362 Mike Velings - VC & PE won’t deliver regeneration — €250M evergreen proves it

Investing in Regenerative Agriculture and Food

A conversation with Mike Velings, co-founder of Aqua-Spark, a global investment fund for sustainable aquaculture, about how an invite he should have never received lead to the creation of the largest aquaculture fund in history, with over $500 million in assets under management (AUM) and ambitious plans to grow to $2 billion or more. This conversation goes beyond the billion dollar question—it’s already been answered. We explore why focusing on long- term investments is essential for transforming an industry and why current venture capital and private equity fund models might cause more harm than good. How can we bring institutional investors into agriculture and food, and what financial mechanisms can facilitate this? We also dive into the key drivers in aquaculture and discover why Mike is so enthusiastic about the future.
This episode is special—it’s not every day we discuss billions and institutional investment strategies with someone who has a real chance to raise the funds and put them to work.

DISCLAIMER: This conversation was recorded on Nov 21st, 2024. A month later Aqua-Spark learned about a fraud in the numbers of eFishery, an Aqua-Tech startup they have invested in. After a thoughtfully evaluation, we decided that- regardless of the news around eFishery and the effect that has had on Aqua-Spark as a fund- the story of Aqua Spark is extremely relevant and interesting to anyone working in food, agriculture, aquaculture, and for that matter, impact investing. It should be shared and heard. Excluding eFishery, Aqua-Spark has a strong portfolio, and their journey towards disrupting a whole industry with an evergreen fund and attracting institutional capital is worth putting a spotlight on.

More about this episode on https://investinginregenerativeagriculture.com/mike-velings.

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In Investing in Regenerative Agriculture and Food podcast show we talk to the pioneers in the regenerative food and agriculture space to learn more on how to put our money to work to regenerate soil, people, local communities and ecosystems while making an appropriate and fair return. Hosted by Koen van Seijen.

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Chapters

1. The Accidental Invite That Changed Everything (00:00:00)

2. Discovering Aquaculture's Untapped Potential (00:08:55)

3. Building an Evergreen Fund Against All Odds (00:18:33)

4. Why Traditional VC Models Fail Aquaculture (00:30:15)

5. Creating System-Wide Change Through Portfolio Synergies (00:43:44)

6. The Shocking Environmental Impact of Fishing (00:55:48)

7. Scaling to $25-30 Billion: The Next Chapter (01:10:51)

8. The Magic Wand: Transforming Our Food Systems (01:18:21)