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.

The Emerging Market Climate Action Fund (EMCAF) is an innovative blended finance Fund of Funds co-created by Allianz Global Investors (AllianzGI) and the European Investment Bank (EIB), launched in 2022 and endorsed by the G7. AllianzGI acts as the fund's investment manager while the EIB serves as investment advisor, combining private asset management expertise with the EIB's development finance mandate and institutional credibility. EMCAF was established with the explicit mission of mobilizing private institutional capital toward climate mitigation and adaptation projects in emerging and developing markets — a segment of the global economy where the estimated climate finance gap runs into the trillions of euros annually. EMCAF operates as a blended finance vehicle, deploying capital into sub-funds and project-level investments focused on renewable energy, energy efficiency, sustainable transport, forestry, water and wastewater management, and the circular economy across Asia Pacific, Africa, and Latin America. The fund's structure uses junior tranches from development finance institutions and public sector entities — including the Nordic Development Fund, KfW, and the Luxembourg Ministry of the Environment — to de-risk senior tranches offered to commercial institutional investors such as Allianz and Folksam. This blended capital structure enables EMCAF to target returns acceptable to institutional investors while channeling capital toward impact-first projects that would otherwise be unfinanceable on purely commercial terms. EMCAF targets total mobilization of up to EUR 10 billion in aggregate climate finance and aims to catalyze approximately 9 to 10 gigawatts of clean energy capacity across its portfolio sub-funds. The fund received BaFin regulatory approval and operates under EIB Environmental and Social standards, providing institutional investors with a regulated, standards-compliant vehicle for emerging market climate exposure. EMCAF represents one of the largest blended finance initiatives focused on climate action in developing economies, aligned with Paris Agreement climate finance mobilization commitments.

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.

The Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA) is a CAD 360 million government-sponsored impact investment facility established in 2024 through a partnership between the Government of Canada and the Asian Development Bank (ADB). Canada contributes CAD 350 million in project investment capital and CAD 10 million for technical assistance, with ADB administering the fund on Canada's behalf across Asia and the Pacific. CANPA represents Canada's flagship vehicle for mobilising private sector capital in climate-positive and nature-based solutions across developing countries in the Asia-Pacific region, with a particular emphasis on small island developing states and gender equity integration. CANPA targets private-sector projects that would be unlikely to proceed on purely commercial terms, deploying concessional or blended finance to de-risk viable climate and nature investments and catalyse additional institutional capital. Eligible transactions span renewable energy, clean infrastructure, nature-based solutions, sustainable land use, and climate resilience projects. The fund aims to help private sector companies reduce greenhouse gas emissions, transition away from carbon-intensive operations, and build physical climate resilience. A cross-cutting gender equity objective requires CANPA-supported projects to empower women and girls through meaningful participation and economic inclusion in climate transition activities across Asia and the Pacific. CANPA was formally launched and announced in June 2024, succeeding earlier Canadian climate financing vehicles at ADB, including the Canadian Climate Fund for the Private Sector in Asia II. ADB brings its established network of private sector counterparties, co-investors, and development finance institutions across Asia to originate and structure qualifying transactions. Canada's track record through predecessor ADB-managed vehicles includes projects spanning renewable energy, clean transport, and sustainable agriculture, providing a foundation for CANPA's expanded scope to include nature-based and biodiversity finance alongside traditional clean energy and climate infrastructure investment.

SA Impact Forestry Fund (SAIFF) is a South America-focused sustainable forestry impact fund managed by Astarte Capital Partners LLP, a London-based impact investment manager, in partnership with SilviPar AB, a Stockholm-based forestry operations specialist with extensive experience in Paraguay. The fund targets the conversion of degraded grazing land and low-productivity farmland in Paraguay into sustainably managed eucalyptus plantations and permanent conservation reserves, generating timber revenues, carbon credits, and measurable biodiversity co-benefits. The fund achieved a final close of US$325.3 million in April 2024, substantially oversubscribed against an original target of US$150–200 million, attracting development finance institutions and climate-focused investors from more than 30 countries and five continents, with a 2021 vintage and PitchBook fund ID 19017-10F. The investment strategy centers on acquiring land in Paraguay's Chaco region and southern agricultural zones, transforming degraded properties into FSC-certified eucalyptus plantations for wood fiber and pulp markets, while permanently reserving at least 25% of total land for conservation. This conservation component has created what Astarte describes as Paraguay's largest private grassland conservation park, actively monitoring more than 70 protected species. Carbon sequestration is a core value driver, with SAIFF targeting over 18 million tonnes of CO2 removal over the fund term, supported by a BeZero Carbon pre-rating of BBB with 'Very Low' execution risk — the highest confidence tier BeZero assigns. The fund is positioned for cross-border carbon credit transfers under Paraguay's Article 6 bilateral agreement with Singapore, signed in 2025. As of March 2026, the fund holds approximately 127,000 hectares under control, with over 34,000 hectares planted and more than 12 million trees added annually, against a target of 80,000 planted hectares and 60 million trees. Approximately 35,000 hectares of conservation land have been established. Disclosed investors include FMO (US$20M), IFU/Impact Fund Denmark (US$20M), CAF Development Bank of Latin America (up to US$15M), GenZero (Temasek-linked), and the Environmental Agency Pension Fund (UK). The fund has won Agri Investor's Global Impact Fund Manager of the Year in both 2023 and 2024, and Private Equity Wire's Best ESG Fund: Emerging Markets in 2023.

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 timberland investment fund managed by New Forests Asset Management, one of Australia's leading forestry and natural capital investment managers. With total committed capital of approximately A$700 million, ANZFF2 was fully invested by 2018 and built a diversified portfolio of approximately 200,000 hectares of certified softwood and hardwood plantation forests across Australia and New Zealand, all meeting Forest Stewardship Council (FSC) certification standards for responsible forest management and ecological stewardship. The fund pursued a long-term, core-return timberland strategy targeting inflation-linked returns derived from timber harvests, carbon credit revenues, biodiversity value, and land appreciation over its ten-year investment horizon. New Forests' operational expertise in plantation management and its deep relationships with domestic and international timber buyers, processors, and export markets enabled active value creation across the portfolio throughout the fund's life. ANZFF2's investment mandate allowed for selective investment in processing infrastructure and related facilities such as sawmills, bioenergy plants, and port access assets to maximise integrated supply chain value and diversify revenue streams. ANZFF2 achieved full realisation of its portfolio in December 2025, completing a series of asset sales to leading institutional investors. APG Asset Management, one of Europe's largest pension investors managing over €600 billion in assets, acquired the fund's final New Zealand forestry assets located in the Otago region. The fund delivered strong double-digit returns across its ten-year life, validating the long-term value creation potential of sustainably managed forestry assets in the Australasian region. New Forests has subsequently launched successor vehicles including Australia New Zealand Forestry Fund 3 (ANZFF3), which raised over A$660 million, and the Australia New Zealand Landscapes and Forestry Fund (ANZLAFF), which targets integrated forest, land, carbon, and agriculture markets across Australia and New Zealand.

Axeleo Greentech Industry fund is a venture capital fund managed by Axeleo Capital, an independent Paris-based investment firm specializing in industrial and enterprise technology. The fund is part of Axeleo Capital's GreenTech Industry (GTI) series and is consistent with the firm's flagship GreenTech Industry I (GTI I) vehicle, which achieved a first closing of €125 million in November 2024 toward a final target of €250 million. Classified as Article 9 under the EU Sustainable Finance Disclosure Regulation (SFDR), the fund was conceived as Europe's first industrial startup factory dedicated to the ecological transition, combining financial returns with measurable environmental impact. Axeleo Capital, founded in 2017 and managing nearly €300 million in total assets under management across its fund family, developed the GTI series to position itself as one of Europe's principal investors in industrial innovation for the green transformation. The fund focuses on four core sectors aligned with the decarbonization of European industry: energy, including renewable energy and storage technologies; chemicals and materials, including biomaterials and plastics recycling; agriculture and food, including bio-based fertilizers and pesticides; and mobility, including electric motors and decarbonization of air and maritime transport. With lead investment tickets ranging from €3 million to €10 million and a target portfolio of 15 to 20 companies, the fund targets early-to-mid-stage European startups at the critical commercialization stage of establishing their first industrial facilities. The investment philosophy requires portfolio companies to be eligible for the EU Taxonomy or to contribute to relevant United Nations Sustainable Development Goals. The fund's anchor institutional investors include Bpifrance, Veolia Group with a €30 million commitment, and Crédit Mutuel Alliance Fédérale, alongside backing from the Révolution Environnementale et Solidaire fund and the Fonds National de Venture Industriel (FNVI). The management team includes partners Eric Burdier, Marc Lechantre, Guillaume Sarlat, and Mathieu Viallard, with Sandra Dubos serving as Investment Director. An early portfolio company includes Sweetch Energy, a developer of osmotic energy technology based on salinity differences between fresh and salt water.

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.

Blume Equity Fund I SCSp is a European climate-tech growth equity fund managed by Blume Equity, a female-led investment firm structured as a Société en Commandite Spéciale (SCSp) under Luxembourg law. The fund is targeting a final close of €200 million and has been recognized as a finalist for the European VC Newcomer of the Year award, reflecting its differentiated positioning in the European impact investing landscape. Blume Equity's founding partners bring more than 40 years of combined investment and sustainability experience from blue-chip financial institutions and climate-focused organizations. Blume Equity Fund I focuses on growth-stage companies developing solutions that drive meaningful, measurable sustainability outcomes for both the planet and society. The fund makes €10 million to €40 million investments in climate-tech businesses at the Series B stage and later, targeting companies that have demonstrated commercial traction and are ready to scale across European markets. Key investment themes include renewable energy technology, industrial decarbonization, circular economy, sustainable mobility, and resource efficiency. The fund is supported by institutional investors including ABN AMRO as a notable LP, reflecting the growing appetite among European banks for climate impact strategies at scale. Blume Equity Fund I has been selected for Access to EU Finance, the European Commission's initiative supporting innovative SMEs and mid-caps, and is classified as an impact-focused fund eligible for EU impact assessment. The fund's positioning at the Series B stage bridges the gap between early climate-tech risk capital and later-stage infrastructure finance, targeting a segment where growth capital scarcity has historically constrained climate solution deployment. Luxembourg's SCSp structure provides the regulatory framework for pan-European LP participation while maintaining flexible governance aligned with impact measurement requirements.

