Impact

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.

Acre Export Finance Fund I LP is the flagship private debt impact fund of Acre Impact Capital, a London-based blended-finance investment manager founded in 2019 by Hussein Sefian (CEO, former Global Head of Strategy at BNP Paribas CIB) and Faisal Khan (CIO). The fund held its first close in April 2024 at approximately $100 million of its $300 million target, attracting the European Investment Bank (EIB), FSD Africa Investments, Ceniarth, and Investec Bank as initial limited partners. The fund received the Environmental Finance Impact Initiative of the Year — Africa (2024) and the Krutham Africa Impact Investment Awards Financial Structure of the Year, recognising its structural innovation in mobilising private capital for emerging-market infrastructure. Acre Export Finance Fund I is the first fund globally structured to leverage export credit agencies (ECAs) as a systematic impact investing mechanism. ECAs typically guarantee 85% of infrastructure project loans to sovereign borrowers in developing markets; the fund targets the remaining 15% commercial debt tranche — a segment structurally underserved following the withdrawal of European commercial banks post-2008. Each $1 of fund capital unlocks approximately $5.6 of total private capital in ECA-backed project financings. Loans carry sovereign-backed credit risk, long tenors of up to 22 years, and are concentrated in four impact pillars: Renewable Power, Health Food and Water Scarcity, Sustainable Cities, and Green Transportation. The portfolio targets 15–20 projects concentrated in Sub-Saharan Africa. The fund's structural design addresses a critical financing gap: after the Basel III regulatory framework curtailed commercial bank appetite for long-tenor sovereign-backed loans in developing markets, ECA-backed infrastructure financings have lacked viable commercial debt providers. Acre Impact Capital positions the fund as the institutional solution — offering investors sovereign credit risk, ECA guarantee protection, long-duration returns, and measurable development impact across Africa's most capital-constrained infrastructure sectors.

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 (AKGCF) is an impact-focused blended finance vehicle managed by Altree Capital, targeting early- to growth-stage companies in Sub-Saharan Africa that advance gender equality, women's empowerment, and climate adaptation and mitigation. Established by Altree Capital — an investment manager founded in 2006 by Jenni Chamberlain with a long-standing commitment to driving international capital into Africa — the fund represents one of the continent's few vehicles explicitly combining gender-lens investing with a climate-smart mandate across a single portfolio. The AKGCF targets a raise of between USD 50 million and USD 80 million, deploying capital through a mix of equity, debt, mezzanine, convertible notes, and revenue-based financing. This multi-instrument approach is designed to de-risk investments across the capital structure and reach companies too mature for traditional venture capital but too early for conventional private equity. At least 60 percent of the portfolio is directed at businesses addressing climate adaptation and mitigation, while 40 percent focuses on women's health. Every investment must qualify for at least three of the 2X Criteria for gender-lens investing, ensuring a rigorous, measurable approach to gender impact across the portfolio. Key portfolio companies include 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. Altree Capital maintains offices in Bermuda, the United Kingdom, South Africa, and Kenya, providing hands-on investor support across the regions where the fund operates. The AKGCF has received backing from the Climate Gender Equity Fund (CGEF) and support from the Visa Africa Women's Investment Fund (AWIF), validating the fund's blended finance approach and commitment to gender and climate impact in emerging markets.

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.

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

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.

BGV II LP is the second flagship impact venture capital fund managed by Bethnal Green Ventures (BGV), one of the United Kingdom's leading early-stage investors in technology for social and environmental good. Announced in 2024, the fund is targeting a total raise of £50 million to back 100 new technology-for-good startups over four years through BGV's renowned Tech for Good Programme. The fund announced a first close of £33 million, supported by anchor investors including the British Business Bank through its Enterprise Capital Funds programme, M&G Catalyst, and Big Society Capital. BGV II LP deploys capital through a distinctive accelerator-investment model, providing each portfolio company with an initial £60,000 investment in exchange for 7% equity at the pre-seed stage. At least half of the investments made out of the fund will be allocated to female-founded ventures, reflecting BGV's commitment to diversity as a core investment principle and operational standard. The fund makes follow-on investments into top-performing portfolio companies at the seed stage, supported by the fund's significantly larger capital base compared to its predecessor. As of 2024, BGV II LP had made 17 investments across communication software, automation, and application software companies addressing a broad range of social and environmental challenges. Founded in 2012, Bethnal Green Ventures manages approximately £50 million in assets as of December 2024 and has a decade-long track record of backing founders who use technology to address society's most pressing problems. With 75 active portfolio companies and a collective reach of over 21 million people across its portfolio, BGV has established itself as the UK's most distinctive tech-for-good investor. BGV II LP represents the largest fund in BGV's history, enabling meaningfully larger follow-on allocations, deeper portfolio support, and a broader reach across the UK and European tech-for-good founder ecosystem. The fund builds on the success of BGV's first fund and several thematic vehicles that collectively demonstrate the firm's ability to source, back, and support high-impact technology entrepreneurs.

