Impact

AAIC Africa Healthcare Fund (AHF No. 1) is a $47 million impact-oriented venture capital fund focused exclusively on healthcare and medical technology startups across sub-Saharan Africa and North Africa, managed by AAIC Investment Pte. Ltd. (Asia Africa Investment & Consulting), headquartered in Singapore. AHF1 was established in 2017 as the first Japanese-affiliated venture capital fund to operate from Kenya, marking a landmark in Japanese private capital engagement with the African startup ecosystem. The fund was inspired by an assessment of the acute shortage of healthcare infrastructure across Africa and the concurrent emergence of mobile-first health technology startups capable of leapfrogging traditional delivery systems. The advisory committee includes Mr. Yoshiyuki Sato, with 50 years of Africa business experience, and Dr. Amit N. Thakker, Chairman of the Africa Healthcare Federation. AHF1 deploys tickets between $100,000 and $5 million per company, targeting seed through Series B stages across four primary African markets: Kenya, Nigeria, South Africa, and Egypt — countries representing the largest and most developed startup ecosystems on the continent. The investment mandate covers the full healthcare stack: primary care and hospital services, diagnostics, digital health and telemedicine, pharmaceutical distribution, medical devices, and healthcare-adjacent fintech applications including healthcare payment infrastructure. AAIC operates from offices in Nairobi, Lagos, and Johannesburg, enabling close portfolio engagement and deal sourcing across the region. AHF1 invested in 30 companies over its deployment cycle and has produced notable portfolio outcomes. Chipper Cash, a fintech-adjacent portfolio company, achieved unicorn status in 2021 following its $250 million Series C funding round led by Decacorn Capital. The fund's success catalyzed AAIC's expansion into a second vehicle, the Africa Innovation and Healthcare Fund (AHF2), which broadened the mandate beyond healthcare to include broader innovation sectors. AHF1 remains a pioneering example of Japanese institutional capital accessing the African venture ecosystem through a specialized healthcare and impact-aligned strategy.

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.

Accion Digital Transformation Fund L.P. (ADTx) is a $152.5 million impact-oriented growth equity fund managed by Accion Impact Management LLC, a wholly owned subsidiary of Accion International — a New York nonprofit with more than 60 years of experience building and scaling financial institutions across 75 countries and 230+ organizations. Domiciled in Ontario, Canada, with its general partner and investment manager incorporated in Delaware, ADTx was formed to address a structural gap in emerging-market finance: established microfinance institutions and non-bank financial institutions possess the customer relationships and regulatory footprints to reach underserved micro, small, and medium enterprises (MSMEs), but lack both the growth capital and the technical expertise to undergo the digital transformation necessary to extend their reach efficiently and responsibly. The fund fills this gap through minority-stake equity and quasi-equity investments of $12–15 million per company, combined with active board participation and Accion's proprietary capital-plus-capability advisory model. ADTx targets 8–12 growth-stage financial services companies across three high-opportunity regions: South and Southeast Asia, Latin America, and Africa — with a planned allocation of 3–4 investments in Asia, 2–3 in Africa, and 2–3 in Latin America. The fund's investment universe encompasses microfinance institutions, NBFIs, and emerging digital lenders with demonstrated track records of serving underserved populations, particularly women-led MSMEs and micro-entrepreneurs excluded from formal banking. Accion Impact Management's approach is differentiated by deep operational engagement: the team embeds in portfolio companies to co-design digital customer engagement strategies, digitize loan origination and collection workflows, and build data and analytics infrastructure. This co-investment of expertise alongside capital is designed to multiply the social and financial return of each position, enabling portfolio companies to improve outreach, asset quality, and unit economics simultaneously. ADTx reached its final close of $152.5 million in May 2024, backed by a consortium of leading bilateral and multilateral development finance institutions: British International Investment (BII), FMO ($21.5 million), IDB Invest ($10 million), the International Finance Corporation ($25 million), OeEB, Swedfund, and Mastercard as a strategic corporate LP. Initial portfolio investments include Annapurna Finance — a Bhubaneswar-based NBFI offering small, unsecured loans averaging ~$400 to underserved women — and IKF Finance, an asset-financing NBFI targeting micro-entrepreneurs. The LP constellation of multilateral and bilateral DFIs reflects the fund's positioning as a catalytic blended-finance vehicle; Mastercard's strategic participation underscores the relevance of digital payments infrastructure integration within the transformation mandate.

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.

