Ogier's Hong Kong team has advised on the launch of 8F Aquaculture Fund South East Asia LP (Fund). The Fund closed with capital commitments of US$61 million for the first close from a global network of institutional, sovereign and family offices investors, and is targeting total capital commitments of US$120 million.
The Fund is advised by 8F Asset Management Limited (8F), a Singapore headquartered and regulated investment manager focused on sustainable and impact investing with group offices in Hong Kong, London, Frankfurt and Abu Dhabi. 8F manages private equity funds that invest in vertically integrated aquaculture production and processing facilities, using land-based sustainable Recirculating Aquaculture System (RAS) technology, looking to create positive social and environmental impact.
The Fund is a successor vehicle to 8F Aquaculture Fund I LP, which closed oversubscribed in 2020 with approximately US$360 million of capital commitments and focused on establishing and funding operations for land-based aquaculture company Pure Salmon in the United States, France and Japan which exclusively farms salmon using land-based production. Capital raised for the Fund will be used for the construction and operation of a RAS facility in Brunei with the capacity to produce 10,000 tons of salmon per year for distribution to the regional market. Such facility, which is expected to be the first and largest of its kind in South East Asia; will be developed in partnership with the Strategic Development Capital Fund, a Brunei Government Trust Sub-Fund under the purview of the Ministry of Finance & Economy established to provide long-term financial sustainability for the country through diversification of investments that will generate economic growth.
The Ogier team was led by partner Kate Hodson and assisted by associate Holly Lee.
Ogier established its sustainable investing and impact funds practice in 2019 and has been building up its ESG capabilities across its service lines and jurisdictions. In 2020, Ogier Global launched its ESG and Impact advisory service to support clients, including asset managers, on integration, strategy, impact assessment and to navigate ESG policy and regulation.
For more information on Ogier's Sustainable Investing and Impact Funds practice and consulting practice, click here.