Impact

AAIC Africa Healthcare Fund (AHF-1) is the debut Africa-focused venture and impact fund managed by AAIC Investment, a Japan-based investment firm specializing in cross-border investments between Japan and Africa. Established in 2017, AHF-1 was the first Japan-based fund dedicated exclusively to healthcare innovation in Africa, pioneering a new model of capital deployment that combines Japanese institutional capital with Africa-focused startup investing in healthcare and health-enabling technology. AHF-1 provides venture and growth capital to African startups operating across the healthcare value chain, including clinical care, medical services, digital health platforms, medical devices, and health-enabling fintech applications. The fund focuses on stage-agnostic investments in companies addressing critical healthcare access, affordability, and quality challenges across sub-Saharan Africa and North Africa, with concentrated portfolio exposure in Kenya, Nigeria, Rwanda, Uganda, Egypt, Tanzania, South Africa, Ethiopia, and Ghana. AAIC Investment's dual Japan-Africa network is central to the investment model: Japanese corporate strategics in the pharmaceutical, medical device, and trading sectors participate both as LP investors and as potential commercial partners or distribution channels for portfolio companies seeking access to Asian markets. AHF-1 formed the foundation of AAIC Investment's Africa healthcare investment platform, which has since grown to a combined size of approximately $87 million (approximately 13 billion yen) across AHF-1 and its successor fund, the AAIC Africa Innovation & Healthcare Fund (AHF No. 2). Portfolio companies from the AAIC fund family have achieved international recognition, including five companies selected as Time magazine's 100 World's Top HealthTech Companies of 2025 — a benchmark that validates the quality of AAIC's investment thesis and the commercial potential of African health technology businesses. Japanese institutional and corporate investors such as Asahi Intecc, Eisai, Ohara Pharmaceutical, and Marubeni Corporation have participated as LP investors across the AAIC fund family.

AAIC Africa Innovation & Healthcare Fund (AHF No. 2) is the second venture and impact fund managed by AAIC Investment, a Japan-based specialist investor dedicated to the African startup ecosystem. The fund made its first close at the end of March 2022 and completed its second close in October 2023. Together with the predecessor AAIC Africa Healthcare Fund (AHF-1), the two funds represent a combined investment pool of approximately $87 million (approximately 13 billion yen), establishing AAIC Investment as one of the largest Japan-based Africa-dedicated venture capital platforms. Building on the healthcare-focused mandate of AHF-1, the second fund broadens its sectoral scope to include innovation-driven companies in adjacent verticals including HR technology, mobility and transportation, retail technology, and consumer internet businesses, alongside the core healthcare investment thesis. The fund targets venture and growth-stage investments across pan-African technology hubs, with concentrated portfolio exposure in Kenya, Nigeria, Rwanda, Uganda, South Africa, Egypt, Tanzania, Ethiopia, and Ghana. AAIC's investment model leverages Japanese corporate networks — including pharmaceutical companies, technology conglomerates, and trading houses — to create strategic value for portfolio companies seeking expansion into Japanese and broader Asian markets, providing a differentiated value-add beyond capital alone. The fund has attracted Japanese institutional and corporate investors including Marubeni Corporation, one of Japan's largest general trading companies, demonstrating the strategic appeal of the Africa-Japan technology corridor that AAIC Investment facilitates. Portfolio companies across the combined AAIC fund family have achieved notable international recognition, with five companies selected as Time magazine's 100 World's Top HealthTech Companies of 2025 — a benchmark that validates AAIC's ability to identify transformative African health and technology businesses at early stages. The fund's expanded sectoral scope reflects AAIC Investment's thesis that Africa's technology innovation extends well beyond healthcare into adjacent domains reshaping daily life across the continent.

The Transformation Fund is the catalytic arm of ALTÉRRA, the UAE's $30 billion climate investment platform launched at COP28 in December 2023. With a $5 billion mandate, the Transformation Fund provides risk-mitigation capital to mobilize private investment into climate-related opportunities in the Global South and emerging markets, targeting regions that are underserved by mainstream climate finance.

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.

Achieve Partners' first workforce development buyout fund, raising $167 million to acquire control positions in tech services, healthcare staffing, and workforce training companies. The fund builds proprietary apprenticeship programs within portfolio companies to place Americans into entry-level jobs, targeting private equity returns with a measurable impact thesis.