The Altree Kadzi Gender Climate Fund is an impact vehicle managed by Altree Capital, a woman-led investment firm focused on blended finance and gender-lens investing across Sub-Saharan Africa. Launched in 2023, the fund was created to address the structural funding gap facing women-led enterprises and climate-focused businesses in the region, with a fundraising target of between $50 million and $80 million. The fund meets the criteria of the 2X Challenge, a leading global initiative requiring investments to meet minimum thresholds for gender inclusion, female leadership, and economic empowerment. The fund's investment strategy employs a flexible capital stack that includes equity, debt, mezzanine, convertible notes, and revenue-based financing — a structure designed to match the diverse needs of early-growth companies in Sub-Saharan African markets where standard venture capital or buyout instruments are often poorly suited. Each investment is underwritten against both financial return targets and quantitative gender and climate impact metrics embedded throughout the investment process. The fund targets ventures that address climate adaptation and mitigation in Africa while centering women as entrepreneurs, employees, or primary beneficiaries, with exposure to sectors such as electric mobility, women's health, clean energy, and sustainable agriculture. Altree Capital received a grant from the Climate Gender Equity Fund (CGEF), a public-private partnership co-led by USAID in collaboration with Amazon, Reckitt, Skoll Foundation, The UPS Foundation, and Visa Foundation. The fund has already backed five portfolio companies, including Wahu! Mobility, an electric vehicle venture operating in Ghana and Togo, and Kasha, an e-commerce platform focused on women's health and personal care products. The fund had raised approximately $790,000 in first-loss and grant capital at last public report, with the broader institutional raise continuing to target pension funds, development finance institutions, and impact-focused LPs globally.

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.

The Astarte SA Impact Forestry Fund (also known as the Silvipar Astarte Impact Forestry Fund, or SAIFF) is a $325.3 million impact-driven timber and sustainable forestry fund co-managed by Astarte Capital Partners, a London-based real assets investment firm, and SilviPar AB, a Stockholm-based forestry development and management company. Launched in 2021 and significantly oversubscribed at final close, the fund attracted investors from more than 25 countries across five continents, reflecting strong global institutional appetite for nature-positive, impact-integrated investment strategies. SAIFF deploys capital into sustainable commercial forestry projects in Paraguay, targeting the plantation and management of native and commercial tree species to generate returns from timber harvesting while delivering measurable environmental and social outcomes. The fund targets a portfolio of over 80,000 hectares, the planting of approximately 60 million trees, and the creation of an estimated 3,000 direct and 30,000 indirect jobs in the region. The investment thesis integrates timber revenues with carbon credit generation, biodiversity conservation, and ecosystem restoration, positioning SAIFF at the intersection of real assets returns and nature-positive impact. Astarte Capital contributes investment management and institutional structuring expertise, while SilviPar provides on-the-ground forestry operations and development capabilities in Latin America. The fund was seeded with USD 30 million commitments from each of Astarte Capital and SilviPar AB, providing strong alignment of interest with third-party limited partners and validating the joint venture model. SAIFF subsequently raised $325.3 million in total at final close — more than six times the initial seed capital — significantly exceeding its original fundraising target. The fund's success among globally diversified institutional investors highlights the growing demand for impact-integrated, nature-based alternative investment strategies and the scalability of the Astarte-SilviPar platform.

BCP Asia Fund II is the second flagship growth equity fund managed by Bintang Capital Partners (BCP), Malaysia's leading impact-focused private equity firm headquartered in Kuala Lumpur. Launched in 2024 with a target of $100 to $150 million, the fund invests in impactful and innovative growth-stage companies across ASEAN markets—regions disproportionately affected by climate change and social challenges while remaining significantly underserved by mainstream impact-oriented capital. The fund continues BCP's Triple-I Strategy—Investing in Impact and Innovation—across three principal sectors: information technology, healthcare, and consumer and business products and services. BCP Asia Fund II seeks to build a portfolio of high-growth ASEAN businesses that can achieve B Corp certification, in line with Bintang's long-term goal of building 150 B Corp certified portfolio companies by 2050. Bintang Capital Partners is itself the first B Corp Certified private equity firm in Southeast Asian history, achieving this distinction in May 2023, and remains the sole Operating Principles for Impact Management (Impact Principles) signatory in Malaysia and a proud signatory to the UN Principles for Responsible Investment (UN PRI). In 2022, Bintang became the first Southeast Asian winner of the UN PRI Awards, recognizing excellence in responsible investment across private markets. Founded in 2018 by Johan Rozali-Wathooth as a subsidiary of AHAM Asset Management—one of Malaysia's leading asset management companies—Bintang Capital Partners has established a distinctive track record in ASEAN impact investing. The firm's predecessor fund, BCP Asia Fund I, delivered investments in elder care, waste management technology, digital marketing, and wellness companies across Malaysia and Singapore, building a portfolio with strong environmental and social impact profiles. For BCP Asia Fund II, Bintang is actively targeting institutional limited partners from Europe and the United States with a focus on impact-oriented investors to complement its existing ASEAN investor base.