Climate Tech Portfolio Fund III is a fund-of-funds vehicle managed by Carbon Equity B.V., an Amsterdam, Netherlands-based alternative investment fund manager licensed and supervised by the Authority for the Financial Markets (Autoriteit Financiële Markten, registration number 15005329). The fund provides accredited and institutional investors with curated access to a diversified portfolio of leading climate technology venture capital and private equity funds, creating exposure to over 150 breakthrough climate technology companies across early and growth stages in North America and Europe. As the third vintage in Carbon Equity's flagship Climate Tech Portfolio Fund series, the fund builds on prior vintage learnings to refine GP selection criteria and co-investment sourcing across the climate technology ecosystem. Carbon Equity's fund-of-funds approach aggregates capital across a carefully selected portfolio of top-tier climate-focused fund managers, enabling investors to gain diversified exposure to climate innovation across clean energy, sustainable industry, food and agriculture, transportation, buildings, and carbon management. The two-sleeve structure combines primary fund commitments with high-conviction co-investments alongside portfolio GPs, balancing broad diversification with targeted exposure to standout companies. Geographic allocation focuses on North America and Europe, capturing the deep pools of climate technology innovation across Silicon Valley, Boston, New York, London, Amsterdam, and other major innovation centers. The fund provides institutional-grade climate access at minimum commitment levels accessible to sophisticated private investors, a key differentiating feature relative to direct fund manager subscriptions that typically require commitments of $1 million or more. Carbon Equity has established itself as a leading European gateway to climate technology private markets, operating a regulated AIFM structure in the Netherlands that provides strong investor governance protections consistent with European fund law. The firm's Climate Tech Portfolio Fund series has enabled European and international investors to access premier US- and Europe-based climate VC managers who might otherwise require multi-million-dollar minimum commitments. Fund III represents a closed vintage that completed its investment period, providing investors with a realized track record foundation upon which Carbon Equity has continued to refine its GP selection methodology. The subsequent launch of Climate Tech Portfolio Fund IV reflects the demand for this access-oriented climate FoF strategy among institutional and sophisticated individual investors.

Climate Tech Portfolio Fund IV is the latest flagship fund-of-funds vehicle managed by Carbon Equity B.V., a Dutch-regulated alternative investment fund manager (AIFM) supervised by the Authority for the Financial Markets in Amsterdam, Netherlands (AFM registration 15005329). The fund targets a diversified portfolio of six to eight leading climate technology venture capital and private equity funds, combined with eight to twelve direct co-investments, providing investors with exposure to over 150 breakthrough climate technology companies across North America and Europe. With a next close scheduled for June 30, 2026, the fund is actively accepting commitments from accredited investors at a minimum ticket size of €100,000, making institutional-quality climate fund-of-funds access available at a significantly lower entry point than direct LP subscriptions to the underlying managers. Fund IV deploys capital according to a two-sleeve structure: approximately 80% of invested capital flows to carefully selected top-tier climate technology fund managers, while the remaining 20% is allocated to high-conviction co-investments offering direct company exposure alongside portfolio fund GPs. Geographic allocation targets North America at 60% and Europe at 40%, capturing the innovation depth of Silicon Valley, Boston, London, Amsterdam, and emerging European climate hubs. Sector allocation is diversified across energy (25%), industry (25%), food and land use (15%), transportation (15%), buildings (15%), and carbon management (5%), with investment stage emphasis on early growth companies at Series B and beyond (approximately 60% of portfolio) where commercial traction and scaling potential are most pronounced. The fund targets a net internal rate of return of 12–15% and a long-term investment horizon consistent with the development timelines of breakthrough climate technology companies. Carbon Equity has established a track record as a leading European gateway to climate technology private markets, operating under the regulatory oversight of the Dutch AFM. The firm's Climate Tech Portfolio Fund series has enabled European and international investors to access premier US- and Europe-based climate VC managers who typically require multi-million-dollar minimum commitments. Fund IV builds on the learnings of predecessor vintages, incorporating refined GP selection criteria and an expanded co-investment program. The fund's regulated AIFM structure provides investor protections consistent with European fund governance standards, and Carbon Equity's growing institutional LP base reflects increasing institutional appetite for curated, diversified access to the climate technology opportunity.

CarbonCount Holdings 1 LLC (CCH1) is a sustainable infrastructure investment platform established as a joint venture between KKR, a leading global investment firm, and Hannon Armstrong Sustainable Infrastructure Capital (HASI), a specialist clean energy investor and publicly listed REIT. The platform commits up to $2 billion in aggregate — $1 billion each from KKR and HASI — to invest in climate-positive clean energy and sustainable infrastructure assets across the United States. HASI serves as the primary investment manager, deal sourcer, and operational steward of the portfolio, while KKR provides co-investment capital and balance-sheet capacity. CCH1 deploys capital across sustainable infrastructure asset classes consistent with HASI's established investment strategy, including behind-the-meter energy systems, grid-connected renewable energy installations, renewable natural gas infrastructure, and sustainable transportation projects. The platform employs HASI's proprietary CarbonCount scoring methodology to measure avoided carbon dioxide equivalent (CO2e) emissions for each investment, providing investors with a transparent, standardized climate impact metric alongside financial returns. To expand its financing capacity, CCH1 issued $592 million in senior unsecured notes through a private offering, reflecting institutional demand for high-quality sustainable infrastructure debt. The KKR-HASI partnership represents a convergence of institutional private equity expertise and deep sector specialization in the U.S. clean energy transition. HASI, the platform's primary investment manager, manages a portfolio of more than $13 billion in climate-positive assets and has deployed capital across solar, wind, energy efficiency, and climate resilience projects for over two decades. CCH1 is an early example of the scaled bilateral platforms increasingly used by institutional investors to access the growing pipeline of U.S. sustainable infrastructure opportunities without the constraints of traditional commingled fund structures.

Cibus Carbon is a natural capital fund managed by Cibus Capital LLP, a London-based private equity platform founded in 2007 by Rob Appleby that focuses exclusively on sustainable food and agriculture investments. The fund is operated through a dedicated Australian subsidiary, Cibus Carbon Investments Pty Ltd, led by Damon Petrie (Consultant Investment Director), Jeremy Alun-Jones (COO), Simon Campbell (Consultant CEO), and Grant Tranter (Consultant Chief Scientist). Cibus Capital has raised over USD 1 billion across its fund platform — which includes Cibus Fund (mid-market PE and real asset farming), Cibus Enterprise (agri-food tech venture capital), and Cibus Carbon — and won two awards at the 2024 ESG Investing Awards, including ESG Investment Fund of the Year. Cibus Carbon targets institutional investors and seeks to raise between A$200 million and A$300 million (approximately USD 132–198 million), with a target of A$70–100 million by end of 2025 and up to A$300 million by end of 2026. The fund's strategy is to plant mixed native tree species on carefully selected low-cost Australian land parcels identified through proprietary geospatial and agronomic models that maximise carbon yield relative to acquisition cost. Over a 30-year investment horizon, the fund aims to deliver approximately 11.25 million Australian Carbon Credit Units (ACCUs), targeting corporate buyers subject to Australia's Safeguard Mechanism. Net ACCU demand is projected to nearly triple from 15 million units in 2025 to 44 million by 2030, a market Cibus expects to become the world's largest carbon credit system by end of the decade. The fund leverages Cibus's ownership of Withcott Seedlings, one of Australia's largest native tree nurseries, providing operational advantage in seedling procurement and project execution at scale. The fund was launched and publicly announced in September 2025 as Cibus Capital's dedicated natural capital vehicle for the Australian carbon market.

Copenhagen Infrastructure Growth Markets Fund II (CI GMF II, SCSp) is a Luxembourg-domiciled infrastructure fund managed by Copenhagen Infrastructure Partners (CIP), the world's leading dedicated fund manager for greenfield renewable energy investments. Launched at COP28 in Dubai on December 4, 2023, CI GMF II targets USD 3 billion in commitments and succeeds CI Growth Markets Fund I, which reached a final close of USD 1 billion in November 2019. CIP was founded in Copenhagen in 2012 and manages approximately EUR 26 billion across 12 infrastructure funds for more than 150 institutional investors, employing around 400 professionals across 12 global offices. CI GMF II deploys equity in large-scale, complex greenfield energy infrastructure projects across 15 selected high-growth, middle-income markets in Asia, Latin America, and EMEA — including India, Vietnam, the Philippines, Mexico, and South Africa. The fund targets five technology types: offshore wind, onshore wind, solar PV, utility-scale battery storage, and Power-to-X. Each investment requires meaningful European supply chain and industrial participation, positioning CI GMF II at the intersection of institutional infrastructure investment and the EU's Global Gateway development-finance initiative. In June 2024, the European Investment Bank committed USD 100 million (EUR 93 million) to the fund, recognising its alignment with EU development objectives and bilateral clean-energy partnerships in the target geographies. CIP's predecessor fund, Growth Markets Fund I, deployed a build-and-exit strategy that produced projects including a 1.7 GW solar-hybrid complex in India (Unicus) and renewable assets in South Africa (Mulilo), demonstrating the manager's ability to originate, develop, and exit large-scale clean energy infrastructure in emerging markets. CI GMF II's project pipeline already represents more than USD 5 billion in potential committed capital, significantly exceeding the fund's USD 3 billion target and reflecting the depth of the development pipeline CIP has cultivated across Asia, Latin America, and Africa over its first decade. CIP's broader platform has since grown to manage approximately EUR 37 billion across 15 funds as of 2025, giving CI GMF II access to the same construction oversight, O&M capabilities, and institutional LP relationships deployed across the manager's flagship Northern European and North American funds.

Copenhagen Infrastructure IV (CI IV) is a flagship infrastructure fund managed by Copenhagen Infrastructure Partners (CIP), the world's leading renewable energy infrastructure manager. Launched in 2020, CI IV focuses exclusively on greenfield investments in contracted, large-scale renewable energy infrastructure projects across low-risk OECD markets. The fund closed at its hard cap of EUR 7 billion in April 2021, surpassing its initial target of EUR 5.5 billion and establishing itself as one of the largest renewable energy infrastructure funds ever raised globally at the time of its closing. CI IV deploys capital across a diversified spectrum of clean energy technologies including offshore and onshore wind, solar PV, transmission and distribution grids, battery storage, waste-to-energy, and advanced biomass projects in Western Europe, North America, developed Asia-Pacific, and Australia. The fund's investment thesis is anchored by long-term contracted cash flows and robust structures that minimize exposure to energy price volatility while maintaining cautious use of financial leverage. CIP targets transformational infrastructure assets with the potential to deliver durable, inflation-linked returns to its institutional LP base while accelerating the global energy transition. The fund's investor base at final close comprised approximately 100 institutional investors globally, including a 50/50 split between existing CIP LPs and new institutional investors from the Nordics, Continental Europe, the United Kingdom, Israel, North America, Asia, and Australia. Anchor LPs included PensionDanmark (EUR 500 million commitment), AP Pension, and Norwegian pension fund KLP. CI IV is the fourth flagship fund in CIP's series, which collectively managed approximately EUR 32 billion across 13 funds as of 2025, including the subsequent Copenhagen Infrastructure V, which closed at EUR 12 billion.

