EnTrust Global has pulled off a stunning $2.1bn raise for its Blue Ocean Funds with a well known name in Asian shipping circles helping drive interest for the platform that focuses on cleaner newbuilds.
Julian Proctor, formerly with Graham Porter’s Tiger Group Investments, was brought into the EntTrust camp this January, working with New York-based Svein Engh to develop the shipping funds.
There is inadequate financing for the industry to move to cleaner, more advanced technology
“To have raised $2.1bn in a vertical as specific as the maritime industry speaks to our team’s expertise and demonstrated success since the inception of the Blue Ocean Funds,” said Gregg Hymowitz, chairman and CEO of EnTrust Global. “We are grateful for the strong support from our investors during a volatile market as the economy has navigated the pandemic these last six months. As evidenced by the growth of our platform, and the addition of Julian Proctor earlier this year to lead a new, environmentally-focused shipping initiative, we continue to believe there are compelling opportunities in the maritime industry and in real assets in general.”
Proctor commented, “Vessel owners and their customers and end-users are increasingly focused on the impact of the shipping industry on the environment, and especially on carbon emissions, but there is inadequate financing for the industry to move to cleaner, more advanced technology. I am excited to lead EnTrust’s initiative to create financing solutions for vessel owners that will help transition the shipping industry to a more sustainable future.”
Prior to his time at Tiger, Proctor worked at BNP Paribas Fortis, a bank where current colleague Engh also used to work.
EnTrust Global’s total assets are now worth around $20bn. Hymowitz co-founded the company in 1997 after a long career with Goldman Sachs.