ImpactAlpha, September 19 – The Meloy Fund, managed by conservation organization Rare, raised $5 million from FMO to reach a final close of $22 million. It puts the fund slightly ahead of the $20 million Rare hoped to raise when it launched last year.
Rare developed the fund around a mission to supporting sustainable coastal fisheries—both in terms of ecological and livelihood impact—in Indonesia and the Philippines. It’s one of a handful of impact funds trying to drive private sector investment in improving seafood sustainability.
The Meloy Fund made its first investment in December 2016, before fundraising officially launched, investing $1 million in Manila-based fish processor and distributor Meliomar. It then reached a $10 million first close in mid-2017, led by the Walton Family Foundation.
Meliomar is still the only investment The Meloy Fund has publicly announced and listed in its portfolio.