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.

Bain Capital Double Impact is an impact-focused private equity fund managed by Bain Capital, one of the world's leading private investment firms with over $180 billion in assets under management. Launched in 2017 with a final close at $390 million—well above its original $250 million target—the fund represents Bain Capital's strategic commitment to generating both competitive financial returns and measurable social and environmental outcomes for a select group of institutional investors, family offices, and endowments. The fund pursues a growth equity and buyout approach focused on scaling mission-driven companies across three core impact themes: Health & Wellness, Education & Workforce Development, and Climate & Sustainability. With typical equity investments ranging from $10 million to $40 million per company, Bain Capital Double Impact targets businesses with proven operating models and demonstrated positive impact, leveraging the operational playbooks and global network of Bain Capital's broader platform to accelerate growth. The fund typically underwrites 12 to 15 platform investments per vehicle. Since its inaugural close in July 2017, Bain Capital Double Impact has built a portfolio of mission-aligned companies spanning fitness, environmental services, education, and workforce development. Fund I's strong performance catalyzed subsequent vintages: Fund II closed at $800 million (2020) and Fund III at $1.46 billion, reflecting growing institutional demand for impact investing within a top-tier buyout framework. The fund is anchored by pension funds, family offices, and endowments, several of which made their first explicit impact investment through this vehicle.

BGV II LP is the second flagship fund of Bethnal Green Ventures (BGV), widely regarded as Europe's leading early-stage technology-for-good venture capital firm. The fund held a first close of £33 million in 2024, backed by anchor institutional investors including the British Business Bank through its Enterprise Capital Funds programme, M&G Catalyst, Big Society Capital, and Peter Bristot of 22 Ventures. BGV II continues the firm's mission of backing ambitious founders who use technology to address significant social and environmental challenges with the potential to transform millions of lives at scale. The fund invests at the earliest stages of company formation through BGV's flagship Tech for Good programme, deploying £60,000 in equity capital for a 7% ownership stake in selected pre-product ventures. BGV II targets backing up to 100 new companies over its investment period, supplemented by a follow-on reserve for the strongest performers in the portfolio. Investment themes span health and social care, education technology, climate and environmental sustainability, financial inclusion, workforce development, and access to economic opportunity—all centred on technology-led solutions with clear evidence of positive social or environmental impact alongside commercial viability and the potential for rapid scale. Bethnal Green Ventures has backed more than 200 tech-for-good ventures across its prior funds, generating 10 successful exits and recording portfolio companies whose products have reached over 22 million lives. BGV's founder-diverse programme consistently attracts founders from underrepresented backgrounds—43% women, 42% ethnic minorities, and 19% LGBTQ+—and produces a 96 Net Promoter Score among programme participants. These metrics reflect BGV's position as a mission-aligned early-stage investor with a differentiated community and pipeline that complements traditional venture models focused purely on financial return.

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.

BrightEdge Fund is the impact investment and venture capital arm of the American Cancer Society (ACS), one of the oldest and largest voluntary health organizations in the United States. Operating under the ACS BrightEdge brand, the fund makes equity investments in for-profit, early-stage companies developing breakthrough cancer-focused therapeutics, diagnostics, devices, and enabling technologies across the full cancer care continuum. The fund's mandate bridges the gap between philanthropic capital and venture capital, deploying donor-backed investment capital to support innovations that deliver simultaneous scientific, social, and sustainable returns. BrightEdge Fund targets companies addressing unmet needs in cancer detection, treatment, patient support, and health equity. The investment strategy emphasizes translating promising scientific discoveries into actionable, scalable commercial solutions with durable impact potential. Portfolio decisions leverage the American Cancer Society's deep institutional expertise in oncology, its nationwide patient network, and its relationships with leading academic medical centers and clinical research institutions. The fund has made a total of 13 investments and operates with an active portfolio spanning oncology therapeutics, digital health, diagnostics, and cancer care technology. The fund's investor base is composed of founding philanthropic members — including Lyda Hill Philanthropies, Resonance Philanthropies, and Wood Next Foundation — alongside the ACS itself. BrightEdge is led by a dedicated team of 16 investment, innovation, and operations professionals, supported by the broader ACS platform. The fund publishes an annual report and maintains public disclosure of its investments through the ACS's website, offering greater transparency than most impact vehicle of this type.

