Minderoo backs UK-based blue fund

Minderoo Foundation has joined with European and US backers to become a cornerstone investor in Ocean 14 Capital, a private equity firm focused on ocean sustainability and conservation.

The firm, founded in 2019 by philanthropic, investment and consulting figures in the UK and guaranteed by the European Investment Fund, will target investments in technologies that promote sustainable fishing and plastic waste solutions, among others.

It takes its name from the United Nations’ ‘Sustainable Development Goal 14’, which outlines a commitment to sustainable use of marine resources.

Minderoo and US-based Builders Initiative will contribute €10 million ($15.6 million) as cornerstone investors.

Other backers in Ocean 14 Capital include the EIF, which has pledged €35 million ($54.6 million) to the fund, and Denmark-based investment vehicle Chr. Augustinus Fabrikker, which has pledged €15 million ($23.4 million). Commitments to the fund thus far total €60 million ($93.7 million).

Tony Worby, who leads Minderoo’s Flourishing Ocean team, said the initiative’s key objective aligned with the UN's goal of returning the ocean to a healthy and thriving state.

“To facilitate this, we are committed to ending overfishing; ending the dumping of plastic, heat and CO2 in our ocean; supporting the sustainable use of ocean resources; conserving key habitats; and facilitating world class research,” he said.

“This is why we are supporting Ocean 14 Capital’s new venture that will invest in projects aligned to our objectives.”