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Circulate Capital holds third close of Circulate Capital Ocean Fund I-B

Circulate Capital has held the third close of the Circulate Capital Ocean Fund I-B (CCOF I-B), bringing the fund’s total commitments to $53 million.

CCOF I-B’s latest close brings the Singapore-based investment-management firm’s total assets under management to $165 million, making it the largest impact investment firm dedicated to fighting plastic pollution and advancing the circular economy in South and Southeast Asia. 

Alongside the firm’s $112 million Circulate Capital Ocean Fund (CCOF I), the fund invests in companies across the plastic-recycling and waste-management value chains, as well as startups focused on early-stage disruptive innovation and technology aligned with Circulate Capital Disrupt, the firm’s climate tech strategy, such as new delivery models, advanced recycling technologies, and new alternatives to single-use plastic.

CCOF I-B’s support includes $10 million from IFC, a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets, and $5.6 million from Proparco, a subsidiary of Agence Française de Développement (AFD) devoted to private-sector financing. IFC’s investment includes an equity commitment of US$5 million from the Finland-IFC Blended Finance for Climate Change Program.

CCOF I-B is backed by a number of distinguished international private investors, including Align Impact, Builders Vision, Benjamin Duncan Group, DF Impact Capital, Eden Impact, Huang Chen Foundation, Jebsen & Jessen, Minderoo Foundation, Rumah Group, North-East Family Office, SK2 Fund, Twynam Investments, the Woodcock Foundation, and Neil Yeoh of OnePointFive. In April 2022, Circulate Capital announced an expected commitment to be made later this year by the European Investment Bank (EIB), which will invest up to $20 million in CCOF I-B. 

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