Private equity firm 8F Asset Management has announced the first closing of its 8F Aquaculture South-East Asia Fund at US$61 million. The fund is targeting US$120 million in total commitments.
8F has created Pure Salmon, a sustainable land-based salmon farming business operating vertically-integrated aquaculture production and processing facilities around the world.
“This successful first close extends Pure Salmon’s footprint in South-East Asia and is a significant milestone towards our goal of supplying the world with clean, healthy, locally produced protein while creating new opportunities for the local community,” commented Stephane Farouze, chair and co-founder of 8F and board director of Pure Salmon.
“The success of the South-East Asia fund is driven by an increased need for innovative solutions to improve the sustainability of our food systems and to address the rapidly-growing protein demand from middle-income classes in the region,” he added.
This second vehicle follows 8F’s Fund I, which has financed operations in the US, France and Japan and closed oversubscribed in 2020 with US$360 million of commitments.
The newly-raised South-East Asia fund will finance the construction and operation of a 10,000 tonnes per year recirculating aquaculture system facility in Brunei, said to be the first of its kind in South-East Asia.
The company has also recently collaborated with the Abu Dhabi Investment Office to establish a Pure Salmon global headquarters in the region and has also acquired the aquaculture division of Kruger Kaldnes.