The Altree Kadzi Gender Climate Fund (AKGCF) is a blended-finance impact fund managed by Altree Capital Ltd., an Africa-focused asset management firm founded in 2006 with offices in Bermuda, the United Kingdom, South Africa, and Kenya. Launched in 2023 with a fundraising target of between US$50 million and US$80 million, the fund is currently deploying capital via a special-purpose vehicle while the formal fund raise continues. Its mandate addresses twin structural funding gaps in African capital markets: the systemic underrepresentation of women-led enterprises in private investment flows, and the acute underfunding of climate adaptation solutions across Sub-Saharan Africa. The investment thesis integrates a gender-lens with a climate-smart mandate. All portfolio companies must meet at least two of the 2X Challenge criteria — a globally recognised gender-finance standard — and the fund targets a portfolio where at minimum 40% of investments address women's health and at least 60% address climate adaptation or mitigation. Altree Capital became the ninth private-sector investor to formally participate in the 2X Challenge (2024–2027 cycle). The fund deploys capital through multiple instruments — equity, debt, mezzanine finance, convertible notes, and revenue-based financing — to accommodate the diverse capital needs of early- to growth-stage enterprises across Sub-Saharan Africa. Target sectors span electric vehicles and green mobility, clean technology, renewable energy, regenerative agriculture, women's health, food waste prevention, water infrastructure, and green logistics. As of the most recent reporting period, the fund has backed five portfolio companies: Wahu! Mobility, a women-founded electric vehicle operator in Ghana and Togo that has reduced 272,761 kg of CO2 and achieved 120% year-on-year revenue growth while generating carbon credits sold to Switzerland's KliK Foundation; Kasha, a women's health e-commerce platform in East Africa; Uncover Skincare; Burton and Bamber, a food waste prevention company; and Nature's Nectar. The fund has received first-loss and grant capital from the Climate Gender Equity Fund, a USAID-anchored public-private partnership that includes Amazon, Reckitt, the Skoll Foundation, The UPS Foundation, and the Visa Foundation. The AKGCF was selected as a finalist in the 2023 Global Innovation Lab for Climate Finance, and fund CEO Jenni Chamberlain has been named to the Africa AM Power 50 in consecutive years.

The Apax Global Impact Fund, known as AGI, is Apax Partners' dedicated impact investing vehicle, closed at $877 million in December 2023. Classified as an Article 9 fund under the European Union's Sustainable Finance Disclosure Regulation (SFDR), AGI represents Apax Partners' commitment to investing in mission-driven businesses that deliver measurable environmental or social benefits while generating market-rate private equity returns. The fund pursues growth buyout and minority growth capital investments in companies across four core thematic areas: Health & Wellness, Climate Environment & Resource Efficiency, Social & Economic Mobility, and Digital Impact Enablers. All investment themes are aligned with the United Nations Sustainable Development Goals (UN SDGs). AGI provides equity checks typically ranging from $30 million to $150 million per investment, partnering with companies at the intersection of commercial viability and positive societal impact. The fund employs a proprietary dual-score impact measurement framework — the Impact Threshold Score and Impact Improvement Score — administered by a dedicated 30-person Operational Excellence Practice. A portion of carried interest is directly linked to successful impact performance outcomes, aligning financial incentives with impact delivery. AGI has attracted capital from a diverse global investor base including private and public pension funds, sovereign wealth funds, fund of funds, insurance companies, endowments, and charitable foundations. The fund is managed by three Managing Partners — David Su (New York), Edward Donkor (London), and Juan Pablo Moncayo — and is guided by an Impact Advisory Board comprising Sir Ronald Cohen, Professor George Serafeim, and Laura D. Tyson. Portfolio companies as of 2025 include GAN Integrity, Swing Education, Bonterra, IES, and Foods Connected.

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 Ardian Nature Based Solutions Fund – Averrhoa is a climate impact fund launched by Ardian in collaboration with aDryada, dedicated to financing large-scale nature restoration projects across Latin America, Africa, and Asia. It is structured as an SFDR Article 9 fund and aims to catalyze institutional investment into ecosystems that can deliver both high-integrity carbon credits and measurable biodiversity outcomes. In its first wave of fundraising, the vehicle secured approximately €100 million in anchor commitments from leading development finance institutions, including the European Investment Bank (€50m), Proparco (€20m), and British International Investment (€10m). These early backers reflect growing momentum behind nature as a scalable investment category and aim to attract further capital from corporates and private asset managers focused on net-zero strategies. The strategy focuses on permanent carbon sequestration through afforestation, wetland rehabilitation, and mangrove restoration. It aims to remove 85 million tonnes of CO₂ over a 40‑year horizon while producing co‑benefits such as water resource preservation, local job creation, and habitat revitalization. Projects are screened for additionality, high biodiversity value, and strong MRV (Monitoring, Reporting, Verification) protocols.

