How This Impact Investor Is Generating Double-Digit Returns Cleaning Up The Seafood Business

Amy Novogratz fought back from a brain tumor that could have killed her to build the world’s largest sustainable aquaculture investment fundan oyster-hatchery owner, the creator of a chip made from dehydrated salmon skins, a grocery buyer, a restaurateur and a reporter for a dinner party in her Manhattan loft.

This past June, Aqua-Spark’s holdings in 19 portfolio companies were valued at $180 million. In 2019, it posted a net internal rate of return of 21.75%—impressive, especially given that that’s net of the 1% annual fee and 20% of gains that go to a for-profit management company 60% owned by Novogratz and Velings. Despite the pandemic, Novogratz expects an IRR this year in excess of 20%.

With its in-it-for-the-long-haul approach, Aqua-Spark has yet to sell a single holding. It expects companies in its portfolio to pay all employees a living wage and to prioritize transparency for scientific results. Several of its investments are in farms, which must minimize antibiotics and chemical use and limit polluting discharge.

Their relationship blossomed over the next seven months, but then Novogratz started having worrisome seizures. By October, she had received her brain tumor diagnosis. After the surgery, Velings proposed at her hospital bedside. She accepted but said she needed time to get her life back—she had to learn to walk again. Within a few months, Novogratz was back working at TED. “It was way too early,’’ she admits now. “I didn’t know how to stop pushing. It was my identity.

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Emerging market funds close due to shrinking demandDozens of emerging market funds have closed this year as turmoil unleashed by the coronavirus has damaged investor sentiment towards the asset class, where returns lag those of developed economies. DiMartinoBooth Good!! Great contrarian signal. EM stocks will absolutely fly over the next decade (not each and everyone, obviously) DiMartinoBooth Not a great story tomarnoldsays. The headline says one thing and hangs on a quote, but if you read the actual story, there are actually fewer EM fund closures YTD in 2020 than there were in 2019. And you cite EPRF saying $24bn was shifted from cash into EM funds last week.
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