Environmental Infrastructure & Services

AXA IM Alts' natural capital and impact investment strategy targets protection, restoration, and sustainable management of ecosystems through project financing of nature-based initiatives (reforestation, carbon credits, biodiversity) and equity in natural capital companies. Launched in late 2022 with over $560 million in commitments from IFC, Proparco, and DEG by November 2025.

Allianz Credit Emerging Markets (ACE) Fund is a blended finance private debt strategy managed by Allianz Global Investors (AllianzGI), one of the world's largest active asset managers with more than EUR 530 billion in assets under management. The fund represents AllianzGI's fifth blended finance initiative and combines concessional capital from development finance institutions with institutional private capital to mobilize large-scale investment in support of the Paris Agreement and the United Nations Sustainable Development Goals (SDGs). The fund reached a first close of USD 690 million on January 20, 2026, with Allianz SE and Swiss pension fund GastroSocial Pensionskasse serving as anchor investors for the senior tranche. The junior tranche attracted commitments from British International Investment (BII), Global Affairs Canada, the Inter-American Development Bank Invest (IDB Invest), the Swedish International Development Cooperation Agency (SIDA), and Impact Fund Denmark. AllianzGI is targeting a final close at USD 1 billion. The ACE Fund invests in a diversified portfolio of private debt instruments across low-carbon sectors in emerging markets, focusing on clean energy, smart agriculture, sustainable infrastructure, financial institutions serving underserved communities, and certain manufacturing activities. The fund's geographic mandate spans Africa, Latin America and the Caribbean, and Asia Pacific. The blended finance structure features tiered tranches with differentiated risk-return profiles, enabling institutional investors to participate in emerging market private credit at adjusted risk levels while unlocking capital for climate-critical infrastructure projects in regions underserved by traditional institutional investment flows.

Altor ACT I is the first dedicated green transition fund raised by Altor Equity Partners, the leading Nordic-based private equity firm with over EUR 8 billion in assets under management. The fund closed in September 2024 at its hard cap of EUR 1.1 billion, having been significantly oversubscribed following a rapid fundraise from a high-quality institutional investor base including pension funds, insurance companies, asset managers, sovereign wealth funds, and foundations from the United States, Europe, and Asia. Monument Group served as exclusive placement agent for the fund. ACT I is structured as an SFDR Article 9 fund — the European Union's highest sustainability classification — and deploys capital exclusively into investments that leverage Altor's 20-year expertise in Nordic and DACH mid-market companies with direct green transition themes or that benefit materially from the structural tailwinds of the low-carbon economy transition. Core sectors of focus include industrial technologies enabling decarbonisation, business and environmental services, and companies producing or distributing solutions in renewable energy, energy efficiency, and clean infrastructure. The fund targets mid-market businesses in the EUR 100–500 million enterprise value range across the Nordic region and the DACH economies (Germany, Austria, Switzerland). Altor ACT I draws on the same team and investment process that has built Altor into one of the most respected PE managers in Northern Europe across six flagship funds (Altor Fund I through Fund VI, the latter closing at EUR 3 billion in December 2023). While the ACT I strategy is sustainability-focused, it targets the same highly attractive absolute returns as Altor's flagship funds, investing in proven technologies and market leaders rather than early-stage or speculative green ventures. Both existing Altor Fund VI investors and new institutional investors committed to sustainable PE strategies participated in the ACT I raise, reflecting the fund's appeal across the firm's established LP network.

Ambienta SGR, the Milan-based private equity firm dedicated exclusively to environmental sustainability, closed its fourth private equity fund on 20 July 2022 at its EUR 1.55 billion hard cap. The fund reached capacity in less than six months of active marketing and is the largest European private equity fund ever raised with a sole focus on companies enabling positive environmental change. Existing limited partners re-upped at more than 100% of their prior fund commitments, a powerful testament to the firm's track record and to growing institutional appetite for dedicated environmental strategies. The fund's LP base spans approximately 55% from EU member states, 20% from other European countries, and the remainder from North America, South America, and Asia. Ambienta IV targets European mid-market companies — its so-called 'environmental champions' — that derive competitive advantage from the structural megatrends of resource efficiency and pollution control. The fund deploys capital into buyouts across industrials, specialty chemicals, materials, energy transition, and environmental services, applying Ambienta's proprietary Environmental Impact Analysis (EIA) methodology to quantify each portfolio company's contribution to reducing pollution or improving resource efficiency. Ambienta IV is classified as an Article 9 fund under SFDR, the highest sustainable finance classification available under European regulations, reflecting the fund's dual commitment to financial returns and measurable positive environmental impact. Ambienta SGR oversees approximately EUR 2 billion in total assets under management across multiple vehicles, including private equity, small-cap, and public market funds. Fund IV represents the latest chapter in the firm's 20-year history of backing European environmental leaders and builds directly on the investment thesis and portfolio construction approach established in prior funds. The fund is domiciled in Luxembourg and managed by Ambienta SGR S.p.A. under full Italian AIFMD authorisation from Banca d'Italia.

