Norway-based seafood investor Bluefront Equity (Bluefront) has launched its second investment fund and has already secured USD 50 million for sustainable seafood investments, including a commitment.
The new fund’s investment mandate is similar to Bluefront’s first fund: Investments in companies with products, services and technology contributing to a more sustainable seafood value chain. This includes software, improved fish welfare, and improved ocean health.
Cambridge Associates on board
Global investment firm Cambridge Associates has done a successful due diligence on Bluefront Capital II. Cambridge Associates builds custom portfolios for endowments, foundations, private clients, pension plans, healthcare systems, and other institutional investors, all in pursuit of outperformance and making positive, real-world impact. According to Cambridge Associate’s website, the company has USD 569 billion worth of assets under advisement/management.
“Cambridge Associates’ due diligence process is the most thorough and rigorous we have ever experienced. We are proud to have met their stringent investment criteria. The combination of being a pure-play seafood investor and a certified sustainability fund in line with the EU’s comprehensive taxonomy guidelines is a good match for their profile,” said Bluefront-partner Simen Landmark.
Repeat investors
The largest investors in Bluefront’s first fund have also committed to participate in Bluefront Capital II. They include Havfonn, the Steensland group, 3S Invest, Klaveness Marine, TD Veen, Cubera, and more.
“We are experiencing significant interest from investors. The fact that the largest investors from our first fund choose to invest in the second fund too, is a strong confirmation of the healthy development our first fund has seen,” adds Landmark.
Bluefront’s first fund, Bluefront Capital I, is the majority owner of several high-growth companies aiming to make the seafood value chain more sustainable, for instance, the fish welfare specialist Bio Marine and the ocean health monitoring specialist Seaqloud.
“The fish farming industry needs to further improve biological conditions and fish welfare and reduce its climate footprint. Our portfolio companies contribute towards solving many of the challenges the industry face,” said Kjetil Haga, partner at Bluefront.
Strong dealfow
Bluefront has already started the work to deploy the capital raised in Bluefront Capital II. The company is engaged in several due diligence processes and expects to make an acquisition prior to the summer holidays. Bluefront’s philosophy is to jointly own and develop businesses in collaboration with the company founders and current shareholders.
“We believe the seafood industry notices that Bluefront-owned companies develop strongly and that our sector-specific approach makes us unique. Our dealflow is currently better than ever,” said Kjetil Haga.
In addition to the core team, the portfolio companies also benefit from access to industry advisers with extensive seafood industry experience. Bluefront’s industry advisers include former Mowi CEO Alf-Helge Aarskog, former BioMar EVP Jan Sverre Røsstad, founding partner of the venture fund Springbank Jennifer Lee Koss, and HitecVision-partner Arne Trondsen.