The Social Impact Fund (Fondo de Impacto Social, FIS) is a €400 million public impact investment vehicle managed by COFIDES and attached to Spain's Ministry of Inclusion, Social Security and Migration. Established under Spain's Recovery, Transformation and Resilience Plan (PRTR), FIS is designed to strengthen the social entrepreneurship and impact investment ecosystem in Spain by financing purpose-driven companies, social economy entities such as foundations and associations, and impact investment funds. The fund operates as a self-sustaining revolving instrument with indefinite duration, adhering to SpainNAB's Code of Good Practices for Impact Investment and maintaining full alignment with the EU's sustainable finance standards. FIS invests through three complementary modalities: indirect investments via impact funds (€2–50 million per commitment), direct co-investments and co-financing alongside private investors (€100,000–€5 million per operation), and direct loans or participating loans (minimum €300,000). Investment mandates focus on 11 social and environmental challenges identified for Spain, including equality and social inclusion, reduction of inequalities, responsible consumption and production, health and well-being, and territorial integration. All investee organizations must demonstrate measurable social or environmental impact aligned with these priorities, and investments are structured to catalyze additional private capital into underserved impact segments of the Spanish economy. Technical assistance facilities complement financial investments to build organizational capacity in social enterprises and NGOs. In its first year of deployment, FIS closed 13 operations representing approximately €155 million in commitments, equivalent to 40% of the total fund size. Notable investments include €30 million committed to IB Deuda Impacto España (Impact Bridge's dedicated Spanish impact debt fund), €15 million to Global Social Impact Fund II (GSIF Spain), and a €3 million direct loan to UNEI, a social enterprise focused on disability inclusion. By end-2025, FIS is projected to reach €255 million in cumulative investments, with €40 million specifically designated for housing-focused social impact projects. COFIDES' track record managing FIS demonstrates institutional capacity to blend public mandate with market-rate discipline, positioning the fund as Spain's primary gateway for impact investors seeking structured exposure to the domestic social economy.

EDFI ElectriFI (Electrification Financing Initiative) is a specialist blended finance facility established to unlock, accelerate, and leverage private sector investment in affordable and reliable clean energy access across sub-Saharan Africa and other emerging markets. With a total facility size of approximately €253 million, ElectriFI is managed by EDFI Management Company, a subsidiary of the Association of European Development Finance Institutions (EDFI), under implementation mandate from FMO, the Dutch entrepreneurial development bank. Launched in 2018, the facility is funded by the European Union, Power Africa, Sweden, and Italy, and operates with a higher risk tolerance than traditional investors to reach underserved markets and business models. ElectriFI deploys equity, quasi-equity, senior debt, junior debt, and mezzanine financing in ticket sizes of €0.5 million to €10 million into clean energy companies operating across emerging markets. Target business models include solar home systems, minigrids, independent power producers, captive solar for commercial and industrial customers, hydropower, clean cooking solutions, e-mobility, and biomass energy applications. The facility employs first-loss capital and subordinated structures to de-risk co-investments and catalyse additional private sector participation, achieving a leverage ratio of approximately 4.2x on the catalytic capital deployed. Country-specific windows focus on Zambia, Nigeria, Côte d'Ivoire, Benin, Kenya, Burundi, Eswatini, Uganda, and Mozambique. Since its inception, EDFI ElectriFI has deployed over €292 million in mandates across more than 70 projects in 37 countries, catalysing €414 million in total investment activity, with approximately 75% of the portfolio concentrated in sub-Saharan Africa. The facility has documented multiple successful exits and serves as a model for blended finance in frontier energy markets, demonstrating that additionality and commercial viability can coexist through carefully structured risk-sharing mechanisms. ElectriFI is one of the most active development finance instruments for energy access in lower-income countries.

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.

The Elevate Innovation Gap Fund is an early-stage venture capital programme managed by Elevate Capital, an inclusive venture capital firm headquartered in Portland, Oregon, and the first institutional-scale VC fund in the United States focused primarily on investing in underrepresented and underestimated founders. The programme was established to fill a critical capital gap in Oregon's startup ecosystem — providing early-stage funding to research-intensive and science-driven ventures that lack access to mainstream venture capital due to geography, founder background, or the nature of their technology. The programme has been deployed across two vehicles — Innovation Gap Fund I and Innovation Gap Fund II — with a combined $7 million in assets under management invested across 30 Oregon-based portfolio companies. Sectors of emphasis include healthcare and life sciences, cleantech and sustainability, and natural resources technology, all aligned with Oregon's designated traded-sector industries that carry the highest potential for exporting economic value and creating quality employment in the region. Over 58% of portfolio companies have diverse leadership teams, with 37% led by women and 43% by minority founders — among the highest diversity metrics in institutional US venture capital. Elevate Capital was founded in 2016 and has since grown beyond the Innovation Gap Fund programme to manage the Oregon State Small Business Credit Initiative (SSBCI) Venture Direct Program, a federally funded state-managed capital facility targeting at least 40% participation from socially and economically disadvantaged individuals (SEDI). Business Oregon selected Elevate to manage the SSBCI programme based on demonstrated performance managing the Innovation Gap Funds and its deep-rooted network within Oregon's entrepreneurial community. The Elevate Innovation Gap Fund serves as a replicable model for mission-driven, geographically focused early-stage venture investing with measurable economic and social impact.

