FCA Registered office: 18 St. Swithin’s Lane, London, EC4N 8AD
About Natixis Investment Managers
Natixis Investment Managers serves financial professionals with more insightful ways to construct portfolios. Powered by the expertise of 20 specialized investment managers globally, we apply Active ThinkingSM to deliver proactive solutions that help clients pursue better outcomes in all markets. Natixis ranks among the world’s largest asset management firms1 (€898,2 billion assets under management2). Headquartered in Paris and Boston, Natixis Investment Managers is a subsidiary of Natixis and includes all of the investment management and distribution entities affiliated with Natixis Distribution, L.P. and Natixis Investment Managers S.A. Listed on the Paris Stock Exchange, Natixis is a subsidiary of BPCE, the second-largest banking group in France. Provided by Natixis Investment Managers International – a portfolio management company authorized by the Autorité des Marchés Financiers (French Financial Markets Authority - AMF) under no. GP 90-009, and a public limited company (société anonyme) registered in the Paris Trade and Companies Register under no. 329 450 738. Registered office: 43, avenue Pierre Mendès-France, 75013 Paris.
1 Cerulli Quantitative Update: Global Markets 2019 ranked Natixis Investment Managers (formerly Natixis Global Asset Management) as the 17th largest asset manager in the world based on assets under management as of December 31, 2018.
2 Net asset value as at June 30, 2019. Assets under management (“AUM”), as reported, may include notional assets, assets serviced, gross assets, assets of minority-owned affiliated entities and other types of non-regulatory AUM managed or serviced by firms affiliated with Natixis Investment Managers. Assets under management (“AUM”), as reported, may include notional assets, assets serviced, gross assets, assets of minority-owned affiliated entities and other types of non-regulatory AUM managed or serviced by firms affiliated with Natixis Investment Managers.