Private equity firm Ocean 14 Capital has received a commitment of €10 million ($9.9 million) from the Constitutional Reserve Fund of Monaco to support its mission to fund sustainable solutions to improve ocean health.

With the new commitment from the sovereign wealth fund, Ocean 14 Capital has now raised €100 million ($99 million) since launching its growth-stage impact fund in December 2021.

With the backing, Ocean 14 Capital’s €150 million ($148 million) impact fund is on track to invest in eight companies this year, and grow its portfolio to between 20 and 25 businesses within three years.