CI Advanced Bioenergy Fund I (CI ABF I) is an infrastructure fund managed by Copenhagen Infrastructure Partners (CIP), one of the world's largest renewable energy infrastructure fund managers headquartered in Copenhagen, Denmark. The fund held its first close at EUR 375 million in April 2022 and reached its final close at EUR 750 million in October 2023. It is classified as a dark green investment fund under the EU Sustainable Finance Disclosure Regulation (SFDR) Article 9, reflecting its strict sustainability mandate. The fund is structured to allow institutional investors — including pension funds, life insurance companies, sovereign wealth funds, family offices, and asset managers — to contribute to the energy transition by investing in advanced bioenergy infrastructure assets. CI ABF I pursues an equity investment strategy focused on industrial-scale biomethane and advanced biofuel production facilities. The fund exclusively uses sustainable feedstock — including agricultural biowaste, waste wood, household biowaste, and industrial biowaste — to produce clean energy products such as biomethane (renewable natural gas), bio-LNG, and second-generation bioethanol. This strategy targets the decarbonization of hard-to-abate sectors including heavy transport, shipping, and industrial heating. The fund's assets are designed to integrate directly into existing natural gas infrastructure, providing flexible grid-compatible clean energy at scale. By December 2025, CI ABF I had made four Final Investment Decisions and committed over 80% of its capital, with operational and development-stage projects located across Denmark, Spain, Belgium, Finland, and the United Kingdom. CIP manages more than EUR 30 billion in AUM across its full fund family, which includes the flagship CI series (CI IV, CI V), the Energy Transition Fund, and multiple thematic funds. CI ABF I is part of CIP's expanding thematic infrastructure strategy, which complements its flagship offshore wind funds with focused plays on bioenergy, energy storage, and transmission infrastructure.

Ecosystem Investment Partners V, L.P. (EIP V) is the fifth fund in the flagship series managed by Ecosystem Investment Partners (EIP), one of the largest dedicated natural capital and environmental restoration investment managers in the United States. Based in Baltimore, Maryland and founded in 2006, EIP manages nearly $1.5 billion in total capital raised across five fund generations. EIP V held its final close in October 2025 with over $400 million in capital commitments, attracting a diverse base of public and corporate pension funds, endowments, family offices, and institutional investors from the U.S. and Europe. EIP V continues the firm's core strategy of investing in large-scale wetland, stream, water quality, biodiversity, and habitat mitigation and restoration projects across the United States. The fund acquires and develops environmental mitigation banks — land restoration projects that generate mitigation credits under the U.S. Clean Water Act and the Endangered Species Act. These credits are sold to regulated entities that must offset unavoidable environmental impacts from infrastructure, industrial, or real estate development projects. This market-based mechanism provides structural demand for the fund's credit inventory, creating a return profile linked to regulatory requirements rather than commodity cycles. EIP V had already deployed more than $125 million across nine portfolio investments in Florida, Kentucky, Wisconsin, South Carolina, Pennsylvania, California, and Louisiana at the time of final close. EIP V received significant support from European institutional investors, including a combined $160 million commitment from Danish pension funds AP Pension, Laerernes Pension, and Sampension, reflecting growing cross-border institutional appetite for natural capital as an asset class. The preceding EIP IV fund closed at $454.5 million in 2020, validating EIP's repeatable model of sourcing restoration sites, managing permitting and development processes, and monetizing environmental credits over multi-year holding periods through sales to infrastructure developers and regulatory compliance buyers.

EdR BRIDGE V (Benjamin de Rothschild Infrastructure Debt Generation V) is a €2.5 billion infrastructure debt fund managed by Edmond de Rothschild Asset Management (EdRAM), the Geneva-headquartered asset management arm of the Edmond de Rothschild Group. The fund reached a final close at the end of 2024, nearly doubling the size of its predecessor, BRIDGE IV, which closed at €1.25 billion in 2020. The BRIDGE platform is EdRAM's dedicated infrastructure debt franchise and represents one of the largest specialist infrastructure debt programs in Europe. BRIDGE V deploys capital across two complementary tranches: a Senior Debt strategy targeting senior-secured infrastructure debt with target yields of approximately 5.5–6.25%, and a Yield Plus strategy providing subordinated and higher-yielding infrastructure debt at 7–9% or above. The fund invests across all infrastructure sub-sectors including energy and utilities, transport, social infrastructure, digital infrastructure, and environmental services, with a predominantly European focus and selective exposure to non-European OECD countries. All investments are managed with an integrated ESG framework and are classified as Article 8 under the EU Sustainable Finance Disclosure Regulation (SFDR). LGPS Central, the UK local authority pension asset pool representing eight Midlands councils, served as a significant anchor investor and the fund's first UK LGPS investor, reflecting growing institutional appetite for infrastructure debt as a portfolio diversifier. Other investors include pension funds and insurance companies from the United Kingdom, continental Europe, and Asia. A successor fund, BRIDGE VI, has already been launched by EdRAM following the successful close of BRIDGE V.

Ember SPV I Purchaser Inc. is a special purpose acquisition vehicle managed by Ember Infrastructure Management, LP, a North American infrastructure-focused private equity firm specializing in businesses that deliver resource efficiency, reduce carbon intensity, and enhance climate resilience across energy and water systems. The SPV was formed in 2023 to execute the take-private acquisition of H2O Innovation Inc. (TSX: HEO), a Canadian water and wastewater infrastructure company, through a court-approved statutory plan of arrangement under the Canada Business Corporations Act. The acquisition closed on December 8, 2023, at a transaction value of C$395 million (approximately US$290 million) on a fully diluted equity basis, representing a 68% premium to H2O Innovation's pre-announcement share price of C$4.25 per share. The transaction was structured to include significant equity rollover by existing institutional shareholders: Investissement Québec contributed additional new equity alongside its rollover, CDPQ (Caisse de dépôt et placement du Québec) rolled over the majority of its shareholding, and H2O Innovation management rolled over a portion of its shares. Ontario Power Generation's pension fund also participated as a co-investor. Ember Infrastructure Management focuses on middle-market investments in infrastructure businesses that support the global energy transition, with a particular emphasis on water and resource management, environmental services, and climate-resilient systems. Ember SPV I Co-Invest LP, a parallel co-investment vehicle, was registered with the SEC via Form D filing in October 2023, providing additional co-investment capacity alongside the primary SPV structure.

The Eurazeo Transition Infrastructure Fund (ETIF) is a closed-ended infrastructure fund managed by Eurazeo, France's leading publicly listed investment group with approximately €39 billion in assets under management. The fund held its final close in July 2024 at €706 million in aggregate institutional commitments, exceeding its original €500 million target by more than 40% within just 20 months of its November 2022 first close. The European Investment Fund anchored the first close with a €75 million cornerstone commitment backed by the InvestEU guarantee mechanism, underscoring alignment with EU sustainable infrastructure objectives. Investor support came from a broad and diversified group of institutions across North America, EMEA, and France, including pension funds, sovereign wealth funds, insurance companies, asset managers, banks, and fund of funds. ETIF pursues a SFDR Article 9 investment strategy focused on transitioning essential services delivered by infrastructure toward a low-carbon economy. The fund's thesis is built around two structural megatrends: the energy transition—comprising renewable energy, green hydrogen, energy efficiency and storage, industrial decarbonization, sustainable mobility, and circular economy infrastructure—and the digital transition, encompassing data centers, fiber networks, and digital infrastructure assets. Investments target European small and mid-cap infrastructure companies where Eurazeo can act as lead or co-lead equity investor and drive operational transformation aligned with sustainability objectives. ETIF won the Infrastructure Fund of the Year at the Sustainable Investment Awards 2024, reflecting its positioning as a pioneer in European transition infrastructure. Portfolio companies include Ikaros Solar (Belgian rooftop solar developer), Electra (EV fast-charging operator), and TSE (agrivoltaic project-focused solar energy group). As of the final close, approximately 60% of committed capital had been deployed across six portfolio companies, with the fund already out of the J-curve. ETIF represents Eurazeo's first dedicated infrastructure fund and a structural expansion of the firm's real assets platform beyond traditional private equity, establishing a new sustainable infrastructure strategy within one of Europe's largest private markets asset managers.

F2i Fund II (officially F2i – Secondo Fondo Italiano per le Infrastrutture) is the second infrastructure fund managed by F2i SGR (Società di Gestione del Risparmio S.p.A.), Italy's largest independent infrastructure fund manager with total assets under management of approximately €7.1 billion across five funds. The fund raised approximately €1.2 billion and completed its fundraising in 2015, deploying capital across key Italian infrastructure sectors over its investment period. In December 2025, F2i SGR formally launched the wind-down and liquidation process for Fund II, with assets being returned to investors as portfolio holdings mature. F2i Fund II pursued a diversified Italian infrastructure strategy targeting core and core-plus assets across sectors including telecommunications infrastructure (IRIDEOS, Towertel), energy and utilities (Sorgenia, E2i Energie Speciali), healthcare facilities and services (Kos), and logistics infrastructure (TRM). The fund's investments focused on established, mission-critical infrastructure assets with predictable, regulated, or quasi-regulated cash flows, consistent with F2i's broader mandate to deploy institutional capital into Italian infrastructure through long-term, income-oriented ownership. F2i's approach combines deep sector expertise with strong stakeholder relationships developed through decades of engagement with Italian utilities regulators, local governments, and infrastructure operators across key national sectors. F2i Fund II's portfolio performed across multiple Italian infrastructure sub-sectors during a period of significant regulatory and market evolution in Italian energy, telecommunications, and healthcare markets. The fund's wind-down, initiated in December 2025, reflects a completed investment cycle with capital now being returned to investors through a managed exit process. The success of Fund II, combined with the strong track record established by Fund I, enabled F2i SGR to raise Fund III at €3.6 billion — nearly three times the size of Fund II — demonstrating the institutional conviction in the Italian infrastructure asset class and F2i SGR's ability to source, manage, and exit complex infrastructure positions at scale.

