Circular Economy

Ara Infrastructure Fund I is an infrastructure fund managed by Ara Partners and located in Houston, Texas. Ara Partners plans to acquire majority interests in 8 to 10 companies generating cash flow but not to its full potential. As of March 2024, it has acquired majority stakes in two companies developing biofuels rail terminals: Lincoln Terminal Holdings in Greenville, South Carolina; and USD Clean Fuels in Houston. In May 2025, the fund reached final close with US$800 million.

Ardian Infrastructure Fund VI (AIF VI) is a flagship infrastructure core‑plus vehicle managed by Ardian, seeking to build and scale essential infrastructure assets across Europe and selectively in North America. It follows the firm’s strategy of combining financial rigor with deep industrial and operational expertise to unlock value in long-lived infrastructure. By targeting sectors such as transport networks, utilities and energy transition, and digital infrastructure, the fund aims to deliver stable, inflation‑linked returns in an evolving macro environment. The fund is capitalized with a target close of around €10 billion (with a hard cap up to €12 billion), with a net IRR target in the range of 12 % to 15 %. AIF VI continues Ardian’s thematic emphasis on sustainability, decarbonization and digitalisation — applying data analytics, operational improvement and ESG integration across its portfolio. Its investments already include stakes in renewable energy platforms (e.g. Akuo), waste / circular economy (Attero), data centers (Verne) and a significant shareholding in Heathrow Airport. Geographically, the fund focuses on OECD Europe as its primary investment zone, with flexibility to deploy up to ~20 % outside Europe (particularly North America) where opportunities merit. This geographic balance allows the strategy to capitalize on both core European infrastructure dynamics and the selective growth pockets elsewhere. From a risk / return standpoint, AIF VI targets stable cash flows from infrastructure, combined with operational value creation upside. The fund will generally invest in brownfield or mid-life (core‑plus) assets rather than greenfield early-stage development. It seeks to partner with experienced industry operators, leverage scale in capital expenditure, and apply digital / engineering practices to improve efficiency and carbon metrics.

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.

GEF US Climate Solutions Fund II LP is a private equity fund managed by GEF Capital Partners. It focuses on investing in North America-based lower middle-market companies that have developed solutions to address climate change and pollution mitigation. The fund exceeded its original $250 million target, closing with $325 million of capital commitments. Limited partners in Fund II include various climate change-focused institutions such as Blue Earth Capital, HQ Capital, ODDO BHF, INGKA Investments, GEM Investments, Första AP-fonden, Quilvest Capital Partners, Granite Capital Management, and Nordea. The fund aims to support small-scale businesses critical to the transition to a net zero and circular economy by providing both capital and guidance from impact investors. GEF Capital invests in companies in sectors including clean energy, energy efficiency, waste, water, and resource efficiency. As of May 2024, the fund has invested in six companies: InSite, a Washington DC-headquartered provider of software used by real estate owners and operators to reduce energy usage and improve building performance in order to meet sustainability goals (2021); Lifecycle Renewables, a Massachusetts-based recycler of used cooking oil into a branded heating oil that is used by universities, hospitals and utility companies to attain net zero carbon emission targets (2022); Murf E-Bikes, a California-based designer and maker of electric bikes (2022); Polargy, a California-based designer of energy efficient systems for hot and cold aisle containment systems, modular walls and structural ceilings in data centers (2023); Civic Renewables, a Maryland-based provider of residential solar energy installation services (2023); and Next Step Energy Solutions, a Colorado-based provider of LED lighting systems used in the healthcare, manufacturing and commercial real estate sectors (2023).. With the closing of Fund II, GEF Capital welcomed two new operating partners, bringing expertise in carbon credit development, sales, marketing, and operational support to deepen value creation and impact for portfolio companies. The fund aims to showcase that environmental outcomes can result in strong financial and environmental benefits. FirstPoint Equity served as the lead placement agent for GEF Capital in fundraising for Fund II, attracting a broad spectrum of responsible investors. Additional placement agent services were provided by Asante Capital, TritonLake, and Impactus Partners. Latham & Watkins served as legal counsel for the formation of Fund II.

INVL Baltic Sea Growth Fund, managed by INVL Asset Management, is a closed-end private equity fund launched in June 2018 with committed capital of €164.7 million. The fund invests in late-stage growth SMEs and small to mid-cap companies, acquiring either controlling or significant minority stakes. Typical equity investments range from €5 million to €25 million, with capacity for larger deals via co-investments. Target companies are generally valued between €10 million and €100 million. The fund focuses on businesses with strong potential to become industry leaders in their respective sectors. Core geographies include the Baltic States and Poland, while investment scope extends across the broader European Union. INVL Baltic Sea Growth Fund specializes in complex transactions, providing customized capital solutions for companies undergoing structural, strategic, or ownership transitions. It supports growth through a combination of organic expansion, acquisitions, and active value creation initiatives. Taking an active ownership approach, the fund works closely with management teams to align long-term goals and drive transformation. It typically invests by acquiring stakes from existing shareholders and providing growth capital. With an ESG-integrated investment model and a hands-on strategy, INVL Baltic Sea Growth Fund helps its portfolio companies scale operations, increase efficiency, and execute cross-border expansion strategies.