The Energy Access Relief Fund (EARF) is a blended-finance debt facility established in 2020 as a coordinated multilateral response to the COVID-19 pandemic's impact on emerging-market off-grid energy companies. Co-anchored by the Dutch entrepreneurial development bank FMO, the UK's CDC Group (now British International Investment), the World Bank's International Finance Corporation (IFC), and the United States International Development Finance Corporation (DFC), with philanthropic backing from the Rockefeller Foundation and Shell Foundation, EARF deployed up to $100 million in concessional loans to small and medium-sized enterprises providing off-grid energy solutions across approximately 50 countries in Africa and Asia. The fund targets off-grid energy service companies—providers of solar home systems, clean cookstoves, and solar-powered irrigation—that were commercially viable before the pandemic but faced acute liquidity stress when payment collections from low-income rural customers collapsed during COVID-19 lockdowns. By providing low-cost debt at below-market rates, EARF helped these enterprises retain field agents, service their own debt obligations, and preserve the energy access gains achieved over the preceding decade—preventing years of progress on electrification from being undone by a temporary demand shock. EARF's blended-finance structure—combining official development assistance grants, development bank balance sheet capital, and commercially structured tranches—served as a proof-of-concept for coordinated multi-DFI crisis response in the off-grid energy sector. The fund invested across the off-grid solar, clean cooking, and productive-use agricultural segments, with portfolio companies in East Africa, West Africa, South Asia, and Southeast Asia. It is classified as an impact investment vehicle with explicit SDG alignment, particularly SDG 7 (affordable and clean energy) and SDG 13 (climate action), and represents an early example of blended finance at scale in the energy access market.

Firstime Ventures Fund III is the third venture capital fund of Firstime Ventures, an Israeli early-stage VC firm founded in 2014 by Jonathan Benartzi and Nir Tarlovsky. The fund was announced in November 2021 with a target capitalisation of $100 million, positioned as one of the only Israeli venture capital funds explicitly aligned with all 17 United Nations Sustainable Development Goals (SDGs). At announcement, the fund had secured $50 million in initial commitments, anchored by Jonathan Kolber of Viola Investment Group, one of Israel's most prominent technology investors. Fund III focuses exclusively on Israeli-founded startups addressing climate change and global health challenges across seven defined verticals: AI for Renewable Energies, IoT and Data-Driven Agriculture, Food Security, Clean and Circular Economy, Energy and Environment, Net Zero Carbon, and Affordable and Accessible Digital Health. The fund extends Firstime's venture investing model to an impact-first mandate, complemented by Firstime Credit — a dedicated blended-finance arm designed to provide portfolio companies with growth capital alongside equity financing. Inaugural portfolio companies include BeeHero (precision agriculture hive monitoring) and Hygieia (diabetes management platform for uncontrolled patients). Firstime's prior two funds deployed $150 million into more than 30 Israeli technology startups, establishing the firm's track record in early-stage Israeli venture investing. Fund III marks a deliberate shift toward impact-first investing, with climate tech and digital health as the defining theses. The fund was also referenced in the market as 'Firstime Ventures third fund', reflecting its position in the firm's fundraising sequence.

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.

Giant Ventures Climate-focused Growth Fund is a $150 million venture capital fund launched by Giant Ventures in January 2024, targeting the critical Series B funding gap in global climate technology. Headquartered in London, Giant Ventures structured this vehicle alongside its $100 million Seed Fund to deploy a combined $250 million into purpose-driven technology companies across the United Kingdom, the United States, and the Nordic countries—representing one of the larger transatlantic dual-strategy fund launches in European impact investing in 2024. The fund's investment thesis concentrates on climate technology companies at the growth stage that have demonstrated product-market fit and are scaling commercially. Giant Ventures pursues three transformative themes across both funds—climate, health, and inclusive capitalism—with the Climate-focused Growth Fund dedicating its full capital to climate-technology companies seeking institutional growth capital. Target investments typically enter at the Series B stage, providing capital to companies developing energy storage, carbon markets, green buildings, and sustainable mobility solutions. The fund's LP base includes BMW, Henkel, RIT Capital Partners, Denmark's sovereign investment fund (IFU), The Nature Conservancy, Sir Richard Branson, and the co-founders of Booking.com, Unity, and SoFi. Active portfolio investments include Field (energy storage, $300M raised), Agreena (carbon removal and regenerative farming), Beams (green home renovation), and Haven (battery storage marketplace). Giant Ventures manages the fund from offices in London, California, New York, Stockholm, and Copenhagen.