Ambienta SGR, the Milan-based private equity firm dedicated to environmental sustainability, completed the final close of its inaugural small-cap strategy in June 2025, raising EUR 500 million and surpassing its original EUR 450 million target. The Ambienta Small Cap Strategy invests in European small-cap companies that qualify as environmental sustainability champions — businesses with revenues up to EUR 150 million and enterprise values in the EUR 50 million to EUR 100 million range that derive competitive advantage from resource efficiency or pollution control megatrends. The strategy targets eight to ten portfolio companies per vintage, enabling a concentrated, hands-on approach consistent with Ambienta's founder-led investment culture. The strategy represents Ambienta's deliberate return to the smaller end of the market, where the firm made many of its formative investments nearly two decades ago. Many of the businesses that formed the early backbone of Ambienta's investment approach were founder-led, high-quality small-cap industrials and environmental services companies — the same profile the small-cap strategy now explicitly targets. The dedicated investment team is headed by Partner Francesco Lodrini alongside newly appointed Partners Yann Bak and Giacomo Forti, based across Ambienta's Milan and Paris offices. Each portfolio company is assessed and monitored using Ambienta's two proprietary tools: the Environmental Impact Analysis (EIA) framework, which quantifies the company's contribution to reducing environmental externalities, and the ESG in Action programme, which drives operational sustainability improvements throughout the holding period. The Ambienta Small Cap Strategy sits alongside Ambienta IV (EUR 1.55 billion, 2022 vintage) and the firm's public-markets vehicles as part of a multi-product environmental asset management platform. The strong investor demand — exceeding the EUR 450 million target — validates Ambienta's thesis that the small-cap segment offers significant untapped opportunity for sustainability-driven value creation in European private equity.

Arcus European Infrastructure Fund 4 (AEIF4), structured as a Luxembourg Société en commandite spéciale (SCSp), is the fourth vehicle managed by Arcus Infrastructure Partners, a London-based fund manager specializing in mid-market value-add infrastructure investments across Europe. AEIF4 reached its hard cap of €3 billion in December 2025 following an oversubscribed seven-month fundraise, with total investor demand reaching nearly €5 billion and commitments secured from more than 50 institutional investors spanning Europe, North America, Asia, and the Middle East. The fund surpassed its €2 billion target by 50%, reflecting strong institutional appetite for mid-market European infrastructure assets. AEIF4 continues Arcus Infrastructure Partners' established value-add strategy, targeting 12 to 14 platform investments across the European infrastructure spectrum—including transport, digital, social, environmental, and energy infrastructure. Equity tickets average €200 million to €250 million per transaction, with the fund seeking operational assets where active management and strategic improvement initiatives can unlock value. The mid-market positioning differentiates Arcus from larger mega-fund managers, enabling the team to access less competitive deal flow and apply intensive asset management expertise honed over three prior fund vintages. Arcus Infrastructure Partners has built a consistent track record across three prior European infrastructure fund vintages, each oversubscribed and each deploying capital across essential European infrastructure. The rapid close of AEIF4 in approximately seven months—one of the fastest European infrastructure fundraisings of 2025—demonstrates continued investor confidence in Arcus's value-add approach and its ability to identify and execute high-quality infrastructure transactions in a competitive market environment.

