An aqueous or water-borne precursor for forming an anti-fouling heterophasic thermoset polymeric coating is provided. The precursor includes a fluorine-containing polyol precursor having a functionality greater than about 2 that forms a branched fluorine-containing polymer component defining a continuous phase in the anti-fouling heterophasic thermoset polymeric coating. The precursor also includes a fluorine-free precursor that forms a fluorine-free component present as a plurality of domains each having an average size of greater than or equal about 100 nm to less than or equal about 5,000 nm defining a discrete phase within the continuous phase in the anti-fouling heterophasic thermoset polymeric coating. A crosslinking agent and water are also present. An emulsifier may also be included. Methods of making anti-fouling heterophasic thermoset polymeric coatings with such precursors are also provided.