Giant Ventures Seed Fund is a $100 million early-stage venture capital fund launched by Giant Ventures in January 2024 to back the next generation of purpose-driven technology companies across the United Kingdom, the United States, and the Nordic countries. The fund forms one half of Giant Ventures' simultaneous 2024 fundraise—alongside the $150 million Climate-focused Growth Fund—representing a combined $250 million transatlantic commitment to impactful technology investing. The Seed Fund targets approximately 25 early-stage companies operating across Giant Ventures' three core themes: climate technology, health innovation, and inclusive capitalism. With seed-stage ticket sizes, the fund provides capital and operational support through Giant Ventures' offices in London, California, New York, Stockholm, and Copenhagen. The LP base includes BMW, Henkel, RIT Capital Partners, Denmark's sovereign investment fund (IFU), The Nature Conservancy, Sir Richard Branson, and co-founders of Booking.com, Unity, and SoFi. Portfolio companies backed through Giant Ventures' strategy include Agreena (carbon credit and regenerative farming), Meadow (education fintech), Baton (small business marketplace), Doccla (virtual hospital ward), and Haven (battery storage marketplace). The fund reflects Giant Ventures' belief that purpose-driven technology—investing at the intersection of climate, health, and inclusive capitalism—can generate top-quartile financial returns alongside meaningful societal impact.

Global Impact Fund II is a seed-stage impact venture capital fund managed by The Global Good Fund, a Glenwood, Maryland-based investment organisation focused on backing social entrepreneurs from underrepresented communities. The fund made its first close in February 2021 and has raised $9.8 million against a $10 million target, structured as a Delaware Limited Partnership with standard venture economics (2% management fee, 20% carried interest) and a ten-year term including a five-year active investment period. Global Impact Fund II targets for-profit companies led by minority and women entrepreneurs operating across impact sectors including environmental sustainability, healthcare and health technology, education and edtech, financial technology, socioeconomic mobility, and income equality. The fund's approach prioritises both market-rate financial returns and measurable social outcomes, targeting a 3.5x net return for investors while deploying capital into mission-aligned businesses. The Global Good Fund's investment philosophy bridges the gap between traditional venture capital and philanthropy, providing not only equity capital but also mentorship and leadership development support to the founders it backs. Portfolio performance as of 2024 reflects returns of 5.1x invested capital, exceeding the fund's original return target. Note: This is a distinct fund from KKR's larger-scale Global Impact Fund II ($2.8B); reviewers should verify the correct fund ID before applying changes.

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.

Impact America Fund III, LP is a $112 million early-stage venture capital and impact fund managed by Impact America Fund, a 100% Black female-owned investment firm headquartered in Oakland, California. The fund closed in June 2023, at which point the firm's total assets under management reached $177 million across its fund family. General Partner Kesha Cash founded Impact America Fund in 2015 with the thesis that technology-enabled businesses serving Black and Brown workers, families, and small businesses in the United States represent both a significant market opportunity and a pathway to expanding economic agency for underserved communities. The fund is widely recognised as one of the first and most influential impact venture vehicles targeting this demographic, with a track record of market-rate returns combined with measurable social impact outcomes. Impact America Fund III invests at the Seed through Series A stages in technology-enabled businesses that create expanded economic participation for communities of colour across five thematic areas: financial inclusion and wealth-building, healthcare access and affordability, future of work and economic mobility, consumer technology, and housing and community development. The fund plans to invest in approximately 30 companies per fund cycle, with a deliberate preference for founders who have lived experience within the communities they serve — a sourcing and diligence principle that the firm believes produces better founders, stronger community fit, and more durable businesses. The fund targets market-rate financial returns while tracking rigorous impact metrics aligned with its economic empowerment thesis. Impact America Fund III attracted a distinguished roster of institutional limited partners that underscores the depth of market recognition for the firm's approach. Anchor investors included MassMutual, Health Forward Foundation, Cambridge Associates, Pivotal Ventures (Melinda French Gates), and the W.K. Kellogg Foundation. New investors in Fund III included Deutsche Bank, Marguerite Casey Foundation, and Goldman Sachs Asset Management-advised funds, while returning investors included the Ford Foundation, the John D. and Catherine T. MacArthur Foundation (committed $5 million), and the California Wellness Foundation. This LP base reflects broad validation from leading foundations, insurance companies, and financial institutions of Impact America Fund's differentiated access, underwriting capability, and social return thesis.

