Environment

Ecosystem Investment Partners V, L.P. (“EIP V”) is the fifth institutional fund managed by Ecosystem Investment Partners, a private equity firm focused on large-scale ecological restoration and mitigation banking. With over $400 million in capital commitments, the fund continues the firm’s strategy of investing in wetland, stream, water quality, biodiversity, and habitat mitigation projects across the U.S. Since its founding in 2006, EIP has raised nearly $1.5 billion and developed a robust platform for delivering measurable natural capital outcomes through regulated environmental markets. EIP V secured support from a broad base of new and returning institutional investors, including public and corporate pension funds, endowments, and family offices across the U.S. and Europe. The fund's appeal lies in its ability to offer strong financial returns that are uncorrelated with traditional markets while delivering tangible ecosystem benefits. This growing global interest in nature-based solutions underscores the structural market demand for environmental offsets that comply with U.S. regulations such as the Clean Water Act and Endangered Species Act. To date, EIP V has already deployed over $125 million into nine projects across Florida, Kentucky, Wisconsin, South Carolina, Pennsylvania, California, and Louisiana. These include both greenfield mitigation banks and acquisitions of asset portfolios designed to restore more than 8,000 acres of wetlands and 23 miles of streams. This early activity highlights the depth of EIP’s deal flow and operational expertise in scaling natural infrastructure solutions. Through its two-decade experience, extensive partner network, and focused market access, EIP has positioned itself as a national leader in delivering both environmental impact and investment value. EIP V aims to meet the rising demand from infrastructure, energy, and real estate developers for mitigation credits, while also helping institutional LPs align with sustainability objectives. The fund’s successful close in a difficult fundraising environment signals investor confidence in this differentiated and growing asset class.

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.

The GIP Emerging Markets Fund I is focused on investing in infrastructure opportunities in 11 Target Countries in Asia and Latin America. The fund seeks to capture investment opportunities in these geographies that are underpinned by favorable demographic, economic, and regulatory conditions coupled with a rapidly growing demand for private infrastructure investments. This indicates a focus on sectors such as energy, transport, digital infrastructure, and water and waste management. The fund closed $2.1 billion in commitments in March 2024. The fund has attracted a diversified investor base, including public and private pension plans, sovereign wealth funds, insurance companies, financial institutions, asset managers, endowments, and family offices across North America, Europe, Asia, and the Middle East. This indicates a broad geographic focus and a wide range of potential investment targets within the emerging markets. With over $1 billion already deployed across a diversified portfolio of assets, the fund has a financial target of making significant investments in infrastructure projects in the target countries. The fund's leadership expressed confidence in the investment climate in these emerging markets, emphasizing the potential for positive economic impact for communities.

J.F. Lehman & Company (“JFLCO”)'s is a continuation fund for JFL Credit Opportunities I, L.P. Credit Fund I’s assets under management include new capital commitments as well as the portfolio of credit positions formerly held indirectly by JFL Equity Investor VI, L.P. and its affiliates (“Fund VI”) in high-quality, middle-market companies within the firm’s target industries (aerospace, defense, government, maritime, environmental and infrastructure sectors). Pantheon, a leading global private markets investor, acted as the lead investor, with StepStone Group also participating. JFLCO’s credit strategy is opportunistic in nature, spanning syndicated credit, secondary direct lending and distressed situations across the firm’s core industries.

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.