Decarbonization

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 Brookfield Global Transition Fund II (BGTF II) is dedicated to investing in the global transition to a net zero economy. The fund targets investments in clean energy expansion, sustainable solutions, and the transformation of companies operating in carbon-intensive sectors to more sustainable business models. It focuses on accelerating the global transition to a net zero economy while delivering strong risk-adjusted returns for investors. The fund is co-headed by Mark Carney and Connor Teskey and has a robust pipeline of investment opportunities in various sectors and geographies. It aims to capitalize on trends such as supplying clean power to the data and technology sector, building new industrial supply chains, and scaling technologies required for industrial decarbonization. The fund is the largest transition investor among private fund managers and is on track to exceed the size of its predecessor fund. It is managed to science-based sector pathways for net zero and has a goal of achieving net-zero greenhouse gas emissions by 2050 or sooner.

Energize Ventures Fund III, with $430 million in capital commitments, is a VC fund by Energize Capital. The fund went over its initial target of $350 million. This fund aims to invest in early-stage companies developing digital and software-enabled solutions that drive energy and industrial transformation. The closure of Fund III brings Energize Capital's total assets under management to over $1.8 billion. The fund focuses on asset-light, digital-first climate solutions, particularly in sectors such as industrial digitization, next-generation infrastructure, and the energy transition. Energize Capital plans to invest in companies at the Series A to C stages, with average check sizes ranging from $15 million to $20 million. Initial investments from Fund III include Tyba, a battery optimization software platform; Archive, a resale technology solution for brands; and Nira Energy, a grid interconnection software platform for energy developers. Energize Ventures Fund III is backed by a diverse group of institutional, corporate strategic, family office, and impact investors. New limited partners include Sweden’s Första AP-Fonden (AP1), Capricorn Investment Group, Reference Capital, Keeling Capital, Keysight Technologies, and WEX Venture Capital. Returning investors comprise GE Vernova, Caisse de dépôt et placement du Québec (CDPQ), Builders Vision, UBS, and WEC Energy Group.

The Greenbelt Capital Partners III fund is a dedicated middle‑market private equity vehicle focusing on companies that are at the intersection of energy, power, and infrastructure transformation. Backed by institutional investors globally, the fund reached its hard cap of US$1 billion, surpassing an initial target of US$750 million, signalling strong confidence in the strategy. The strategy centres on backing commercial leaders that enable electrification, digitalisation, grid‑modernisation, energy efficiency and decarbonisation in the built energy system. By partnering with management teams in the middle‑market, the fund seeks to scale businesses that are driving the “new energy economy” and bridging the gap between traditional energy infrastructure and more modern, resilient, low‑carbon systems. With a seasoned leadership team that has deployed over US$6 billion in equity across more than 260 transactions in their careers, the fund leverages sector experience, operational know‑how and a collaborative culture to generate value for both investors and portfolio companies. The fund targets companies with robust growth potential, operating in geographies around North America, Europe and Asia‑Pacific, and aims to deploy capital initialising now that the fund is closed. The manager is actively building a pipeline of investment opportunities aligned with global megatrends around electrification, infrastructure modernisation and sustainability.

The fund is the second dedicated “small‑cap” vehicle from Nazca Capital, designed to back unlisted Spanish SMEs with ambitious growth potential and strong sector positioning. With a target size of €220 million, the vehicle aims to leverage Nazca’s deep experience in the Spanish low‑middle market segment and its track record of 100+ transactions since 2001. Nazca Small Cap II focuses on companies that are established but capable of accelerated growth via operational improvements, expansion (national and international) and potential add‑on consolidation. The firm targets business models with strong management teams, defensible competitive positioning and tailwinds in their markets. A key thematic emphasis for the fund is ESG and sustainability: the fund classifies as an Article 8 product under the EU SFDR framework, and its first investment is in a decarbonisation‑services provider, underscoring this strategy. Geographically concentrated on Spain (its core market), the fund may invest in local companies with potential for cross‑border growth. Through time‑horizon investment, value creation and eventual exit channels (trade, secondary buy‑outs or IPOs), Nazca Small Cap II expects to deliver attractive returns aligned with both financial and ESG objectives.

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.

TPG Rise Climate II is the second fund in TPG’s global climate impact investing platform, launched in December 2023. The vehicle is designed to scale commercially viable businesses that offer measurable and sustainable carbon reduction solutions. It follows a sector-diverse strategy with a strong emphasis on clean energy, green mobility, sustainable fuels, low-carbon materials, and carbon management technologies. The fund has held multiple closes: an initial close of $4.41 billion in October 2024, followed by a second close in December that brought commitments to around $4.7 billion. As of mid-2025, the fund has surpassed $6.2 billion in capital commitments. TPG is targeting a final close at $8 billion, with a hard cap of $10 billion. TPG Rise Climate II is part of TPG’s broader $10 billion fundraising strategy that includes both this vehicle and the Global South Initiative. ALTÉRRA, a climate-focused investment vehicle backed by the UAE, has committed approximately $1 billion to Rise Climate II as part of a broader $1.5 billion pledge to TPG’s climate platform. This capital supports both developed and emerging market efforts to accelerate the low-carbon transition. The fund has already started deploying capital. Notable investments include Intersect Power, a clean energy developer co-funded with Google to support AI-ready energy infrastructure. It also backed Altus Power, a U.S. solar energy provider, in a $2.2 billion take-private deal. These investments exemplify the fund’s strategy of backing scalable platforms in critical sectors where climate innovation meets economic viability.