Responsible-investment focused asset manager SWEN Capital Partners announced that it has raised €160 million (USD$183 million) at the first close of its SWEN Blue Ocean 2 fund, aimed at investing in startups developing and providing solutions to support the regeneration of ocean biodiversity.
SWEN said that it is targeting raising €300 million for the fund, which would position it as the world’s largest ocean impact venture fund. The fund is already approaching the size of its predecessor Blue Ocean fund, which closed at €170 million in 2023. The fully allocated inaugural fund has 18 portfolio companies, and has already exited two investments.
SWEN’s Blue Ocean 2 fund invests primarily in Series A funding rounds, targeting startups bringing solutions to address key threats affecting ocean biodiversity, including over-fishing, pollution, and climate change. The fund has been classified as Article 9 under the EU’s SFDR regulation.
Olivier Raybaud, Co-Managing Director of SWEN Blue Ocean, said:
“Our strategy demonstrates the link between impact and highly competitive returns, which is an attractive proposition for investors. We have seen renewed interest from existing Blue Ocean investors and have also had many significant new investors commit to the Fund.”
According to SWEN, the larger size of the fund relative to its predecessor, Blue Ocean 2 will enable the firm to take more lead positions at Series A stage, with the ability to write first tickets of up to €12 million.
The fund will invest primarily in companies in Europe, but includes in its scope the ability to invest 30% of capital in other regions as well.
SWEN added that in order to the fundraise and deployment, the firm has grown its Blue Ocean team to nine investment professionals, and aims to add more hires in the coming months.
Christian Lim, Co-Managing Director of SWEN Blue Ocean, said:
“Our fund strategy remains more relevant than ever. Ocean action is growing in importance on the global stage, with the international community, governments and companies working together to prioritize ocean protection. The start-up ecosystem plays an important role in this effort, providing innovative solutions to transform massive industries at scale and at pace.”
Jérôme Delmas, CEO of SWEN Capital Partners, added:
“We are acutely aware of the responsibility we bear as investors, and of the role we can play by supporting high-impact projects with strong transformative potential — projects that can make a tangible contribution to the regeneration of marine biodiversity. This ambitious and innovative strategy could not have come to life without the expertise of our Blue Ocean team, nor without the trust of the investors who share our convictions and our determination to act without delay.”
