View of the construction progress of Pure Salmon Japan's facility in Tsu City, Mie Prefecture, on March 23, 2025.
Photo: Pure Salmon Japan.
Pure Salmon Japan, which, when construction is complete, will become the largest land-based Atlantic salmon farm in the Asian country, announced today the successful closing of a preferred note investment of over USD 180 million.
Led by funds managed by affiliates of Fortress Investment Group—a leading, highly diversified global investment manager which manages USD 54 billion of assets on behalf of approximately 2,000 institutional clients and private investors worldwide—, the operation has also had the participation of an existing investor in the project, Tor Investment Management—an independent alternative credit manager with USD 2 billion under management, investing in corporate and real estate financings across Asia-Pacific—.
According to the statement from Pure Salmon Japan, the transaction, which completes the preferred note financing for the project, marks an important milestone in the ongoing development of its land-based salmon farming facility in Tsu City, Mie Prefecture, where construction is well underway.
The statement added that this funding underscores continued institutional investor interest in sustainable aquaculture and the growing demand for locally produced protein in key global markets. Fortress's support for the project also brings substantial institutional capital and extensive regional expertise to drive the development of what the statement described as "one of the most ambitious land-based aquaculture facilities in the world."
Leveraging the advanced RAS technology developed by Pure Salmon Technology, the facility will operate entirely on land, allowing for healthier, fresher, antibiotic-free salmon farming in a biosecure environment, protected from marine contaminants, viruses, and parasites.
Aligned with Japan's growing political focus on improving food security and promoting domestic seafood production through sustainable aquaculture solutions, the project, which has a target production of 10,000 tons, will become, as said, the country's largest land-based salmon farm.
The funding now secured will support the ongoing construction and development of the facility as it moves toward commissioning. Once completed, it is expected to be one of the most advanced land-based salmon farms not only in Japan—where it will contribute to a more sustainable and resilient seafood supply chain—but worldwide.
Formerly known as Soul of Japan, Pure Salmon Japan is a portfolio company of 8F Asset Management, a global investment group focused on sustainable food systems, with a particular emphasis on aquaculture and the development of scalable, environmentally responsible protein solutions.
As Stephane Farouze, Founder and Chairman of 8F Asset Management and Pure Salmon, explained, Pure Salmon Japan is a key project within their global Pure Salmon platform.
"We are building a network of large-scale, land-based aquaculture facilities to sustainably produce high-quality salmon close to end consumers. Japan is a strategically important market, and this project reflects our long-term commitment to developing resilient, local food production systems," he said.
Pier Paolo Sfara, Chief Investment Officer at 8F Asset Management, expressed a similar view. "We are very pleased to complete this financing and to partner with Fortress on Pure Salmon Japan," he stated. "Fortress brings not only strong institutional capital but also deep experience investing across global markets, including Japan."
"Their involvement represents another important step forward for the project and reflects strong confidence in our platform. With construction well underway, we are focused on delivering a world-class facility for the Japanese market," Sfara added.
Eric Golden, Co-Head of Asia and Co-Head of Japan Real Estate at Fortress Investment Group, highlighted for his part that, having built and grown some of the country's leading hospitality, residential, and retail platforms, supporting over 20,000 jobs and communities across the nation, Fortress has a long and significant history in Japan.
"We are pleased to partner with 8F to develop the largest fully domestically produced salmon facility in Japan - and one of the most environmentally sustainable in the world. This facility will provide critical food production infrastructure for Japan's future," he added, commenting on the funding announced today.
As mentioned above, the other investor involved in this USD 180 million funding is Tor Investment Management. Its Managing Director, Sean Pepper, also commented on the investment.
"Having been involved in this project from an early stage, we are delighted to see the financing come together and to partner with Fortress. This transaction supports the development of what we expect to be Japan's largest - and one of the world's most significant - fully land-based salmon production facilities," he said.
"We are deeply encouraged by the dedication and conviction shown by our investors in supporting Pure Salmon Japan through this financing," stated, for his part, Erol Emed, CEO of Pure Salmon Japan.
"Their commitment underscores the strategic importance of this project and the growing relevance of sustainable domestic seafood production in Japan. We are grateful for that support, and we remain fully focused on executing the project responsibly and successfully," Emed added.
The investment announced today adds to the USD 460 million that 8F Asset Management raised in January 2025, and to the one that one of Japan's most prominent real estate companies, Mori Trust Co., Ltd., made in July 2025, although, in that case, the amount invested was not disclosed.
Finally, Pure Salmon Japan stated that, as the project continues to progress, it also plans to collaborate with a select group of long-term equity partners. Prior to this, the company's latest announcement was the signing of a contract with Cflow, the Norwegian firm specializing in the design and supply of live fish handling systems, to deliver its complete system for the new facility.