The 10-year fund managed by the conservation organization Rare will make debt and equity investments to support coastal fisheries and communities.
Indonesia is the second largest seafood producer globally; Rare has worked extensively in the Philippines, with a strategy that boosts livelihoods of local fishermen and women and regenerates fish stocks.
Rare’s Dale Galvin says the fund targets the “latent opportunity for value-creation in the undervalued coastal fisheries sector.” The fund expects to positively impact 100,000 fishers and their households and improve management of 1.2 million hectares of coastal habitats with Rare’s help on both fisheries management support and community engagement.
The $10 million first closegets Meloy halfway towards its $20 million goal. Lukas Walton of the Walton Family Foundation led a group of family offices and foundations.
The Global Environmental Facility is expected to make a $6 million commitment as an anchor investor toward the final close later this year.