Global Fund for Coral Reefs
Global Fund for Coral Reefs (GFCR) was launched in September 2020 as the first blended finance instrument at scale dedicated to coral reefs globally. The GFCR was constructed to catalyze $625M through a complementary $125M grant facility and $500M equity fund operating in 34 countries. Pegasus Capital Advisors, the overall lead for the GFCR $500M Equity Fund approached the Meloy Fund seeking to utilize the expertise, lessons learned, and processes of the Meloy Fund, through Deliberate Capital, to act as the “DNA” of the GFCR Fund.
Rare, seeking to optimize how it scaled its impact globally, consulted with its Board, Deliberate Capital, and the Limited Partners of the Meloy Fund, and decided to support the opportunity to use the lessons learned and any valuable “DNA” of the Meloy Fund as one key contributing mechanism within the GFCR’s implementation in the years ahead. Rare agreed that Deliberate Capital could both finish out the next 6-year harvest period for the Meloy Fund through 2028 (seeing it through the life of that fund) as well as serve concurrently as the Fund Manager for the GFCR $500M Equity Fund beginning in 2022. Rare broadly granted authority for Deliberate Capital to leverage any existing intellectual capital developed in the early stages of the Meloy Fund to bolster the design and investment activities of the GFCR, as Deliberate Capital deemed most appropriate in its role as Fund Manager.