F2i Fund III (F2i – Terzo Fondo per le Infrastrutture) is the third flagship infrastructure fund managed by F2i SGR, Italy's largest independent infrastructure asset manager with approximately €7.1 billion in total AUM across five funds. Established in 2017 and having completed its fundraising in 2018 at €3.6 billion, Fund III is currently the largest fund under F2i's management. The fund was formed in part through the migration of remaining Fund I portfolio assets into a new vehicle at the end of Fund I's investment period, consolidating F2i's Italian infrastructure platform at significantly greater scale and providing continuity of management for long-duration infrastructure assets. F2i Fund III deploys capital across a broadly diversified portfolio of Italian infrastructure assets spanning energy and utilities, telecommunications and digital infrastructure, transport and airports, healthcare, environmental services, and gas distribution. Core portfolio companies include SEA (Società per Azioni Esercizi Aeroportuali, Milan Airports), Aeroporto di Bologna, EI Towers and Persidera (tower and telecommunications infrastructure), Sorgenia (energy), 2i Rete Gas (gas distribution, one of Italy's largest), IGS (integrated waste management), and healthcare and medical assets. The fund applies a core infrastructure philosophy targeting essential, long-lived assets with visible revenue streams regulated or contracted by Italian authorities, consistent with institutional investor requirements for capital preservation and predictable long-term income. F2i Fund III is fully invested, with capital deployed across its diversified Italian infrastructure portfolio. The fund's €3.6 billion scale reflects both F2i SGR's fundraising franchise and the depth of institutional LP conviction in Italian infrastructure as a domestic and European asset class. The portfolio includes some of Italy's most strategically significant infrastructure businesses, operating in regulated and semi-regulated markets with essential service mandates and high barriers to entry. F2i SGR's track record across multiple fund generations has established it as the preeminent Italian infrastructure general partner, supporting continued fundraising through the sustainable infrastructure focus of Fund V at €1.6 billion.

F2i Fund V (F2i – Fondo per le Infrastrutture Sostenibili) is the fifth infrastructure fund managed by F2i SGR, Italy's largest independent infrastructure fund manager with approximately €7.1 billion in total assets under management. Established at the end of 2020 and completing its fundraising in 2023 at €1.6 billion, Fund V marks F2i's strategic entry into explicitly sustainability-oriented infrastructure investing. The fund carries Article 8+ classification under the EU Sustainable Finance Disclosure Regulation (SFDR), meaning it promotes environmental and social characteristics while maintaining a minimum allocation to sustainable investments aligned with the EU Taxonomy framework. F2i Fund V targets sustainable infrastructure assets across the Italian economy, focusing on sectors undergoing active decarbonization, digitalization, and service quality improvement. Core investment sectors include clean energy and energy transition (Sorgenia), environmental infrastructure and waste management (ReLife), healthcare and medical technology (F2i Medtech), and next-generation telecommunications and digital infrastructure (FiberCop). The fund's Article 8+ ESG framework integrates environmental and social KPIs into investment selection, portfolio monitoring, and reporting — reflecting the increasing alignment between F2i SGR's infrastructure mandate and institutional LP demand for sustainable, impact-aligned infrastructure exposure that meets European regulatory standards for green investment. F2i Fund V completed its fundraising cycle in 2023, building on the established F2i SGR franchise and the firm's three-fund track record in Italian infrastructure. The fund's focus on sustainable infrastructure assets — including companies in clean energy, healthcare, digital connectivity, and circular economy — positions it as a natural evolution of F2i's earlier core infrastructure vehicles while addressing growing sustainability requirements of European institutional investors. Fund V adds to F2i SGR's total AUM of €7.1 billion across four equity funds and one debt fund, reinforcing the firm's position as Italy's premier infrastructure investment platform. The fund represents a bridge between traditional infrastructure core investing and the emerging sustainable infrastructure asset class gaining prominence across European institutional allocators.

The Fondo de Co-inversión (FOCO), or Co-investment Fund FOCO, is a €2 billion public co-investment vehicle created by the Spanish government and managed by COFIDES (Compañía Española de Financiación del Desarrollo). The fund was established under Royal Decree Law approved on December 27, 2023 and officially launched in April 2024, mobilizing capital from the European Union's Next Generation EU instrument to catalyze private foreign investment into Spain's strategic sectors. FOCO's investment mandate focuses on equity and quasi-equity co-investments alongside foreign strategic partners, targeting transactions between €10 million and €150 million per operation. The fund operates exclusively as a minority investor, with total public capital capped at 49% of any given operation, and always co-invests with a foreign partner. COFIDES can deploy capital directly into companies or through financial vehicles and funds. Target sectors include renewable energy and energy efficiency, decarbonization, electric mobility, digitalization, sustainable infrastructure, biotechnology, and sustainable agriculture. FOCO is structured as a permanent revolving fund — all investment returns are reinvested to extend the fund's investment capacity over time. Among its initial approved investments, the fund committed capital to SWEN Capital Partners for a biomethane fund (€50 million) and Proeduca for education (€90 million), with a total initial portfolio of €220 million across three transactions approved in its first operational months.

The Inlandsis Fund is the inaugural carbon finance vehicle created by Inlandsis ManagementCo, a joint initiative of Priori-T Capital and Fondaction Asset Management, both headquartered in Montréal, Québec. Launched in 2017 with a fund size of CAD $30 million and backed by Fondaction as its lead investor alongside more than fifteen institutional and strategic investors from Québec and across Canada, the fund operates over a ten-year investment horizon through 2027. The fund pioneered a unique project-finance model for the North American carbon market: it provides upfront capital to developers of greenhouse gas reduction and natural sequestration projects in exchange for the future stream of carbon credits generated by those projects. This structure addresses a critical financing gap by giving project developers the liquidity needed to implement and certify emissions-reduction initiatives before credits can be sold on compliance markets. Typical project investments range from CAD $2 million to CAD $15 million, targeting compliance markets including the California-Québec linked cap-and-trade system, California's Low Carbon Fuel Standard (LCFS), the Alberta carbon market, and voluntary carbon markets. Since inception, the Inlandsis Fund has supported more than 45 individual projects spanning nature-based and industrial decarbonisation sectors. As of May 2025, portfolio projects have collectively protected 22,456 hectares of land and generated reductions or removals totalling over 3 million tonnes of CO₂ equivalent. Notable portfolio projects include Bluesource dairy farm methane reduction, The Climate Trust grassland conservation programme in the western United States, and the Northeast Wilderness Trust forest preservation initiative in Vermont. The fund's commercial success validated the model and led Fondaction Asset Management and Priori-T Capital to launch Inlandsis II in 2022, which closed at nearly CAD $130 million in 2024.

GEF South Asia Growth Fund III is a climate-focused impact private equity fund managed by GEF Capital Partners, LLC, a Virginia-based firm founded in 2018 through a spinout from Global Environment Fund, a pioneer in sustainability and resource-efficiency investing since 1990. The fund targets middle-market companies in South Asia—primarily India—that provide solutions enabling climate mitigation, climate adaptation, circular economy, and resource efficiency. With a target size of USD 300–400 million and a final close of approximately USD 440 million (March 2025), Fund III is GEF Capital's largest vehicle to date, raising beyond its initial target and reflecting strong institutional demand for climate-aligned private equity in South Asian emerging markets. The fund deploys USD 20–40 million per investment across 9–12 portfolio companies, concentrating on nine thematic areas: renewable energy value chain, energy efficiency, food and water security, resource and waste recovery, mobility, smart cities and green buildings, technological and digital solutions, and low-carbon transition. GEF Capital's Mumbai-based team, led by Founding Partner Raj Pai—who joined the predecessor Global Environment Fund in 2008—brings deep origination relationships and local execution capability in India. The fund is structured as a limited partnership under Ontario, Canada law, with a Luxembourg feeder fund for European institutional investors, and an open mandate for opportunistic co-investments in Southeast Asia. Fund III's LP base includes leading development finance institutions: the International Finance Corporation (IFC, USD 40 million equity plus USD 40 million co-investment envelope), the European Investment Bank (EIB, USD 40 million), British International Investment (BII), and Swedfund (USD 25 million). This roster reflects the fund's positioning at the intersection of development finance and climate investing. GEF Capital's predecessor South Asia Growth Fund II (approximately USD 193 million, 2018 vintage) established the strategy's track record and formed the foundation for Fund III's expanded thematic scope and target fund size.

Golding Impact 2021 is Golding Capital Partners' first dedicated private equity impact fund, classified as Article 9 under the EU Sustainable Finance Disclosure Regulation (SFDR)—the highest sustainability classification under European law—representing the Munich-based manager's commitment to measurable environmental and social impact investing. The fund reached its final close at €115.5 million on March 25, 2025, attracting institutional capital from pension funds, insurance companies, savings banks, and foundations across Germany, Switzerland, Sweden, and Portugal. Structured as a multi-manager fund of funds, Golding Impact 2021 invests in private equity strategies with a focus on climate technologies, environmental innovation, and companies driving long-term systemic improvements in resource efficiency and climate adaptation. Portfolio construction is broadly diversified across regions, sectors, and underlying fund managers, with the fund invested in nine private equity funds representing more than 100 portfolio companies globally by the time of final close. The fund targets expansion to over 200 portfolio companies through its existing commitments by end of 2025. Golding Capital Partners describes the fund's strategy as targeting 'long-term and irreversible changes' across the companies and industries in which it invests, distinguishing Golding Impact 2021 from lighter ESG-integration approaches. The fund's Article 9 upgrade reflects stricter requirements for ambitious, measurable environmental and social outcomes. A successor fund targeting European and North American markets was planned for launch in Q4 2025, reflecting growing institutional demand for impact-first private equity allocations within Golding's expanding platform.

Golding Infrastructure 2022 is a closed-end infrastructure fund of funds managed by Golding Capital Partners GmbH, a Munich-based alternative investment manager with over €15 billion in assets under management across private equity, infrastructure, credit, and secondaries strategies. The fund achieved its final close in September 2022 with total commitments of €825 million, significantly exceeding its €700 million target. Golding Infrastructure 2022 represents the fifth generation of Golding's infrastructure fund series, the second-largest fund in the firm's history at the time of closing. The fund's portfolio construction strategy targets approximately fifteen underlying infrastructure funds combining primary commitments and secondary acquisitions, alongside around fifteen co-investments, delivering broad geographic and sector diversification. The fund targets 150 to 250 individual transactions across its target investments. Classified as an Article 8 fund under the EU Sustainable Finance Disclosure Regulation (SFDR), Golding Infrastructure 2022 integrates environmental and social criteria into its investment selection process. The fund has a planned life of fifteen years with one optional extension, and by final close its portfolio was approximately 80 percent deployed across twelve of the fifteen planned investments. The fund attracted commitments from a wide base of institutional investors, with approximately one quarter coming from new limited partners. Target geographies span global infrastructure opportunities with particular focus on Europe and North America.