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.

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.

The Bintang Semiconductor Impact Fund I (BSIF I) is a MYR 200 million (approximately USD 46.56 million) impact investment fund managed by Bintang Capital Partners Berhad, a Malaysia-based alternative asset manager. Launched in October 2024, BSIF I is positioned as the first gender-lens semiconductor fund in Southeast Asia and operates under a 'carry-at-risk' structure in which the management team's carried interest is contingent on meeting defined impact performance thresholds relating to gender equity and environmental outcomes. The fund has earned a 'Gold' rating under Bluemark's FundID impact rating system and is anchored by Dana Penjana Nasional, Malaysia's government-backed catalytic fund established to co-invest in high-potential domestic growth companies. BSIF I targets growth-stage companies operating within and adjacent to Malaysia's semiconductor value chain, with a particular focus on high-tech manufacturing, automation, assembly and test, chip design, and advanced electronics. Beyond conventional financial returns, the fund applies a dual-impact framework: portfolio companies are expected to adopt measurable commitments to women's participation in leadership and skilled manufacturing roles, and to implement carbon transition initiatives aligned with Malaysia's National Semiconductor Strategy (NSS). BSIF I was developed in close collaboration with the Malaysian Investment Development Authority (MIDA) and the Federation of Malaysian Manufacturing (FMM), whose April 2025 Memorandum of Understanding with Bintang Capital formally integrated the fund into the government's strategic framework for semiconductor industry development and IPO readiness. The fund has attracted a diverse group of investors including AHAM Asset Management, the Malaysian Armed Forces Fund Board, CVC Capital Partners, and Nikko Asset Management, alongside the anchor commitment from Dana Penjana Nasional. The Bintang Capital Partners team brings extensive domain expertise to the fund's thesis: the founding partners collectively hold more than 30 years of experience in finance, operations, M&A, and electrical and electronics manufacturing, including leadership roles at MIDA and senior positions in the semiconductor supply chain. Through BSIF I, Bintang Capital Partners aims to catalyze Malaysia's ambitions as a next-generation semiconductor hub, leveraging the country's existing strengths in back-end manufacturing and its growing ecosystem of electronics innovation.

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.

About Norrsken EvolveNorrsken Evolve is a Stockholm-based venture capital fund with €57 million under management, dedicated to backing Europe's next generation of impact-driven technology companies. Launched in August 2025 as the evolution of the Norrsken Accelerator—which since 2021 has supported 80 companies—the fund invests at the pre-seed stage with initial checks of €250,000 per company, complemented by long-term follow-on capital for top-performing portfolio companies. The fund is led by General Partners Johan Attby, Alex Bakir, and Rebecka Löthman Rydå, who combine deep operational experience with a shared conviction that the most impactful technology companies can also be Europe’s most commercially durable ones. The oversubscribed fund attracted institutional LPs including the European Investment Fund, Saminvest, and SmartCap Green Fund, alongside leading tech founders and family offices including Skaala, the investment vehicle of Taavet Hinrikus and Sten Tamkivi.Norrsken Evolve targets founders building transformative solutions at the intersection of sustainability, resilience, and scalability, with a particular focus on sectors including biotechnology, renewable energy, logistics, construction, food technology, healthcare, information security, and climate resilience. The fund invests broadly across Europe, with an expanding presence in emerging tech hubs such as Tallinn, Estonia through a partnership with Kasvuhoone. Each cohort receives intensive founder support through the Norrsken Evolve program, combining capital with hands-on operational guidance, structured mentorship, and access to a global network of follow-on investors. By investing at the pre-seed stage and targeting overlooked geographies and founder profiles, Norrsken Evolve aims to surface and support Europe’s most promising impact founders before mainstream capital reaches them.Building on the Norrsken Accelerator’s track record—where 75% of supported companies went on to secure follow-on funding from top global investors—Norrsken Evolve represents the next chapter of Norrsken’s mission to prove that purpose and profit are fully compatible. The fund targets a portfolio of 20 to 30 companies per year, with the ambition of creating durable category leaders that address the most pressing challenges in European resilience, sustainability, and technological sovereignty. Norrsken Evolve’s combination of structured founder programming, institutional LP support, and a clear impact mandate positions it as one of Europe’s most distinctive pre-seed platforms for the next generation of resilient tech companies.