Natixis’ Sustainable Investing Arm Mirova Closes Ocean Impact Fund at $132m

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Aug 2020
Global, August, 05 2020 - Mirova, the sustainable investing arm of French bank Natixis, has held a final close at $132m for its Althelia Sustainable Ocean fund, exceeding its $100m target. The strategy, launched in 2018, is dedicated to making impact investments into marine and coastal projects globally.

The vehicle has attracted investments from several large European institutional investors, including the European Investment Bank, AXA Investment Managers, and US-based family offices and foundations through The Caprock Group and the Inter-American Development Bank, the firm said.

Its main targets are sustainable seafood production; the circular economy, including plastics and wastewater management; and conservation and resilience in coastal areas, including marine protected areas, coral reefs, and blue carbon.

“The damage that we are doing to our oceans continues to threaten our existence both economically and environmentally,” said Simon Dent, head of blue investments at Mirova Natural Capital. “The Althelia Sustainable Ocean Fund’s final close allows us, with the support of our investors, to address these issues through dedicated impact investments bringing much-needed finance and supporting best practice in the sector,” he added.

The firm plans to invest in between 15 and 20 sustainable marine projects with holding periods of up to eight years, deploying 40% of the capital in Latin America & the Caribbean, 30% in Africa, and 30% in Asia and the Pacific, the fund's website says.

So far, the fund has made seven investments in areas ranging from sustainable seafood production, to tackling marine waste and plastics pollution, through to the creation of new Marine Protected Areas, the firm said without providing further details.

Created in 2012 and headquartered in Paris, Mirova had €12.5bn in assets under management as of 31 December 2019, according to its website. In November last year, the firm raised €857m through its fourth fund, Mirova-Eurofideme 4, to invest in renewable energy projects in Europe.



 

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