Impacta Latam VC Fund I is the debut venture capital fund of Impacta VC, a Santiago de Chile-based impact investment firm dedicated to backing early-stage founders across Latin America who are building solutions to pressing social and environmental challenges. Launched in 2021, the fund embodies a community-driven model in which 66 limited partners from six countries — approximately 80% of whom are successful founders themselves — invest alongside Impacta VC as operator-investors. This LP composition gives portfolio founders access to an exceptionally relevant peer network, with anchor LP contributors including Eduardo Della Maggiora (co-founder of Betterfly, Latin America's first social unicorn) and Matias Muchnick (co-founder of NotCo), among other prominent regional entrepreneurs. The fund's investment strategy targets early-stage startups in the seed and Series A stages across Latin America, deploying initial tickets of USD 100,000 to USD 400,000 with the capacity to invest up to USD 1 million per company over multiple follow-on rounds. Impacta VC focuses on founders with strong but progressive ambition, capital-efficient business models — particularly in SaaS and marketplace formats — and a demonstrated ability to generate measurable positive social or environmental impact alongside commercial returns. Primary sectors include agritech and sustainable food systems, inclusive financial services, health technology for underserved populations, education technology, and clean energy solutions for the Latin American market. Impacta Latam VC Fund I has built a portfolio of 11 startups, with investment highlights including Betterfly (social benefits platform, valued at USD 1 billion making it the region's first impact unicorn) and Airbag (road safety technology). As of December 2023, the fund had completed eight investments from the first fund with plans to invest in ten more before the portfolio construction phase concludes. Impacta VC subsequently partnered with Impact Ventures PSM, the impact investment team of Promotora Social Mexico, to launch Impact Ventures PSM Seed — a USD 5 million follow-on vehicle targeting pre-seed startups — extending the Impacta ecosystem's reach into Mexico and Central America.

Impact Ventures PSM Seed is a $5 million pre-seed and seed-stage impact venture fund jointly launched in February 2025 by Impacta VC, a specialist impact investment firm with offices in Santiago de Chile and Montevideo, Uruguay, in strategic alliance with Impact Ventures PSM, the private impact investment arm of Promotora Social México (PSM), a pioneering Mexican social enterprise organisation. The fund marks a significant collaboration between an established Latin American impact investor and one of Mexico's most respected social impact institutions, combining Impacta VC's investment management expertise with PSM's 30-year track record of social innovation and its deep network in Mexican civil society and corporate sectors. The fund targets pre-seed and seed-stage startups across Latin America — primarily Mexico, Chile, Colombia, Argentina, and Brazil — that are building technology-enabled solutions with measurable social or environmental impact. Target sectors include financial inclusion and fintech, digital health and healthcare access, affordable housing and proptech, sustainable agriculture and agritech, education technology, clean energy and climate solutions, and fair trade platforms. Investment ticket sizes range from $100,000 to $300,000 per startup, with a portfolio construction targeting approximately 20 companies. Investment criteria require founding teams to be full-time committed, with scalable and replicable business models in underserved markets and a strong technological component underpinning their value proposition. Impact Ventures PSM Seed is managed by co-managing partners Corinne Lebrun (Impact Ventures PSM) and David Alvo (Impacta VC), combining legal and operational expertise from both organisations. The fund has made its first confirmed investment in Preventix, a Mexican preventive health technology startup focused on cervical cancer early detection via AI-powered diagnostics. By combining Impacta VC's investment methodology — honed across its Chilean and Uruguayan portfolio — with PSM's Mexico-specific impact ecosystem relationships, the fund is positioned as one of the first dedicated impact seed vehicles serving the Mexican and broader Latin American startup ecosystem with institutional-quality investment management and rigorous impact measurement frameworks.

