By Lynda Kiernan
Thor Talseth, head of private equity for AMERRA Capital Management, is leaving his position with the firm to launch the Neptune Aquaculture PE Fund, a vehicle with the goal of identifying and investing in opportunities along the aquaculture supply chain.
Aquaculture is the fastest growing segment in animal protein production, and was named as one of the Ag Sectors to Watch in 2019 by Philippe de Lapérouse and Mark Zavodnyik of HighQuest Consulting.
“Since 1960, global demand for seafood has increased 3.2 percent annually, outpacing the 1 percent annual growth in the world’s population over the same time period,” noted de Lapérouse.
Predictive modeling by The World Bank estimates that by 2030, 62 percent of food fish will be provided through aquaculture, and from 2030 onward, driven by pressure to fill the gap, aquaculture will dominate supply in the industry, according to the report, Fish to 2030, Prospects for Fisheries and Aquaculture.
Talseth has partnered with Stafford Capital Partners – a global alternatives managers with more than US$5 billion in AUM across real assets and private markets, and offices in seven countries across Europe, the Americas, Asia, and Australia – on the launch of Neptune, which in turn is managing the Neptune Aquaculture PE Fund (NAPE I).
“Stafford’s position in the market as a leading global alternatives manager makes them a good fit for Neptune,” said Talseth. “Together we have built an investment platform that offers investors access to the compelling aquaculture industry through a team of industry specialists, backed by a significant and well-capitalized partner. We are very excited to build out NAPE I, and start to realize the enormous potential that the aquaculture industry offers.”
As a veteran of the aquaculture and global seafood industries, Talseth brings a wealth of experience to the partnership, having held roles as senior executive, advisor, investor, and corporate and investment banker throughout his career.
“We’re delighted to have partnered with Thor to form Neptune,” said Jos Boeren, head of Ag & Food with Stafford Capital. “Thor’s operational track record and credibility within the industry, leading ESG credentials and deep industry insight are well-known. We are further excited by this opportunity to bring the aquaculture industry, which has such strong value creation potential, to our global investor base.”
With a target of $300 million, NAPE I saw an initial close in Q3 2019 with an anchor investment of $33.5 million from Stafford Capital. NAPE I also participated in a controlling investment in wellboat operator AquaShip together with AMERRA Capital Management in September.
“NAPE I is targeting medium-sized aquaculture companies in Europe, the Americas, and Australasia,” said Talseth. “We are partnering with business owners and robust management teams to deliver lasting operational improvement and sustainable growth.”
“ESG is at the heart of everything we do,” he continued. “Aquaculture is fundamentally about working with nature to create value. We abide by the highest performance standards and are relentless in our focus on driving production improvements and measurable ESG outputs that satisfy customers, regulators and investors alike.”
Currently, NAPE I has four investment undergoing due diligence in its pipeline, with expectations that one or more of which will close in the first half of next year.
“We have a robust pipeline of investment opportunities worldwide,” said Talseth. “Our first investment into AquaShip, a leading integrated service-vessel company serving the global aquaculture industry, provides a good illustration of how we invest in well-positioned platform companies that we will develop and grow organically and through acquisitions.”
– Lynda Kiernan is Editor with GAI Media and daily contributor to the GAI News and Agtech Intel platforms. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at lkiernan@globalaginvesting.