Iris Dorbian
The new fund, backed by European Investment Fund, Ikea Foundation and Convex, among others, is one of four ocean-focused funds that have raised a combined $647m.
Fund III's investors include CalSTRS, the Grantham Foundation, the University of California, Sobrato Capital, Strategic Investment Group and Northwestern University.
Tengelmann Growth Partners led the round, with participation from existing investor Emil Capital Partners.