A&O advises on the setting up, structuring and closing of the Althelia Sustainable Ocean Fund
10 August 2020
Allen & Overy has advised on the establishment, ongoing legal operations and closing of the Althelia Sustainable Ocean Fund (SOF). SOF is the natural capital platform of the sustainable investment manager, Mirova, an affiliate of Natixis Investment Managers.
The fund, which is dedicated to making impact investments into marine and coastal projects and enterprises delivering sustainable economic returns in fisheries, aquaculture, the circular economy and marine conservation, attracted final commitments of more than USD132 million. SOF was established in partnership with Conservation International and the Environmental Defence Fund.
A&O lead partner, Yannick Arbaut, commented: “We are proud that our unrivalled experience and international network enabled us to efficiently assist the Althelia Sustainable Ocean Fund in accomplishing its goals.”
Commenting on the final close in a press release, Simon Dent, Head of Blue Investments at Mirova Natural Capital: “The damage that we are doing to our oceans continues to threaten our existence both economically and environmentally, through overfishing, ocean acidification, and through ecosystem destruction driven by ocean bound waste and plastic pollution. The Althelia Sustainable Ocean Fund’s final close allows us, with the support of our investors, to address these issues through dedicated impact investments bringing much needed finance and supporting best practice in the sector.”
The Allen & Overy team comprised: Partners Yannick Arbaut and Patrick Mischo; Senior Associates Lisa Klemann, Luis Munoz and Vittoria Faraone; Associate Céline Saudeau; and Trainee Romain Bau, based in Luxembourg, as well as Partner Paul Sampson, Pro Bono Lawyer Kristin Bong and Associate Andrew Seow based in London.