Averrhoa Nature-Based Solutions Fund is an Article 9 impact investment vehicle managed by Ardian, one of Europe's leading private investment houses, in strategic partnership with aDryada, a specialist developer of large-scale nature-based projects. Launched in September 2023, the fund represents a pioneering approach to institutional impact investing through the restoration and conservation of natural ecosystems in emerging and developing economies. The fund is classified under the EU Sustainable Finance Disclosure Regulation (SFDR) as an Article 9 product, meaning it pursues a specific, measurable sustainability objective as its primary investment mandate rather than as a secondary consideration. The fund finances large-scale projects to restore forests, wetlands, and mangroves with the dual objective of sequestering carbon from the atmosphere and generating high-quality carbon credits verified by independent third-party experts. The strategy targets projects collectively expected to sequester approximately 150 million tonnes of carbon, while enhancing biodiversity and delivering socio-economic benefits for local communities. Geographic focus is on emerging markets and developing economies across Latin America, Africa, and Asia Pacific, where nature-based solutions offer the greatest ecological additionality. The fund aims to deploy approximately 1.5 billion euros in projects and capital worldwide, blending institutional capital with development finance institution (DFI) support to achieve both measurable climate impact and financial return for investors. The fund completed its first close at 100 million euros with cornerstone commitments from development finance institutions including the European Investment Bank (EIB), Proparco, and British International Investment (BII), providing early validation of the strategy from leading global DFIs. Ardian's broader natural capital and infrastructure expertise underpins the fund's ability to source, structure, and manage complex nature-based solutions across multiple jurisdictions, positioning Averrhoa as a flagship vehicle for institutional investors seeking exposure to the rapidly growing voluntary carbon market alongside verifiable biodiversity and social impact metrics.

The Ares Infrastructure Opportunities Fund is an equity infrastructure vehicle managed by Ares Management Corporation (NYSE: ARES), one of the world's leading alternative asset managers with over $550 billion in total assets under management. The fund is part of Ares' Infrastructure Opportunities strategy, operated through the firm's Real Assets Group by a team of more than 30 investment professionals based in New York and Boston with an average of over 25 years of industry experience. As of the third quarter of 2024, Ares' Infrastructure Opportunities equity strategy managed approximately $7.0 billion in assets under management, forming part of the firm's broader $25 billion-plus infrastructure platform encompassing both equity and debt, with over $14 billion deployed across more than 350 assets and companies since inception. The fund pursues value-add and opportunistic equity strategies targeting infrastructure assets positioned at the convergence of the energy transition and digital transformation themes. Core investment sub-sectors include power generation (renewable and thermal), renewable natural gas, LNG terminals, pipeline and midstream energy infrastructure, transportation, telecommunications infrastructure including data centers, fiber optic networks and cell towers, regulated utilities, social infrastructure, and environmental services. The strategy targets de-risked, fully operational assets underpinned by long-term contracts with creditworthy counterparties providing durable cash flow visibility and downside protection. Earlier vintages focused primarily on North American natural gas and energy transportation; more recent deployments emphasize climate transition and digital infrastructure aligned with institutional sustainability mandates. The fund's performance track record has received broad industry recognition: Infrastructure Investor named Ares the Manager of the Year in North America, Renewables Investor of the Year in North America, and awarded Renewables Deal of the Year in North America. Strategy predecessor vehicles, operating under names including US Power Fund and Energy Infrastructure Fund, delivered gross IRRs of 5.0% to 18.5% across harvesting-stage vintages through 2024, demonstrating the strategy's consistent return profile across market cycles and energy transition phases.

Australia New Zealand Landscapes and Forestry Fund (ANZLAFF) is a sustainable real assets fund managed by New Forests Asset Management, a specialist investment manager with over 20 years of experience in sustainable forestry, land use, and nature-based solutions across the Asia Pacific region. Launched in December 2022, ANZLAFF is New Forests' fourth Australia-New Zealand strategy and its most comprehensive approach to integrating productive forestry, agriculture, and nature-based value creation. The fund is designed for institutional investors seeking long-duration, climate-aligned, and inflation-linked returns from sustainable land management in Australia and New Zealand. ANZLAFF invests in core forestry plantations — primarily sustainable eucalyptus and pine — alongside selective processing and logistics companies, with targeted exposure to primary agriculture commodities. A distinguishing feature of the fund's strategy is the systematic monetisation of nature-based value: alongside timber revenues, the portfolio generates income from carbon sequestration and emissions avoidance certificates, biodiversity credits, and renewable energy projects such as solar and wind. This integrated landscape approach aims to maximise returns from the whole property by combining productive use with environmental stewardship, responding to growing institutional demand for real assets that simultaneously deliver financial and measurable climate benefits. ANZLAFF held its first close in December 2023, raising approximately A$450 million from institutional investors across Australia and Europe, including Swedish pension fund Andra AP-fonden (AP2), German pension group Bayerische Versorgungskammer (BVK), and the Australian Government's Clean Energy Finance Corporation (CEFC). The fund achieved its final close in January 2025 at A$600 million, meeting its target and welcoming three additional investors from Europe and Asia Pacific. ANZLAFF extends New Forests' A$4.67 billion Australia-New Zealand track record across four successive vehicles, building on the proven investment and operational capabilities developed since the firm's founding in 2005.

