– Circulate Capital raised $220M for the first close of its Asia II fund, reaching over 70% of its $300M target and surpassing its previous $188M fund.
– The fund will invest in scaling circular supply chains across South and Southeast Asia, focusing on plastics, packaging, electronics, and apparel recycling.
– A strong mix of returning investors includes major corporates like The Coca-Cola Company, Danone, Dow, and Procter & Gamble, alongside DFIs such as IFC – International Finance Corporation and Proparco.
– New institutional investors joined, including EMCAF, Achmea Investment Management, Impact Fund Denmark (formerly IFU), SIFEM – The Swiss Development Finance Institution, and Australian Development Investments.
– The investor base is further diversified with global family offices and impact investors such as Builders Vision, Stella, Clotho Family Office, and Fondation Prince Albert II de Monaco.
– Fund II will target high-growth markets including India, Indonesia, Thailand, Vietnam, the Philippines, and Malaysia, scaling recycling capacity and advancing circular innovation.
– Jean-Yves Krummenacher, Global Chief Procurement Officer at Danone, said scaling inclusive recycling systems is essential to strengthen ecosystems, keep materials in use, and build resilient supply chains.
– Keith Cleason, President Packaging & Specialty Plastics at Dow, said Circulate Capital has delivered tangible impact in recycling capacity and flexibility, and Dow will continue collaborating to advance circular solutions.
– Chris Wu, Vice President Investments at Builders Vision, said Circulate Capital’s regional expertise, strong corporate relationships, and disciplined impact approach create a competitive edge in sourcing high-quality circular economy investments.
– Rob Kaplan, Founder and CEO of Circulate Capital, said the circular economy is now a mature asset class capable of delivering liquidity and strong returns, with significant growth potential across Asia.