The M&G UK Social Investment Fund is a private markets impact fund managed by M&G plc's private markets investment division, structured through M&G UK Social Investment GP LLP, incorporated in London in April 2024. The fund targets institutional investors including Local Government Pension Scheme (LGPS) funds, defined contribution pension schemes, endowments, and charitable foundations seeking to direct capital toward investments that deliver measurable social outcomes alongside long-term financial returns. Scottish Borders Council Pension Fund committed GBP 30 million as one of the first investors in the fund, alongside capital from M&G's own With-Profits Fund, with M&G actively marketing the vehicle to additional LGPS funds and international investors. The fund deploys capital into projects that deliver positive social outcomes across four thematic pillars: urban regeneration of underserved communities; affordable housing development in partnership with local authorities and registered housing providers; clean energy projects serving social infrastructure; and essential infrastructure improving community health and wellbeing. By partnering with local councils, housing associations, and social enterprises, the fund addresses systemic gaps in UK infrastructure investment while aligning with the UK government's stated objective of encouraging public pension funds to direct long-term capital into domestic economic growth. Investment structures include direct lending, equity co-investment, and hybrid instruments suited to social-purpose projects that may not attract purely commercial capital. The fund was established in 2024 as part of M&G's broader private markets expansion. M&G plc manages approximately GBP 324 billion in total assets under management as of mid-2025, of which approximately GBP 77 billion constitutes private assets across real estate, private credit, infrastructure, and impact strategies. The M&G UK Social Investment Fund extends this private markets platform into the social impact segment, applying investment frameworks developed across M&G's existing asset classes to projects including purpose-built accommodation for young care leavers, community regeneration schemes, and affordable housing delivery that aligns with evolving Environmental, Social, and Governance mandates of UK pension funds and the government's Mansion House compact on productive finance.

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.

The Mirova Societal Impact Fund, operated as Mirova Impact Life Essentials (MILE), is a EUR 200 million target private equity fund dedicated to generating measurable societal impact across Europe through investments in growth-stage unlisted companies. The fund is managed by Mirova, a French asset management firm specializing in responsible investment and a subsidiary of Natixis Investment Managers, which manages more than EUR 28 billion in assets across listed equities, bonds, real assets, and private markets strategies. Structured as a Societe de Libre Partenariat under French law and classified under SFDR Article 9, the highest sustainable investment designation under European regulation, the fund's mandate is organized around four societal themes: knowledge and learning covering education technology and vocational training; well-being and health including health services, digital health, and home care; mindful and responsible consumption such as sustainable food systems, eco-mobility, and secondhand markets; and diversity and inclusion focusing on professional reintegration and accessibility services. Investment tickets range from EUR 5 million to EUR 20 million per company, with a primary focus on French and pan-European businesses. The fund carries a 10-year term with two one-year extension options and is approved under France's TIBI institutional investment initiative. It holds LuxFLAG ESG, LuxFLAG Social Impact, and Towards Sustainability labels. The fund aligns with United Nations Sustainable Development Goals 3 (health), 4 (education), 8 (decent work and economic growth), 10 (reduced inequalities), and 12 (responsible consumption and production).

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.

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.

New Forests Tropical Asia Forest Fund 2 (TAFF2) is a closed-end sustainable forestry and nature-based solutions fund managed by New Forests Asset Management, an Australian timberland and natural capital investment manager overseeing A$7.8 billion in assets across more than 1.1 million hectares globally. New Forests was acquired by Mitsui and Nomura in May 2022. TAFF2 is the successor to the original Tropical Asia Forest Fund (TAFF1), which closed at $170 million in 2012-2013 and pioneered institutional investment in tropical sustainable forestry across Southeast Asia. TAFF2 employs a blended finance structure with two share classes: a commercial Class A tranche targeting 12-18% gross IRR in USD for conventional timber and natural capital returns, and a concessional Class B tranche targeting 4-8% gross IRR for investors seeking enhanced sustainability impact outcomes and below-market risk-adjusted returns. The fund invests in sustainable plantation forestry and nature-based solutions across tropical Southeast Asia — including Malaysia, Indonesia, Vietnam, Thailand, Laos, and Cambodia — targeting plantation forestry, peatland conservation, agroforestry, and carbon credit generation from approximately 10 million tonnes of carbon offset over the fund's life. End markets include timber, rubber, carbon credits, and ecosystem services. The fund is certified to international ESG and forestry standards and is aligned with the Paris Agreement and UN Sustainable Development Goals. Legal adviser was King and Wood Mallesons and fund administrator is Apex Group. TAFF2 held its first close in March 2022 at $120 million, attracting commitments from the Asian Development Bank ($15 million, including $10 million from the Australian Climate Finance Partnership trust fund), the Australian Government, the David and Lucile Packard Foundation, Sumitomo Mitsui Trust Bank, GenZero (Temasek's decarbonisation investment platform), and TotalEnergies. The fund reached its final close in January 2024 at $130 million — below its $300 million target — reflecting the challenging fundraising environment for blended finance structures in this period. Confirmed portfolio investments include the Kuan Kreng Landscape Peatland Conservation and Restoration Project in Thailand and Burapha Agro-Forestry in Laos.