Private equity group 8F Asset Management closed on its $359 million (€321 million) fund to support its Pure Salmon land-based projects in Poland, Japan, France and the United States.

This phase will support the production of 40,000 metric tons of recirculation aquaculture system (RAS)-raised salmon in the four facilities combined, which were announced over the past year.

Institutional and family investors, sovereign wealth funds, insurance company and pensions funds from Europe, Asia, the Middle East and the United States deployed capital into the fund.

"Having attracted such a highly respected group of investors, shows the level of confidence in the potential of the land-based aquaculture industry and in the ability of Pure Salmon and 8F to successfully deliver their vision," Pure Salmon board Director Stephane Farouze said.

Pure Salmon's management team will be based out of Abu Dhabi Global Market, the emirate's financial center.

The Polish facility is already up and running and recently received the Aquaculture Stewardship Council (ASC) nod for responsible fish farming.

However, the projects in Japan, France and the United States are still in the development phases, with Japan expected to break ground first this summer.

8F’s Pure Salmon has been announcing a series of investments in land-based projects for the past couple of years, the latest being a 10,000 metric ton facility in Boulogne-Sur-Mer, France, which will be the largest facility in the European Union to date.

Construction of the French site will commence in the fourth quarter of this year, with the first harvest of full-grown salmon expected in 2023.

The French government offered a "fast track" process to get the permitting done by this fall. The project will share common design features with the Japanese facility in order to speed the process.

Earlier in 2019, the company announced its 20,000 metric ton US site will be built in the state of Virginia for close proximity to East Coast customers. The project was to receive $20 million (€18 million) in financial assistance from local government and development agencies.

In 2018, the company announced a $162 million (€146.1 million) investment to create “Soul of Japan,” a 10,000-metric ton land-based Atlantic salmon farm in Japan’s Mie prefecture.

Pure Salmon continues to develop its other projects in China, Africa and South East Asia, which will contribute towards the global target of 260,000 metric tons of salmon production.

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