About This Fund
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.