The fund will strengthen Bermuda’s Blue Economy by supporting projects in tourism, sustainable fisheries, marine technology, and renewable energy, while supporting ocean health. 

The Bermuda Ocean Prosperity Fund Ltd. (the Ocean Fund) has been formally gazetted for incorporation, marking an important milestone toward strengthening Bermuda's Blue Economy, a key goal of the Blue Prosperity Plan. 

Once implemented, the Ocean Fund will drive financing into Bermuda projects and businesses to grow the economy in areas related to sustainable fisheries, sustainable tourism, marine technology, renewable energy, and nature based projects. This is part of Bermuda’s initiative to chart a future where marine waters with healthy ecosystems support a thriving and more resilient ocean-based economy. 

The intention is to launch the Ocean Fund in 2025 with a target of US$60 million, structured as a private-public fund combining commitments from the Bermuda Government with private and philanthropic capital. 

The Ocean Fund has been developed as a key component of the Blue Prosperity Plan, which includes a Blue Economy Strategy and Marine Spatial Plan. The Ocean Fund's investments will work hand-in-hand with Bermuda's Marine Spatial Plan.  

“The Ocean Fund aims to boost Bermuda's Blue Economy forward by supporting local entrepreneurs while protecting our marine habitats that many businesses rely on. The fund will open new doors for local entrepreneurs to launch innovative projects. This can position Bermuda as a leader in sustainable ocean industries, creating opportunities that will benefit our community for generations to come. It’s a win-win for our island and our ocean,” said Deputy Premier and Minister of Home Affairs, Walter Roban. 

The Ocean Fund will provide two primary forms of support to Bermuda residents:

1.            Technical assistance to support growing businesses

2.            An investment programme for Blue Economy businesses and projects

The Ocean Fund aims to benefit Bermuda by increasing employment opportunities and sustainably developing marine sectors, while improving long-term marine ecosystem health and resilience. The development of support to economic sectors outlined in the Ocean Fund will require finalisation of the Marine Spatial Plan. Final recommendations from an Independent Panel regarding the Bermuda Blue Prosperity Plan were received in October, and it is expected it will be discussed in Parliament in early 2025. 

How will decisions be made?

Following formation of the Ocean Fund, a comprehensive framework for governance and decision making will be established to manage raising and allocation of funds and decision making and the achievement of environmental performance targets. The Ocean Fund will report annually on its activities and performance. Potential investments will be evaluated using a variety of criteria, including: 

●             benefits for nature, island communities and sustainable livelihoods

●             environmental resilience

●             potential for revenue generation

●             stage of business maturity

●             alignment to priority sectors (fisheries, renewables, tourism, marine protection)

●             compliance with prevailing laws and regulations

Once established and licensed, the Ocean Fund will be managed by Clarien Investments Limited and Outrigger Impact. Arrangements for the Ocean Fund structuring and initial fundraising is expected to occur during the first half of 2025. 

"Clarien Bank is proud to play a foundational role in establishing and managing this transformative fund. We are committed to driving initiatives that benefit our community and natural environments in sustainable and innovative ways. We believe that the Ocean Fund can help secure a more prosperous and sustainable future for Bermuda,” said Simon Van de Weg, Chief Banking Officer. 

“Leveraging the blue economy through the Ocean Fund is vital for Bermuda, as it offers a sustainable pathway to harness ocean resources, protect marine ecosystems, and create economic opportunities and environmental resilience.” said Simon Dent, Managing Director, Outrigger Impact. 

The team is supported by Walkers (Bermuda) Limited as Bermuda legal counsel. "This strategy is a natural and exciting evolution for Bermuda to support blue economy projects and ocean conservation. We are delighted to support the initiative and to assist in launching the Ocean Fund in collaboration with BOPP," said Sarah Demerling, Partner.  

The investment vehicle has yet to be established or formally licensed by the Bermuda Monetary Authority pursuant to the Investment Funds Act 2006, as amended (the "IFA"), hence, this press release provides an update but does not constitute marketing material. This press release is for information purposes only and is not to be construed as a solicitation, commitment or an offer to purchase or sell securities of the Ocean Fund. Any solicitation may only be made by way of an offering document pursuant to the IFA and with prior approval from the Bermuda Monetary Authority.