The Constitutional Reserve Fund of Monaco has allocated 10 million euros ($9.8 million) to the Ocean 14 Capital 150 million euros ($148 million) “blue economy” impact fund to back innovators and solutions working to improve ocean health, reports.

Ocean 14 said that with this backing, its fund is on track to invest in eight companies this year, and to grow its portfolio to between 20 and 25 businesses within three years. So far this year, the fund already made three investments.

Including the Principality of Monaco’s 10 million euros commitment, the private equity firm has now raised 100 million euros ($98 million) since launching its growth-stage impact fund in December 2021.

Ocean 14 Capital said it uses United Nations Sustainable Development Goal (SDG) 14: Life Below Water as its guiding principle in its search for entrepreneurs and businesses with big ideas around aquaculture and alternative proteins, reducing plastic waste pollution, protecting ecosystems and marine flora, and ending overfishing. 

“Philanthropy is doing a solid job, but institutions are realizing that we need to overhaul the capital market to really stand a chance of averting the climate crisis. That’s why we launched Ocean 14 Capital – to bring in the necessary capital to transform the blue economy and make it sustainable and regenerative, so that we can protect and restore the oceans health and make sure this vital economy can prosper,” Ocean 14 Capital Founding Partner Chris Gorell Barnes said.

To promote ocean health and limit the effects of climate change HSH Prince Albert has invested over 90 million euros ($88 million) during the past 15 years to fund more than 700 projects. 

FILE PHOTO: Fish die-off Reuters