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Aqua-Spark Global Fund
Key Statistics
Fund Size
€410M
Target Return
23.4%
Annualized Return
N/A
Launch Year
2013
Min. Investment
€100,000
Availability
Open for public
Structure
Coöperatieve U.A.
Product Category
Open-end
Domicile
Netherlands
GP Type
Single
Liquidity Level
Low (5+ years)
Management Fee
1.2%
Carry
20%
High Water Mark
No
ISIN
NL0013271984
Currencies
EUR
Investor Eligibility
Professional
Liquidity Options
Open
Highlights
Key Information Document (KID) – EU Funds
KID Risk Indicator
6 out of 7
Annual Returns (KID Scenarios)
Stressed
-10.3%
Moderate
18.6%
Favorable
23.4%
Average Total Cost Level (KID)
3.5%
Allocations
Investment Strategy
Industry Focus
Portfolio Composition
Information about fund
Investing in Sustainable Fish Farming
Aqua-Spark is the best-known aquaculture investment fund in the world: a Dutch cooperative (Coöperatieve U.A.) established in Utrecht in 2013 by Mike Velings and Amy Novogratz that invests in companies making fish farming more sustainable — insect-protein feed, disease diagnostics, land-based farms and more. The fund is open-ended and evergreen, manages around $450 million for more than 300 investors in over 25 countries, and lists 21 active portfolio companies across six themes (production, feed ingredients, disease battling, aqua-tech, waste valorisation and alternatives), including Protix (Netherlands), Calysta (US), Sea6 Energy (India), Hofseth BioCare (Norway) and Umami Bioworks (Singapore).
Key Figures
Assets Under Management
~$450M
Open-ended cooperative
Investors
300+
From 25+ countries
Portfolio Companies
21
Active; 3 exits
Minimum
€100,000
Members of the cooperative
Fees
1.2% + 20%
Management + performance fee
KID
Risk 6/7
Moderate 18.6%, stress -10.3%
Track Record: Protix and eFishery
The track record has two faces. Aqua-Spark was an early backer of successes such as Protix, today Europe’s largest insect-protein producer, and has completed three exits. It was also an early and prominent investor in eFishery, the Indonesian aquaculture-tech company that reached unicorn status in 2023 and then collapsed in early 2025 after an accounting fraud came to light — a reminder of how concentrated and operationally risky this niche is. The KID reflects that: risk class 6 of 7, with a moderate scenario of 18.6% a year but a stress scenario of -10.3%.
Selected Portfolio (aqua-spark.nl)
| Feed ingredients | Protix (NL), Calysta (US), Enifer (FI), Kuehnle AgroSystems (US) |
| Waste valorisation | Hofseth BioCare (NO), Sea6 Energy (IN), Swedish Algae Factory (SE) |
| Aqua-tech | CageEye (NO), Hatch (IE), Tepbac (VN), XpertSea (CA) |
| Disease battling | ACE Aquatec (UK), Proteon Pharmaceuticals (PL) |
| Alternatives / production | Umami Bioworks (SG), Wanda Fish (IL), Matorka (IS), Oceano Fresco (PT), Chicoa (MZ), Fisher (BR), Lake Harvest (Africa) |
Terms
Entry is €100,000, with a 1.2% management fee and a 20% performance fee. Although the fund is open-ended, redemptions depend on the cooperative having capital available and are not guaranteed, so Aqua-Spark itself points to a holding period of at least five years. Total costs in the KID come to about 3.5% a year.
Deepdive & Related Funds
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