MVI Fund III, managed by Stockholm-based MVI Advisors, achieved a final close at its SEK 2 billion hard cap in April 2025. The fund was oversubscribed after just five months of fundraising, reflecting strong investor confidence in MVI's strategy. This third fund represents an 84% increase in size compared to its predecessor, underscoring MVI's growth and the appeal of its investment approach. The fund attracted a diversified investor base, including returning LPs and new institutional investors from the EU and the U.S., such as Ingka Investment and Saga Private Equity. MVI Fund III continues the firm's focus on acquiring controlling stakes in founder-led, asset-light companies within the Nordic region, emphasizing sectors with strong buy-and-build potential. MVI Fund III has already made its first platform investment, establishing a Nordic environmental and sustainability platform through a partnership with Ametalis and the acquisitions of Envima, Westberg Vibrations- och Omgivningskontroll, and Natur og Samfunn. This investment aligns with MVI's thematic focus on sustainability and circular economy initiatives.

Macquarie’s Green Energy Transition Solutions Fund (MGETS) is a closed‑ended vehicle designed to deploy capital into technologies and infrastructure that go beyond traditional renewables. It targets growth‑stage companies offering decarbonisation solutions in sectors such as energy storage, distributed energy, clean transport, renewable fuels, carbon capture, and circular economy. At final close, MGETS surpassed its initial $2 billion target, raising over $2.4 billion in fund commitments and $647 million in co‑investment, for a total capital pool exceeding $3 billion. Over 65 % of that capital has already been committed across 12 investments spanning multiple geographies and technology domains. The fund targets a net IRR of 13 % to 15 %. It seeks companies that balance growth potential with infrastructure‑like characteristics, backing opportunities that are scaling and de‑risked yet operate in the next wave of energy transition technologies. MGETS has built a diversified portfolio including names like Eku Energy (battery storage), SkyNRG (sustainable aviation fuel), Verkor (EV battery manufacturing), and Calibrant Energy (distributed energy). Its geography‑agnostic approach allows deployment across Europe, North America, Asia‑Pacific, and beyond.

The Eurazeo Planetary Boundaries Fund 1 (EPBF) is a next-generation impact buyout vehicle focused on companies that contribute to restoring or adapting to Earth’s critical environmental limits, as defined by the planetary boundaries framework. Launched with a target of €750 million, the fund invests in small to mid-market companies offering scalable solutions in areas like circular economy, biodiversity, low-carbon energy, and sustainable agriculture. EPBF integrates scientific guidance and measurable impact KPIs into its investment strategy, aligning financial success with environmental progress. Managed by Eurazeo partners Erwann Le Ligné and Wilfried Piskula, the fund is backed by a high-level advisory board with experts from science, policy, and industry. Its first investment is in Bioline AgroSciences, a leader in natural pest control, marking a strong commitment to eco-positive innovation.

The Radical Fund is an early-stage venture capital firm dedicated to supporting Southeast Asia's transition to a more resilient future. With a target fund size of $40 million, it invests in startups that address climate change through both adaptation and mitigation strategies. The fund focuses on pre-seed, seed, and pre-Series A stages, providing not only capital but also operational and technical assistance to its portfolio companies. Recognizing the unique challenges faced by Southeast Asian countries, The Radical Fund prioritizes solutions tailored to the region's specific needs. It seeks out ventures that may not traditionally be classified as climate tech but have the potential to make significant environmental impacts. This includes sectors like agriculture, food, circular economy, financial services, mobility, and logistics. The fund is part of the Utopia Capital Management group, which has supported over 130 early-stage startups in emerging markets. The Radical Fund's team is based in Bangkok and Singapore, with plans to expand in the Philippines, Vietnam, and Indonesia. Its mission is to build an ecosystem of climate-oriented companies that deliver both commercial returns and measurable climate impact.

SevenGen Growth Fund is a newly launched growth‑capital vehicle anchored by institutional and development‑backers to support Northwest European companies that are advancing the climate transition. It deploys capital into profitable or near‑profitable businesses in sectors such as energy transition, decarbonising industry, circular materials, sustainable mobility and the built environment. The fund capitalises on the momentum of Europe’s climate‑finance ecosystem and addresses a common gap between early‑stage innovation and global scaling by providing meaningful growth financing to companies with established business models but ambitious scaling plans. With initial commitments of roughly €65 m and a target final close of about €150 m in 2026, the fund will invest in selected growth companies—typically via investment tickets in the €5 m to €15 m range—that are founded or headquartered in Northwest Europe, with a mandate for measurable climate impact alongside strong financial returns. SevenGen brings a disciplined private equity approach, a focus on governance and impact measurement (as an SFDR Article 9 fund), and a team with prior climate‑finance experience to unlock value in companies that can convert European climate‑tech innovation into industrial leadership and mainstream adoption of sustainable solutions.