Golding Infrastructure Co-Investment 2023 is the third-generation dedicated infrastructure co-investment vehicle launched by Golding Capital Partners, targeting direct equity co-investments alongside leading infrastructure general partners in Europe and North America. The fund held its first close at approximately €212 million in 2023—representing over one-third of its €600 million target volume—and has already commenced capital deployment, with approximately 30% of committed capital called following the first investment. The fund focuses on core-plus and value-add infrastructure assets structured around four structural global megatrends: electromobility and charging infrastructure, renewable energies and the energy transition, sustainable transport and logistics, and the circular economy. Classified as an Article 8 product under the EU Sustainable Finance Disclosure Regulation (SFDR), the fund incorporates ESG criteria across the portfolio and aligns with the UN Sustainable Development Goals. The geographic allocation targets Europe as the primary market (minimum 50%), with up to 40% in North America and up to 20% in other markets. Approximately 15 co-investments are planned for the final portfolio. Golding Capital Partners manages the fund from Munich, drawing on decades of infrastructure co-investment experience across a proprietary network of leading infrastructure GPs. The fund targets a net return of 10 to 11 percent per year with a planned fund life of 15 years plus one optional extension year. Over 20% of capital in the first close came from new investors to Golding, reflecting strong institutional demand for the third infrastructure co-investment strategy. Minimum commitment is €10 million.

InfraVia European Fund III is a €1 billion European infrastructure fund managed by InfraVia Capital Partners, an independent French infrastructure investment firm founded in 2009 and headquartered in Paris. The fund reached its hard cap of €1 billion in October 2016 within six months of launch, significantly exceeding its initial €750 million target and reflecting strong investor confidence in InfraVia's core-plus, mid-market infrastructure approach. Fund III attracted institutional investors from Europe, North America, Asia, and the Middle East, broadening InfraVia's international LP base relative to prior fund vintages. InfraVia European Fund III invests in core-plus, mid-market European infrastructure assets with value-add capabilities, targeting a broad spectrum of infrastructure sectors including transportation, energy, utilities, and telecommunications. The fund's core-plus positioning balances contracted, yield-generating infrastructure assets with assets offering identifiable operational improvement potential, enabling the fund to seek both income stability and capital appreciation. InfraVia pursues an active asset management approach to enhance operational performance and commercial positioning of acquired assets, with an emphasis on mid-market transactions across Western Europe where the manager has deep local expertise. Fund III made early investments in Alkion Terminals in the Netherlands, a liquid bulk terminal operator, and NGD (National Data Centre) in the United Kingdom, demonstrating InfraVia's ability to source differentiated infrastructure investments across core European markets. InfraVia Capital Partners has grown substantially since Fund III's vintage, closing Fund V at the €5 billion hard cap and Fund VI at €8 billion, reflecting the sustained investor confidence built through earlier vintages. Fund III's successful execution contributed to InfraVia's evolution into one of Europe's most active mid-market infrastructure investors, establishing the firm's multi-sector investment approach that now spans digital, energy transition, and transport infrastructure assets.

Infranity Enhanced Return Debt Fund (ERDF) is a pan-European infrastructure debt fund managed by Infranity, a specialist infrastructure investment manager established to provide institutional investors with direct access to infrastructure lending opportunities. The fund targets senior debt positions in the sub-investment grade infrastructure segment across continental Europe, focusing on transactions that combine infrastructure risk profiles with enhanced yield above core investment-grade infrastructure debt strategies. Generali Group was among the anchor investors at launch, reflecting strong institutional backing from Europe's largest insurance groups. ERDF deploys capital across a portfolio of pan-European infrastructure assets with a dedicated 50% allocation to climate solutions, including renewable energy projects, low-carbon energy transition assets, and essential digital and social infrastructure. Infranity's debt strategy targets first-lien senior secured structures on assets with visible and contracted cash flows, offering investors a risk-return profile positioned between core infrastructure equity and high-yield corporate credit. The fund's initial launch announcement in September 2024 confirmed commitments of €1.585 billion, establishing it as one of Europe's largest infrastructure debt launches. As of early 2026, ERDF had grown to €2.3 billion in committed capital and was targeting a final close of €3 billion in the first quarter of 2026. Infranity's broader platform manages infrastructure debt and equity strategies with a strong sustainability focus and active participation in the European energy transition. The fund is expected to be among the largest dedicated infrastructure debt vehicles focused on the enhanced return segment in Europe, capitalizing on the growing institutional demand for infrastructure fixed income.

Infranity Horizon Infrastructure Strategies is an open-ended, evergreen infrastructure investment vehicle managed by Infranity, a European infrastructure investment platform that is part of Generali Investments. Infranity was founded in 2018 and has rapidly grown to manage over EUR 13 billion in assets under management across its infrastructure debt and equity strategies, representing more than 70 closed transactions totalling approximately EUR 7 billion in infrastructure lending. The Horizon fund was designed specifically to provide private wealth investors with access to Infranity's institutional-grade infrastructure capabilities through an ELTIF (European Long-Term Investment Fund) structure, making it available to a broader investor base beyond large institutional allocators. The fund invests across the full spectrum of European infrastructure — spanning renewable energy, digital connectivity, sustainable transport, social infrastructure, and environmental services — using a multi-strategy approach that blends senior infrastructure debt with selected equity co-investments. The ELTIF structure combines the liquidity characteristics of an open-ended vehicle with the long-duration, inflation-linked return profile of infrastructure, making it suitable for investors seeking capital preservation, regular distributions, and portfolio diversification. Target geographies encompass primarily Western Europe, with particular focus on France, Germany, Italy, Spain, and the United Kingdom, reflecting Infranity's core markets and the depth of its transaction pipeline. Infranity's parent firm Generali Investments provides substantial firepower and co-investment capacity alongside the Horizon vehicle, reinforcing its credibility as an infrastructure manager with institutional backing. Since its founding, Infranity has built an accomplished track record across its senior debt, enhanced return debt, and impact infrastructure debt strategies, delivering consistent risk-adjusted returns to pension funds, insurers, and sovereign wealth funds. The Horizon product extends this expertise to the private wealth channel, capitalising on growing demand from high-net-worth individuals and family offices for inflation-linked, real-asset exposure with an ESG-positive profile.

Inverness Graham Green Light Fund is the inaugural dedicated impact-focused buyout fund from Inverness Graham Investments, a lower middle market private equity firm headquartered in Wayne, Pennsylvania. The Fund reached a final close in October 2024 at $238 million, surpassing its $200 million target, with commitments from both existing Inverness Graham investors and several new U.S. and European institutional investors, representing strong institutional demand for the firm's environmental sustainability thesis applied to the lower middle market.The Green Light Fund pursues control buyouts of high-growth, lower middle market businesses delivering measurable environmental sustainability outcomes. Rather than targeting future-generation clean technologies, the Fund focuses on companies that provide "Environmental Sustainability Now" — products, software, and services that improve efficiency and support environmentally sustainable solutions available in the marketplace today. Target segments include Energy Monitoring & Management, Sustainable Packaging, Data Center Technology & Services, Supply Chain Software & Services, and Managed IoT Services. Investment sizes are calibrated to the lower middle market, consistent with Inverness Graham's existing flagship buyout strategy.The Green Light Fund completed three investments in its initial deployment phase: Concord Servicing, a specialty loan servicing software provider; Custom Agronomics, a developer of nutrient efficiency products for agriculture; and My Yield, a seed treatment solutions provider. With $160 million raised from new investors to the Inverness Graham platform, the Fund validates strong institutional interest in lower middle market sustainability buyouts. The Fund represents Inverness Graham's deliberate expansion into the growing market for businesses enabling decarbonization and improved environmental outcomes today.

JFL Equity Investors VI, L.P. is the sixth flagship private equity fund of J.F. Lehman & Company (JFLCO), a New York- and Washington, D.C.-based middle-market private equity firm with over 33 years of specialized experience investing in the aerospace, defense, maritime, environmental, and government services sectors. The fund closed at $2.23 billion in December 2024, representing the largest fundraising in JFLCO's history and meaningfully exceeding its original target of $1.6 billion, bringing the firm's total assets under management to approximately $7 billion. Institutional limited partners include the Arkansas Teacher Retirement System, Connecticut Retirement Plans and Trust Funds, New York State Common Retirement Fund, New York State Teachers' Retirement System, Sacramento County Employees' Retirement System, Teachers' Retirement System of Louisiana, and UBS.JFL Equity Investors VI continues JFLCO's differentiated strategy of investing exclusively in highly regulated, mission-critical industries where national security priorities, defense mandates, and environmental requirements drive long-term and predictable demand. The fund targets control and control-oriented buyout investments in middle-market companies — typically with EBITDA of $10 million to $75 million — within its core sectors of aerospace, defense, maritime, environmental infrastructure, and government services. J.F. Lehman's sector expertise spans decades of relationship-building with defense primes, shipbuilders, environmental regulators, and government agencies, enabling proprietary deal sourcing and post-investment value creation through organic growth, operational improvements, and strategic add-on acquisitions. Equity investments typically range from $50 million to $350 million per platform.Since its founding in 1992, J.F. Lehman & Company has invested across five prior flagship funds, completing more than 80 platform and add-on investments and generating returns through EBITDA growth, margin expansion, and strategic exits to defense primes, government contractors, and infrastructure operators. Fund VI builds on a proven track record and is supported by JFLCO's established relationships with regulators, customers, and industry participants across its core government-adjacent sectors. In April 2025, JFLCO further strengthened its platform by closing a continuation vehicle for JFL Credit Opportunities I in partnership with Pantheon and StepStone Group, demonstrating the firm's expanding multi-strategy capabilities within its focused sector universe.

