ADM Capital Europe (ADM), the London-based private equity investment advisory firm, had land-based aquaculture projects on its radar for four years before investing in land-based yellowtail farmer The Kingfish Company.

Through its Cibus Enterprise Fund, ADM was one of the eight cornerstone investors in The Kingfish Company's latest €50 million ($60.2 million) private placement.

The firm looked at 25 different projects, investigating with the premise that recirculating aquaculture systems (RAS) have "no externalities" compared to traditional fish farming methods, which are at the mercy of a huge array of environmental and other factors, said Alastair Cooper, ADM's head of venture investments in global food and agriculture.