Bluefront Equity partners Kjetil Haga, left, and Simen Landmark. Photo: Bluefront Equity.

Sustainable seafood investment fund reaches target six months early

Sustainable seafood investor Bluefront Equity has closed the books of its first fund, Bluefront Capital I, earlier than planned following substantial interest from Norwegian and international sustainability investors.

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“The feedback on our first fund has been almost overwhelmingly positive. We have plenty of available capital and will now dedicate all our time to investments. Thus, we are closing the books six month ahead of original schedule,” said Kjetil Haga, partner at the Oslo-based investor.

Among the latest investors to join the NOK 1 billion (£85 million) fund are the American asset manager Commonfund and the new impact fund of Nordic private equity investment firm Cubera, which advises clients on more than €3.5 billion of equity.

Other investors in Bluefront Capital I include high net worth Norwegian families, Klaveness Marine, and Steensland-gruppen in addition to aquaculture industry veterans such as former Mowi chief executive Alf-Helge Aarskog.

Certified sustainability

Bluefront Equity invests in companies with products, services and technologies contributing towards a more sustainable seafood value chain. This includes digitalisation and automation, hygiene systems, increased quality and traceability, improved fish health and welfare, and innovative production methods.

“The combination of being a pure-play seafood investor and a certified sustainability fund in line with the EU’s comprehensive taxonomy guidelines, a so-called Article 8 fund, has proven to be popular among groups of investors who want profitable and responsible investments,” said Bluefront partner Simen Landmark,

In May this year, Bluefront made its first investment when the fund became the majority owner of Redox AS, an ozone and oxygen specialist that develops environmentally friendly technologies which improve fish welfare and biosecurity for the aquaculture industry, plus reduces chemical discharges.

“We have a strong deal flow and expect to announce new investments during the next six months,” said Haga.