JFL Credit Opportunities I, L.P. is an opportunistic credit fund managed by J.F. Lehman & Company (JFLCO), the New York-based private equity and credit firm specialising in aerospace, defense, government services, maritime, environmental and infrastructure sectors. In April 2025, JFLCO closed a continuation vehicle for Credit Fund I, bringing in new capital commitments alongside the portfolio of credit positions formerly held by JFL Equity Investor VI and its affiliates. The transaction was led by Pantheon, a leading global private markets investor, with StepStone Group also participating, and was advised by Jefferies LLC and Davis Polk & Wardwell LLP. The fund pursues an opportunistic credit strategy spanning syndicated credit, secondary direct lending and distressed situations, focusing exclusively on JFLCO's core target industries: aerospace and defense, government services, maritime, environmental services and infrastructure. JFLCO's credit program was established in 2023 in partnership with Evan Lederman and Lionel Jolivot, whose complementary credit expertise in sector-focused middle-market lending aligned with the firm's longstanding private equity strategy. The credit team evaluates opportunities where sector-specific knowledge provides an informational advantage in structuring and pricing complex transactions. J.F. Lehman & Company, founded in 1992, manages over $8 billion in total assets under management across its private equity and credit strategies. The firm's decades-long focus on defence, maritime and government-adjacent industries positions it as a specialist credit lender in sectors where security clearances, regulatory expertise and long customer relationships represent meaningful barriers to entry. Credit Fund I's continuation vehicle structure reflects strong sponsor and LP conviction in the existing portfolio's long-term value creation potential.

Macquarie Energy Transition Infrastructure Fund International (METI International) is an open-ended energy transition infrastructure investment vehicle managed by Macquarie Asset Management, structured as a Luxembourg S.C.A. SICAV-RAIF (Société d'Investissement à Capital Variable — Reserved Alternative Investment Fund) and domiciled in Luxembourg. The fund was launched in 2024, with initial assets transferred from Macquarie Asset Management's managed accounts into the vehicle between July and September 2024, and is available to professional and qualified investors across the European Economic Area, Australia, Hong Kong, Jersey, Singapore, Switzerland, and the United Kingdom, with a minimum investment of $125,000 or €100,000. METI International provides institutional and wholesale investors globally with regulated, structured access to Macquarie's energy transition infrastructure investment strategy through a Luxembourg-domiciled vehicle that offers monthly subscription windows and quarterly redemptions with 45 business days' notice. The fund deploys capital exclusively into private energy transition infrastructure investments, targeting assets at the intersection of energy decarbonisation and infrastructure delivery. Near-term investment focus centres on electricity decarbonisation: utility-scale and distributed renewable energy generation (solar photovoltaic, onshore wind, offshore wind, and hydroelectric); clean grid infrastructure including battery energy storage systems (BESS), pumped hydro storage, and grid-scale transmission upgrades; and distributed energy infrastructure including virtual power plants and smart grid technology. The fund's longer-term mandate anticipates expansion into transport decarbonisation (EV charging infrastructure, electric rail, hydrogen fuelling networks) and industrial decarbonisation (green hydrogen production, carbon capture facilities, industrial heat electrification). Macquarie targets a net return of 9–11% and a distribution yield of 4–5% for the fund, consistent with infrastructure risk-return parameters in the energy transition segment. Macquarie Asset Management manages the METI International fund as part of its broader energy transition and renewables platform, which encompasses approximately A$941 billion in total assets globally and positions Macquarie as both the world's largest infrastructure asset manager and one of the leading dedicated energy transition investors. The Australian-domiciled companion vehicle, Macquarie Energy Transition Infrastructure Fund (METI Australia), employs the same strategy for Australian wholesale investors, while METI International provides equivalent access for non-Australian institutional investors through a Luxembourg regulatory framework. The SICAV-RAIF structure complies with EU alternative investment fund regulations, providing investors with AIFMD-compliant governance, independent depositary arrangements, and standardised reporting. The fund's OECD-country focus offers investors exposure to stable regulatory environments while targeting assets at the forefront of energy system transformation in advanced economies.

The Macquarie Global Infrastructure Fund (MGIF) is an open-end, core-plus infrastructure fund managed by Macquarie Infrastructure and Real Assets (MIRA), the infrastructure investment arm of Macquarie Group. Registered in Luxembourg as a Societe en Commandite Simple Specialisee (SCSp) in December 2020, MGIF provides institutional investors with long-duration, diversified exposure to global infrastructure assets spanning energy and utilities, renewable power, transportation, digital infrastructure, and communications networks. As a core-plus vehicle, MGIF targets established, cash-generating infrastructure businesses with moderate growth uplift potential through operational improvement, capital investment, or strategic repositioning. The fund operates across three major investment regions, North America, Europe, and Asia Pacific, reflecting Macquarie's global origination and asset management capabilities built over three decades of infrastructure investment. The open-end structure allows for ongoing capital commitments and redemptions, distinguishing MGIF from traditional closed-end infrastructure funds. Macquarie Asset Management oversees more than USD 850 billion in total assets, and MIRA has established MGIF as a flagship diversified vehicle for pension funds and sovereign investors seeking global infrastructure allocation. Confirmed institutional limited partners include the Los Angeles County Employees Retirement Association (LACERA), which committed USD 600 million, and the California Public Employees Retirement System (CalPERS). The fund is domiciled and headquartered at 20 Boulevard Royal, Luxembourg City.

Macquarie Green Energy and Climate Opportunities Fund (MGECO) is an opportunistic clean energy infrastructure investment vehicle managed by Macquarie Asset Management, the world's largest infrastructure asset manager. The fund focuses on acquiring and developing diversified portfolios of solar, wind, energy storage, and natural climate solutions (NCS) investments spanning development, construction, and operational stages across the Americas, Asia-Pacific, and Europe. With approximately $1.15 billion in committed capital raised at final close, MGECO operates as a flagship vehicle in Macquarie Asset Management's clean energy and energy transition investment platform, which supports over 90 gigawatts of renewable energy in development, 2 GW under construction, and 14 GW in operations globally. The fund is supported by institutional limited partners including UniSuper, LGPS Central, and Border to Coast Pensions Partnership, reflecting strong institutional appetite for Macquarie's ability to originate, develop, and operationalise clean energy assets at scale. MGECO's investment strategy targets the full risk-return spectrum of green energy opportunities: early-stage renewable energy development projects that offer higher potential returns but require longer gestation; construction-stage assets with defined off-take agreements and near-term cash generation; and operating assets that provide stable, long-duration income streams. The multi-stage approach allows MGECO to deploy capital opportunistically across energy market cycles and geographies, leveraging Macquarie Asset Management's vertically integrated capabilities in development, asset management, operations, and capital markets. Investment subsectors include utility-scale solar and wind, grid-scale battery energy storage systems (BESS), offshore wind development, and natural climate solutions including reforestation and avoided deforestation projects that generate verified carbon credits alongside infrastructure returns. Since its inception in 2018, MGECO has built a diversified portfolio that reflects Macquarie's positioning at the forefront of global energy transition finance. In 2024, the fund completed the acquisition of a six-company portfolio including US developer Galehead Development, Treaty Oak Clean Energy, Aula Energy, Blueleaf Energy (offshore wind development), Outer Dowsing (UK offshore wind), and Forliance (NCS), collectively representing over 17 gigawatts of green energy capacity across development, construction and operations. This portfolio acquisition, executed in partnership with Macquarie's broader clean energy platform, exemplifies MGECO's strategy of acquiring project pipelines at scale and applying Macquarie's operational expertise to advance them toward energy generation and commercial operation.

The Malaysia Climate Infrastructure Fund (MCIF) is a diversified climate infrastructure private equity vehicle launched in 2025 under the management of a Malaysian-based joint venture between Climate Fund Managers (CFM) — an internationally recognised blended finance infrastructure investor — and Argos Partners, a Malaysian investment firm with deep local market knowledge and networks across Southeast Asian infrastructure markets. The fund was established with an anchor commitment of RM500 million (approximately USD 118 million) from KWAP (Kumpulan Wang Persaraan Diperbadankan), Malaysia's largest public sector pension fund, as part of KWAP's broader Dana Pemacu initiative — a RM6 billion platform designed to catalyse Malaysia's private markets ecosystem and accelerate domestic and regional sustainable investment. The fund is structured as a Shariah-compliant vehicle, broadening its investor base to Islamic institutional investors and family offices across Southeast Asia and the Middle East. MCIF pursues a climate-aligned infrastructure mandate targeting four core verticals: renewable energy generation (solar, wind, hydropower), transportation infrastructure aligned with decarbonisation goals, digital infrastructure in support of green economic activity, and water and wastewater treatment infrastructure. The fund invests across Malaysia and selected emerging market economies in Asia and Latin America, with an explicit mandate to mobilise private capital toward climate-resilient infrastructure in markets that face a structural gap between public investment capacity and climate infrastructure needs. By combining CFM's international blended finance expertise — developed across Africa, Asia, and Latin America — with Argos Partners' domestic regulatory knowledge and relationship network, MCIF is positioned to originate proprietary deal flow in Malaysian and regional climate infrastructure assets not easily accessible to purely international capital. MCIF represents a landmark transaction in Malaysian sustainable finance, constituting the first catalytic climate infrastructure fund to receive a major anchor commitment from a Malaysian pension fund. The fund aligns with Malaysia's national agenda to accelerate the low-carbon transition and positions KWAP as a pioneer in directing long-term institutional capital toward climate infrastructure. Climate Fund Managers, which co-manages MCIF, brings a track record from its flagship ARCH Cold Climate Finance vehicle and its blended finance framework across emerging markets, ensuring international best-practice governance, impact measurement and reporting, and access to concessional first-loss capital that de-risks private sector investment. The fund is expected to attract additional institutional co-investors as it progresses through its investment period.

The Meridiam Green Impact Growth Fund (GIGF) is a EUR 300 million private equity growth fund dedicated to financing European small and medium-sized enterprises driving the transition to a low-carbon, sustainable economy. Classified as SFDR Article 9, the highest sustainability designation under European regulation, the fund was launched by Meridiam SAS, a global infrastructure and impact investment firm headquartered in Paris with over EUR 20 billion in assets under management across more than 100 projects in over 25 countries. The fund's investment mandate focuses on four sustainability themes: energy transition covering clean energy production, storage, and efficiency; clean mobility including electric vehicles, shared transport, and logistics decarbonization; circular economy encompassing waste reduction, material recovery, and sustainable packaging; and sustainable cities addressing smart urban systems, low-carbon real estate, and digital public services. Unlike Meridiam's traditional infrastructure funds, which target long-duration public infrastructure concessions, GIGF pursues growth equity investments in SMEs with proven business models that require capital to scale their sustainable technologies and services across Europe. The European Investment Bank committed EUR 75 million to the fund as anchor investor, validating GIGF's alignment with EU climate finance objectives. The fund has made six investments since its 2021 vintage year, deploying capital across companies operating at the intersection of sustainability innovation and commercial scalability. GIGF represents Meridiam's strategic expansion from infrastructure project finance into growth-stage impact investing, leveraging the firm's deep expertise in sustainable asset development.