Australia and New Zealand Forestry Fund 2 (ANZFF2) is a closed-end timberland and forestry infrastructure fund managed by New Forests, one of the largest sustainable forestry investment managers in Australia and New Zealand by assets under management. Established with a 2013 vintage, the fund provided institutional investors with exposure to sustainably managed eucalyptus and pine plantations, agricultural properties, conservation areas, and carbon projects across Australia and New Zealand, two of the most mature and liquid forestry markets in the Asia Pacific region. The fund succeeded New Forests' inaugural Australia New Zealand Forest Fund, which was established in 2010. ANZFF2 deployed capital across a portfolio of high-quality plantation forestry assets, targeting risk-adjusted returns through the appreciation of biological assets, stable timber revenues from wood products, and the development of carbon sequestration credits from sustainably managed plantations. New Forests' investment thesis centers on the convergence of timber demand, biodiversity uplift, and voluntary carbon markets, with all plantations managed to certified sustainability standards. The fund also pursued complementary investments beyond mainland Australia and New Zealand when strategically appropriate, as demonstrated by its acquisition of a 75 percent stake in KFPL, the Solomon Islands' largest forestry business, alongside co-investor AIMCo. ANZFF2 completed its full lifecycle as a closed-end vehicle, with New Forests concluding the final sale of all fund assets and delivering a full-cycle realized return to investors. New Forests has operated in Australia and New Zealand since 2005 and has maintained a successive fund series in the region, including ANZFF3 (vintage 2017) and the Australia New Zealand Landscapes and Forestry Fund (ANZLAFF), which completed a first close of approximately 450 million Australian dollars in December 2023, reflecting continued institutional demand for New Forests' timberland and natural capital strategies across the Pacific region.

The Climate Tech Fund is a venture capital initiative managed by BDC Capital, the investment arm of the Business Development Bank of Canada (BDC), a federal Crown corporation wholly owned by the Government of Canada. The fund was established to address the chronic shortage of late-stage risk capital for the commercialization and scale-up of Canadian climate technology companies, representing a core commitment of the federal government's strategy to build a globally competitive cleantech sector and accelerate Canada's transition to a low-carbon economy. With 500 million Canadian dollars in committed capital, the Climate Tech Fund became one of the largest dedicated cleantech venture vehicles in Canada at the time of its launch. The fund deploys capital into hard technology companies with capital-intensive business models, defensible proprietary intellectual property, and demonstrated market traction. Key investment themes include energy decarbonization, sustainable mobility, the built environment, industrial and resource efficiency, and carbon management. The fund targets companies at the late-stage seed to growth stage of development, requiring validated product-market fit and a clear path to commercial scale and profitability within a defined timeline. BDC Capital's investment model functions as a catalytic public capital instrument: for each dollar of BDC investment deployed from Climate Tech Fund I, the fund unlocked approximately 12 Canadian dollars in co-investment from private sector partners, demonstrating strong institutional demand for Canadian cleantech growth capital. The Climate Tech Fund has built a diversified portfolio of climate technology companies including alterBiota, Ayrton Energy, CabriCrete, Carbon Upcycling, CarbonRun, CO280, Cyclic Materials, Deep Sky, DeNova, Exterra, Freshr Technologies, and Future Fields, spanning clean energy, advanced materials, carbon capture, and sustainable agriculture. The pan-Canadian investment team is led by Managing Partner Shirley Speakman. Following strong portfolio performance, BDC Capital launched a Climate Tech Fund II in November 2022 at 400 million Canadian dollars with a heightened focus on capital-intensive deep decarbonization technologies, bringing BDC's total committed investment in the cleantech sector to 1 billion Canadian dollars.

African Forestry Impact Platform (AFIP) is an impact investment fund managed by New Forests, targeting sustainable and commercial forestry development across sub-Saharan Africa. With a target size of USD 500 million, AFIP received seed commitments from British International Investment (BII), Norfund, and Finnfund, reaching approximately USD 200 million at its first close in 2023. The fund integrates financial returns with carbon sequestration, biodiversity preservation, and rural livelihood outcomes.