Bluefront Equity is looking to accelerate the sustainable development of the $200 billion global aquaculture industry, which is growing rapidly amid increasing consumer demand for seafood and rising temperatures that are endangering wild fisheries. “The world is increasingly recognizing that food shortages, pre- and post-harvest losses, unsustainable land-water-energy use, food waste and climate change are threatening the global food supply chain,” said Bluefront’s Simen Landmark.
The Oslo-based seafood impact firm is seeking up to $150 million for its second buyout fund targeting Norwegian companies with tech-enabled solutions across the seafood value chain. Lukas Walton family office Builders Vision invested in Bluefront via its Builders Bridge platform, which provides non-tax advantaged, flexible, patient and risk-tolerant capital for underserved opportunities in oceans, energy and food and agriculture.
Blue economy
Initial portfolio companies in Bluefront’s second fund include Cryogenetics, which uses cryopreservation to conserve genes of endangered fish species for reproduction, and Horizon Software (formerly Fiizk Digital), an aquaculture management solution. The fund, which has a 25% net IRR target, is looking to scoop up majority stakes in up to 10 companies.
Bluefront says it has already surpassed the roughly $62 million it raised for its first fund, with commitments from returning Norwegian LPs including Havfonn, Steensland Group, TD Veen, Klaveness Marine and 3S Invest. “Shifting the value chains of major industries with practical, scalable solutions—like those in Bluefront’s portfolio—is essential for building a sustainable blue economy,” said Builders Vision’s James Lindsay.
The impact family office is working with Bluefront to create an impact advisory council to improve its impact management and measurement. It is also an LP in the Global Fund for Coral Reefs and Ocean 14 Capital. The investor also extended a $70 million credit-risk guarantee for the Bahamas’ recent debt-for-nature swap deal.