The Meridiam Urban Resilience Fund B (TURF B), formally structured as The Urban Resilience Fund B International Municipal Investment Fund SCSp, is a Luxembourg-domiciled blended finance infrastructure fund dedicated to financing sustainable urban development in rapidly growing cities across Africa and the Middle East. The fund was co-developed by Meridiam and The Rockefeller Foundation, with UNCDF (United Nations Capital Development Fund) serving as a strategic partner. Operating under a layered capital structure designed to attract catalytic, development finance, and institutional capital, TURF B targets investments in urban mobility, renewable energy infrastructure, smart city systems, and waste management in high-growth cities including Abidjan, Addis Ababa, Amman, Dakar, Kigali, Kumasi, and Mazagan. The fund aims to deploy at least 85 percent of its capital as climate finance, aligning with the Luxembourg-EIB Climate Finance Platform and European development finance objectives. Confirmed institutional investors include the European Investment Bank (EUR 50 million), British International Investment (EUR 20 million, committed March 2023), and Norfund (NOK 235 million, approximately USD 20.6 million). TURF B is positioned as a vehicle for development finance institutions and institutional investors seeking sustainable infrastructure returns in emerging markets, while addressing critical infrastructure gaps in some of the world's fastest-growing urban environments. Meridiam manages this fund as part of its broader impact and emerging markets infrastructure platform.

The Climate Fund for Nature is an impact investment fund managed by the Natural Capital team of Mirova, a subsidiary of Natixis Investment Managers dedicated entirely to sustainable investing. The fund was initiated by Kering and L'Occitane Group, announced in December 2022 at COP15 — the UN Convention on Biological Diversity — in Montréal, and began operations in the first quarter of 2023. It is structured as a French alternative investment fund (société par actions simplifiée à capital variable) targeting €300 million in total commitments from corporate investors across sectors including luxury goods, beauty, services, agri-food, and communications. The fund's strategy focuses on financing high-quality nature-based solutions projects dedicated to protecting and restoring nature in emerging markets, and supporting farmers in transitioning to regenerative agriculture. Investment activities span afforestation, reforestation, mangrove restoration, natural regeneration, agroforestry, and conservation of key natural ecosystems in Latin America, Africa, and Southeast Asia. Projects generate verified carbon credits (VCUs) and biodiversity co-benefits for local communities, with a distinctive emphasis on women's economic independence developed in collaboration with the 2X Collaborative. The fund held its first close in February 2023, anchored by founding corporate investors Kering and L'Occitane Group with a combined commitment of approximately €140 million. A second close was reached in March 2024 at €195 million (approximately USD $213 million), with new investors Capgemini, Unibail-Rodamco-Westfield, and Groupe Mane joining the coalition. The €300 million target remains open to additional corporate partners. Unlike traditional PE funds, all LPs are corporate strategic investors — companies seeking to meet nature-related sustainability commitments through direct investment in verified conservation and restoration projects.

Mirova Environment Acceleration Capital (MEAC) is an impact-oriented private equity fund managed by Mirova, the responsible investment affiliate of Natixis Investment Managers based in Paris. Launched in 2021 with a target of €300 million, MEAC completed its final closing in September 2024 after raising €211 million in commitments from institutional and private client investors across Europe, with approximately 30 percent of commitments sourced from private wealth channels drawn to the fund's multi-thematic environmental approach. The fund is registered as a European Long-Term Investment Fund (ELTIF), enabling eligible retail and institutional investors across EU jurisdictions to access a private equity impact strategy aligned with nine UN Sustainable Development Goals. MEAC targets growth-stage European and North American companies building innovative solutions to critical environmental challenges, deploying investment tickets ranging from €5 million to €30 million per transaction and focusing on companies with enterprise values between €20 million and €400 million. The fund employs a flexible private equity approach that includes minority stakes, majority acquisitions, co-investments, and secondary market transactions, enabling engagement at multiple phases of a company's development cycle. Investment is organized across five environmental pillars: clean energy, circular economy, natural resource management, agri-food technology, and smart cities and energy efficiency — sectors where Mirova's team has built deep domain expertise over more than a decade of responsible and impact investing. By the time of the September 2024 final close, MEAC had invested more than €80 million across ten portfolio companies in Europe and North America, demonstrating the viability of combining commercial growth with measurable environmental impact. The fund was recognized as Fund of the Year – Private Equity at the Environmental Finance Impact Awards in 2023. Portfolio company OpenAirlines, an aviation fuel optimization platform, received investment in November 2024, adding to a portfolio of European businesses accelerating the environmental transition in energy, food systems, circular materials, and smart urban infrastructure.

Miura Impact Fund is the inaugural impact investment vehicle of Miura Partners, the Barcelona-based private equity firm founded in 2008 that manages over €1.5 billion across five primary funds. Launched in 2022 and reaching final close in October 2024 at €135 million, the fund represents Miura Partners' first vehicle fully dedicated to impact investing in high-growth small and mid-cap companies on the Iberian Peninsula. The fund deploys €5 million to €15 million equity tickets into companies that provide measurable solutions to three core impact themes: Healthier Lives (encompassing innovative healthcare, accessible nutrition, and well-being), Thriving Communities (including quality employment, education technology, and digital inclusion), and Regenerative Planet (spanning clean energy, circular economy, and next-generation sustainable agriculture). Each investment opportunity is evaluated against the UN Sustainable Development Goals (SDGs) and leading impact frameworks including GIIN, IRIS+, and IMP. The fund structure links carried interest directly to the achievement of both financial returns and specific impact targets for each portfolio company, embedding accountability into the fund's incentive structure. Miura Impact Fund has completed four investments since inception. Portfolio companies include Tierra, a Spanish leader in the creation and maintenance of sustainable green spaces; Wikiloc, the leading outdoor navigation software and global community platform for outdoor activities; GasN2, a producer of energy-efficient onsite industrial gases; and Bianna, a multinational provider of technologies for waste treatment and waste-to-energy solutions. The fund typically holds investments for 3–6 years, consistent with Miura Partners' approach across its broader fund family, which has completed over 70 transactions since 2008.

1GT is a climate-focused private equity fund managed by Morgan Stanley Investment Management (MSIM), one of the world's leading alternative investment managers with over $240 billion in alternative assets under management. Launched in 2022 under MSIM's alternatives platform, 1GT takes its name from its defining mission: to collectively avoid or remove one gigaton of carbon dioxide-equivalent (CO2e) emissions from the Earth's atmosphere from the date of investment through 2050. The fund held its first close in May 2023 at $500 million and reached a final close in September 2024 at $750 million in equity capital commitments, drawing institutional support from leading investors in Europe, Japan and North America. 1GT targets growth-oriented investments in private companies across North America and Europe that operate in five climate-critical sectors: clean mobility, power, sustainable food and agriculture, and the circular economy. The fund is structured as a growth equity vehicle, partnering with expansion-stage companies at the point where meaningful scale can deliver both outsized emissions impact and superior financial returns. A unique feature of 1GT's incentive structure is that half of the investment team's carried interest is directly tied to achieving the one-gigaton carbon-reduction target by 2050, aligning the team's compensation with climate outcomes rather than financial performance alone. MSIM leverages its global platform and corporate relationships to support portfolio companies in pursuing earnings growth, multiple expansion, and enhanced exit potential. Since launch, 1GT has deployed capital across a growing portfolio of climate-positive businesses. Notable investments include Instagrid, a German manufacturer of high-performance portable battery systems enabling the electrification of construction worksites; Huel, the UK-based sustainable nutrition brand producing complete foods with a significantly lower carbon footprint than conventional diets; and Everstream Analytics, a supply chain intelligence platform that helps multinational corporations reduce emissions through optimized routing and responsible sourcing. These investments demonstrate 1GT's core thesis: that disciplined financial underwriting and measurable climate impact are mutually reinforcing objectives that, when properly structured, produce superior risk-adjusted returns.

Motion Ventures Fund I is the debut venture capital fund managed by Motion Ventures, the world's leading maritime technology-focused investment firm, founded and led by General Partner Shaun Hon. Launched in 2021, the fund focuses on early-stage technology companies innovating at the intersection of digital transformation and decarbonisation within the global maritime and supply chain industries—a sector responsible for more than 80 per cent of world trade and facing acute pressure to modernise legacy operations and reduce carbon emissions. The fund made its initial close with commitments from prominent maritime industry operators, including Norway's Wilhelmsen Group and Germany's Hamburger Hafen und Logistik (HHLA), establishing a strategic LP base of industry insiders uniquely positioned to support portfolio companies through commercial pilots and customer referrals. Motion Ventures Fund I deploys seed and early-stage capital into maritime technology startups addressing digitisation, operational efficiency, decarbonisation, and supply chain resilience. The fund's investment universe spans software platforms, data analytics tools, autonomous systems, energy transition technologies, and fintech solutions designed specifically for the complex needs of ship owners, port operators, freight forwarders, and cargo managers. Portfolio companies benefit from the Motion Ventures Alliance, a network of over 80 maritime industry executives who provide mentorship, business development support, and access to global maritime networks that would otherwise take years for early-stage founders to build independently. Motion Ventures Fund I built a portfolio of more than 30 companies selected from a pipeline of over 8,000 maritime startups evaluated since inception, including category leaders such as Freightify (ocean freight quotation platform), Everimpact (maritime carbon accounting), Expedock (automated freight forwarding documentation), Harbor Lab (port cost intelligence), Limbiq (fleet management), and FrontM (maritime crew connectivity). The fund achieved two profitable exits within its investment period, placing it in the top 10 per cent of all 2021-vintage venture capital funds globally—an outstanding result for a debut fund in a specialist vertical. Motion Ventures Fund II, launched in March 2025 at a $100 million target size, validates the maritime tech investment thesis established by Fund I and represents the largest maritime-focused technology fund ever raised.

