Global Fund for Coral Reefs and Oceanpick Partner to Transform Aquaculture and Support Coastal Communities in Sri Lanka

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Oct 31, 2024, 06:00 ET

Investment will exemplify a new, sustainable blue economy in Sri Lanka through climate-smart aquaculture

STAMFORD, Conn., Oct. 31, 2024 /PRNewswire/ -- The Global Fund for Coral Reefs^¹ (GFCR), an investment fund managed by Pegasus Capital Advisors, has announced an investment in Oceanpick, South Asia's premier oceanic barramundi farm backed by both Best Aquaculture Practices (BAP) and Aquaculture Stewardship Council (ASC) certifications.

This investment aims to showcase advanced sustainable aquaculture practices, promote economic development in local communities, and support climate-resilient livelihoods for coastal communities in Sri Lanka.

Small island nations like Sri Lanka face significant challenges from climate change, including rising sea levels and extreme weather events, which threaten marine ecosystems and surrounding communities. In Trincomalee, the location of Oceanpick, destructive practices like blast fishing cause severe damage to coral reefs, further exacerbating the vulnerability of local ecosystems. This investment addresses these urgent issues by providing alternative livelihoods for those dependent on these systems while supporting and protecting marine environments.

"We are proud to partner with Oceanpick to advance sustainable aquaculture that transforms coastal ecosystems and communities, and drives the creation of a new blue economy for the island nation of Sri Lanka," said Dale Galvin, Managing Director of the Global Fund for Coral Reefs. "Oceanpick aims to make a tangible difference in the region, with goals to grow climate-resilient species in ultra-sustainable fashion, while creating jobs and promoting alternatives that will lead to more holistic protection of Sri Lanka's critical coral reefs and coastal marine habitat."

Oceanpick, founded in 2012, operates Sri Lanka's first commercial-scale offshore oceanic farm for finfish, producing high-quality barramundi for international markets.

"This investment is a landmark moment in our mission to revolutionize aquaculture and uplift the entire coastal community in Sri Lanka," said Irfan Thassim, founder and CEO of Oceanpick. "With the GFCR's robust support, we are enhancing our sustainable operations, creating numerous jobs, and driving economic development. This partnership is about more than fish farming; it's about envisioning and realizing a future where healthy oceans and empowered communities go hand in hand, ensuring a legacy of sustainability and prosperity."

The GFCR's investment in Oceanpick will help to scale the business by incorporating best practice aquaculture, supporting and engaging local communities and contributing to long-term ecosystem health.

The GFCR also recently announced up to a $50 million investment in Brazil-based agriculture innovator Agrion Agrisolutions to support the development and expansion of eco-friendly, organo-mineral fertilizers that reduce chemical reliance in sugarcane cultivation, promote the recycling of agricultural by-products, and protect Brazil's marine ecosystems, including coral reefs, from nutrient pollution. For more information, visit https://www.pcalp.com/investments/.

About the Global Fund for Coral Reefs:
The Global Fund for Coral Reefs is the first commercial-scale impact investment fund targeting SDG14, life below water, with a focus on benefiting critical coastal marine habitat in the Global South. The Fund will pursue a diversified, global portfolio of high-growth opportunities in the coastal blue economy, including the wild-caught fisheries, aquaculture, hospitality, coastal infrastructure, and circular economy sectors, with the goal of generating market rate returns while creating positive benefits for coral reef ecosystems and the people who depend on them.

About Oceanpick:
Oceanpick is a Sri Lanka-based aquaculture company that farms and produces barramundi (also referred to as Asian Sea Bass), and is among the leading producers in the world. Oceanpick was the result of an entrepreneurial journey that began with the simple objective of using an abundant ocean resource that Sri Lanka possessed to reverse a depleting wild fishery while providing gainful alternatives to the coastal fisher communities that had been witnessing a continued decline of catch and income. The focus was also on creating a world-class and sustainable oceanic product. Oceanpick's Round Island Barramundi has since gone on to become a benchmark of what sustainable aquaculture can achieve.

About Pegasus Capital Advisors, L.P.:
Pegasus Capital Advisors, L.P. is a leading global private markets impact investment manager. Pegasus Capital is dedicated to fostering sustainable and inclusive growth while providing attractive returns for investors. Pegasus Capital has invested across multiple funds with a strong focus on sustainability, health, and wellness since its founding in 1996. As the first North American private equity firm accredited by the Green Climate Fund, Pegasus Capital is the investment manager of the Subnational Climate Fund and the Global Fund for Coral Reefs. Pegasus Capital has also partnered with the Government of Barbados and the Green Climate Fund in the establishment of the Barbados Blue Green Bank. Explore more at www.pcalp.com.

¹ The Global Fund for Coral Reefs is a holistic coalition, which includes the investment fund managed by Pegasus Capital Advisors, as well as UN-issued grants in support of shared impact objectives.

SOURCE Pegasus Capital Advisors