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

BONVENTURE IV is the fourth impact venture capital fund managed by BonVenture Management GmbH, a Munich-based investor recognized as the first investment company in the German-speaking region to focus exclusively on the social and ecological impact of companies. Founded in 2003, BonVenture pioneered impact-first venture capital in Central Europe, building a track record across three predecessor funds before launching BONVENTURE IV to institutional and private investors committed to generating measurable social and environmental return alongside financial performance. The firm has over 20 years of dedicated impact investing experience in Germany and the German-speaking market. BONVENTURE IV invests in early and growth-stage companies with social or ecological business models, requiring each portfolio company to make a measurable, verifiable contribution to solving systemic social or environmental problems. The fund pursues dual returns of impact and financial performance, rejecting the traditional narrative of a trade-off between impact depth and investment return. Target sectors include social care and childcare solutions, sustainable energy and building technology, environmental services, digital health, and e-mobility infrastructure. Geographic focus is on the German-speaking region of Central Europe, including Germany, Austria, and Switzerland, with selective investments across broader Western Europe where the impact thesis is compelling. BONVENTURE IV surpassed its fundraising target range of 35 to 40 million euros, closing at 50 million euros from a combined base of institutional and private investors. Early portfolio investments from the fund include Sira Kinderbetreuung, an innovative childcare technology company addressing Germany's childcare infrastructure gap; Comgy, a technology provider for building energy management supporting the decarbonization of the real estate sector; and Chargex, a player in EV charging infrastructure. BonVenture's four successive impact funds since 2003 represent one of the longest dedicated impact venture capital track records in the German-speaking market.

The BSocial Impact Fund II is a closed‑end venture capital vehicle managed by Ship2B Ventures, dedicated to investing in early‑stage companies that generate measurable social and environmental impact while pursuing market‑rate financial returns. The fund builds on the team’s track record in impact investing and seeks startup entrepreneurs whose business models are explicitly designed to address systemic challenges such as vulnerable populations, decarbonisation and ecosystem regeneration.The fund focuses on companies with high growth potential across Spain (and potentially beyond) that combine innovation and scalability with strong impact intention. Ship2B Ventures employs rigorous impact‑measurement frameworks (including defined KPIs and Theory of Change) ensuring that investments are not only financially viable but also aligned with measurable positive outcomes for people and planet.Investment opportunities are selected in sectors where technology, disruptive business models and purpose converge — for example healthtech, care for ageing or vulnerable groups, climate tech, circular economy and digital solutions for inclusion. The fund aims to partner with entrepreneurial teams that are committed, experienced and ready to scale. By using blended‑finance mechanisms (including support instruments, first‑loss protection tranches, and technical assistance) the model seeks to mobilise more private capital into impact‑oriented ventures.Through its strategy of “triple return” (financial, social and environmental), the fund aspires to demonstrate that purpose‑driven investment can achieve commercial success while contributing to systemic change. By doing so, it aims to play a key role in strengthening the Spanish impact ecosystem, bridging the gap between venture capital and the goals of social inclusion, climate mitigation and sustainable development.

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

Unconventional Ventures Fund II is a €80 million impact-focused venture capital fund investing at the pre-seed and seed stages. It centers on inclusive capital allocation to diverse founding teams—particularly women, people of color, immigrants, and LGBTQ+ individuals—across Europe. With a €50 million first close completed in November 2025, the fund positions itself at the forefront of a performance-driven, diversity-led investment thesis. The fund prioritizes startups building scalable, tech-enabled solutions that address global challenges. It looks for founders combining purpose with ambition—often underrepresented in traditional venture networks—and aims to provide catalytic capital to help them unlock early momentum. The firm believes investing in diverse teams not only addresses systemic funding inequities but generates superior outcomes due to untapped market potential. Fund II will focus on sectors that align with impact and sustainability: climate tech, health tech, inclusive fintech, and future-of-learning solutions. Portfolio companies are expected to deliver not just strong financial returns but measurable social or environmental outcomes. The fund applies an intersectional lens to impact, investing at the overlap of innovation, equity, and responsibility. Headquartered in Copenhagen, Unconventional Ventures leverages a pan-European network of co-investors, operators, and advisors. It provides founders with capital, visibility, and long-term partnership. Fund II is a continuation and expansion of the firm’s first fund, which backed 20+ startups and demonstrated that inclusive VC can outperform conventional patterns.