Motion Ventures Fund II is a $100 million venture capital fund managed by Motion Ventures, the world's foremost maritime technology investment firm founded and led by General Partner Shaun Hon. Announced in March 2025 and the largest maritime-focused technology fund ever raised, Fund II reflects the maturation of maritime tech as an investable sector and the global industry's accelerating adoption of digital and clean-energy solutions. The fund launched with over 50 per cent of its target already committed from a consortium of seventeen major maritime and supply chain corporations who serve simultaneously as LP investors and strategic partners—a distinctive structure that gives portfolio companies immediate access to the industry's largest operators as potential customers and co-development partners. Motion Ventures Fund II deploys capital of between $250,000 and $10 million per investment into more than 25 early-stage companies addressing the two defining themes of the maritime industry's transformation: digitisation and decarbonisation. The fund targets startups developing software platforms, data intelligence tools, autonomous systems, green propulsion technologies, and cargo-finance solutions purpose-built for the complex, fragmented, and capital-intensive global maritime supply chain. As with Fund I, portfolio companies gain access to the Motion Ventures Alliance—a network of over 80 senior maritime industry executives who provide mentorship, board support, customer introductions, and commercial pilot opportunities that dramatically accelerate the go-to-market journey for early-stage maritime technology startups operating in a highly relationship-dependent industry. Motion Ventures Fund II builds on the track record established by Fund I (vintage 2021), which ranked in the top 10 per cent of all 2021-vintage venture capital funds globally and delivered two profitable exits within the fund's investment period. Fund II's early portfolio includes investments in OceanScore (maritime environmental compliance software) and Fernride (autonomous terminal tractor vehicles), consistent with the fund's focus on both digital intelligence and physical decarbonisation solutions at the port and sea interface. Motion Ventures operates globally, with portfolio companies and LP relationships spanning Europe, North America, and Asia, reflecting the inherently international character of maritime commerce and the cross-border nature of decarbonisation imperatives affecting the shipping industry.

NB Aurora S.A. SICAF-RAIF is a Luxembourg-domiciled, Italian-focused growth capital investment vehicle that provides expansion financing and professional management support to high-potential, family-owned small and medium-sized enterprises (SMEs). Originally established in 2017 as a collaboration between Neuberger Berman — one of the world's largest independent employee-owned investment managers — and the management team that would later become Aurora Growth Capital, the fund was structured as a closed-end Société d'Investissement à Capital Fixe (SICAF) and reserved alternative investment fund (RAIF) listed on Euronext MIV Milan. In March 2025, shareholders approved a transformation of NB Aurora into a semi-liquid evergreen fund structure, resulting in its delisting from the stock exchange. NB Aurora targets family-owned Italian SMEs operating in niche, export-driven markets with revenues typically between €40 million and €200 million. The fund deploys equity tickets of €20 million to €60 million per investment, acquiring majority stakes and active minority positions in businesses with strong growth potential but in need of capital, governance improvement, and strategic direction. The fund's sector focus spans four primary verticals: Technology Growth and Digital Transformation, Industrial Manufacturing and Business Services, Environmental and Sustainability, and Healthcare. Investments are made with a hands-on, ESG-integrated approach aimed at professionalizing governance structures, accelerating international expansion, and executing targeted buy-and-build strategies within fragmented Italian mid-market sectors. With approximately €500 million in assets under management, NB Aurora has built a portfolio of nine platform investments, with notable entries including Dierre (December 2023) and exits including Club del Sole (March 2024). Following a management buyout from Neuberger Berman, the NB Aurora team became fully independent under the Aurora Growth Capital brand, joining forces with the NB Renaissance Partners team to form the most significant Italian-led private equity investment platform dedicated to domestic mid-market companies and entrepreneurs.

The New Agriculture Landscape Opportunities Fund (NALOF) is a 12-year closed-end real assets fund managed by New Agriculture, the dedicated agricultural investment division of New Forests Asset Management, a specialist natural capital investment manager founded in 2005 and headquartered in Sydney, Australia. Targeting A$750 million in institutional capital, NALOF began raising in April 2025 and expected its first close in Q1 2026. The fund is built on the Lawson Grains portfolio — a 100,000-hectare broadacre cropping aggregation in New South Wales that New Forests assembled when New Agriculture was formally launched in August 2022 as a standalone agricultural investment platform. New Agriculture managed over A$1.5 billion in agricultural assets across 3.1 million hectares as of the fund launch announcement. NALOF deploys a whole-of-landscape investment approach that treats agricultural land, environmental markets, and natural capital as complementary revenue streams within a single real-asset strategy. The fund acquires and actively manages diversified agricultural properties across Australia and New Zealand — including broadacre cropping, beef and sheep livestock operations, and irrigated horticulture — while simultaneously developing environmental market projects eligible under the Australian Carbon Credit Unit (ACCU) framework, biodiversity certificates, renewable energy siting opportunities, and conservation covenants on properties with significant habitat or water catchment attributes. This multi-revenue-stream structure is designed to generate a targeted internal rate of return of 9 to 11 per cent, blending traditional agricultural cash yields with environmental market income to enhance risk-adjusted performance relative to single-use farmland vehicles, while contributing to measurable landscape restoration and decarbonisation outcomes. New Forests Asset Management has two decades of experience in natural capital investment, having managed timberland, sustainable forestry, and environmental market strategies across the Asia-Pacific region since 2005. Its predecessor agriculture-adjacent strategy, the Australia New Zealand Landscapes and Forestry Fund (ANZLAFF), raised approximately A$600 million and demonstrated the viability of integrating income-producing land assets with environmental market revenue generation across Australian agricultural landscapes. NALOF applies the same landscape-integrated investment philosophy, adapted specifically to the agricultural context and the growing depth of Australia's carbon, biodiversity, and renewable energy markets. The fund represents New Forests' conviction that agricultural real assets are increasingly compelling for institutional investors seeking inflation-linked income, natural capital exposure, and measurable impact outcomes within a 12-year closed-end structure.

New Agriculture Landscapes Strategy is a 12-year closed-end fund managed by New Agriculture, a specialist sustainable agricultural investment platform and subsidiary of New Forests Asset Management, a Sydney-headquartered global real assets investment manager. Launched in 2025 as New Agriculture's inaugural standalone institutional vehicle, the fund targets an A␕750 million raise from institutional investors seeking long-term exposure to sustainable agricultural real estate across Australia and New Zealand. The strategy represents the natural scaling of New Agriculture's integrated land management thesis, which combines agricultural production with natural capital outcomes at landscape scale. The fund pursues an integrated sustainable land use model that combines natural vegetation, agriculture, and forestry as co-located operational assets across four primary agricultural verticals: rain-fed and irrigated row cropping, horticulture, livestock, and related agricultural infrastructure. The strategy targets a net internal rate of return of 9–12% over the fund's 12-year life, with capital deployed across agricultural assets that optimise yields, diversify revenue streams, and increase asset values while accessing environmental markets including carbon credits, biodiversity offsets, renewable energy, and conservation covenants. New Agriculture's approach is anchored by its existing management of over A␕1.5 billion in assets across 3.1 million hectares, including the foundational Lawson Grains portfolio spanning over 120,000 hectares of productive cropping regions in New South Wales and Western Australia. New Agriculture has operated since 2022 as a specialist platform within the New Forests group, with foundational institutional commitments from the Alberta Investment Management Corporation (AIMCo), one of Canada's largest public pension managers and a benchmark-setter for sustainable real assets investing. This institutional validation reflects the fund's positioning at the intersection of traditional agricultural real estate and impact investing, targeting both financial returns and quantifiable natural capital outcomes. The 12-year closed-end structure aligns manager incentives with the long-term investment horizons of pension funds, sovereign wealth funds, and insurance companies seeking durable real asset exposure with embedded sustainability characteristics.

The African Forestry Impact Platform (AFIP) is a long-term impact investment platform co-developed by New Forests, an Australian-headquartered global forest investment manager, to channel development finance and institutional capital into sustainable commercial forestry in Sub-Saharan Africa. AFIP held its first close in October 2022 at $200 million, anchored by three development finance institutions: British International Investment (BII, $75 million), Norfund ($76 million), and Finnfund ($48 million). The platform targets a total fund size of $500 million to be deployed over two to three years across the Sub-Saharan Africa region. AFIP is registered in Singapore as a Variable Capital Company (VCC), reflecting the fund's international investor base and operational structure. AFIP invests in a portfolio of plantation forestry operating companies and related assets across Sub-Saharan Africa, primarily targeting established assets with expectations of stable and predictable cash flows across diversified markets. The investment strategy emphasizes commercial plantation forest expansion while also supporting the conservation and restoration of degraded lands. The platform is guided by four pillars of impact: climate change mitigation through carbon sequestration, biodiversity conservation, gender and diversity integration, and community livelihoods improvement. AFIP is committed to deploying at least 30 percent of its portfolio value in 2X-eligible investments to promote inclusive economic opportunities for women. At its inaugural acquisition, AFIP took a position in Green Resources AS (GRAS), East Africa's largest forestry development and wood processing company with approximately 171,000 hectares under management. This first investment established the platform's geographic diversification across multiple East African markets. AFIP is managed by New Forests, which has over $8 billion in assets under management globally across its forest investment strategies in Australia, New Zealand, Asia, and now Africa, building on 20 years of sustainable forest management experience.

Future Forest Innovations Fund is an open-ended natural capital investment vehicle managed by New Forests Asset Management, a Sydney-based global specialist with over AUD 10 billion in nature-based real assets under management. Launched in March 2025 as a Singapore Variable Capital Company (VCC), the fund is anchored by a USD 300 million commitment from Oji Holdings—Japan's leading paper and packaging manufacturer and one of the world's largest private forestry owners—alongside a co-investment from New Forests. Structured as an open-architecture vehicle, the fund is designed to accept additional capital from institutional investors seeking exposure to productive plantation forestry and natural capital assets. The strategy targets plantation forestry assets across four primary regions: Southeast Asia, North America, Latin America, and Africa, encompassing both greenfield plantation development and brownfield acquisitions. New Forests applies two decades of sustainable forestry expertise—including proprietary advances in tree genetics, precision analytics, and geo-spatial data systems—to drive operational and environmental performance across the portfolio. Target financial returns of 10–12% reflect an infrastructure-grade risk-return profile. Through the fund, Oji Holdings aims to acquire 70,000 additional hectares of plantation forest to supplement its existing 635,000-hectare global estate, while pursuing an additional 1.5 million tCO₂e per annum in net carbon sequestration by 2030. New Forests' established track record validates the fund's mandate. A Certified B Corp founded in 2005, the firm manages the AUD 1.3 billion Australia New Zealand Forestry Fund and the AUD 600 million Australia New Zealand Landscapes and Forestry Fund (ANZLAFF), with operations across Australia, New Zealand, Southeast Asia, Africa, and the United States. This depth of institutional-grade plantation forestry management—spanning origination, development, operational improvement, and exit—positions New Forests as a credible steward for Oji's ambitions and for third-party institutions seeking access to one of the sector's most experienced natural capital managers.