Binyamin Ali
The sovereign debt restructuring facility seems capable of solving numerous challenges simultaneously but has some way to go before it becomes an easily replicable way of protecting natural capital.
Christof Kutscher has stepped down from the role and Berg will move up from his position as chief investment officer for the firm’s nature based carbon strategy.
Climate Fund Managers structured Ecuador’s $656m debt-for-nature conversion – the largest in the world – and the firm wants to see more involvement from institutional LPs.
The firm has seen deals slow down or halted altogether due to a lack of credit options in the US lower mid-market food and ag segment in which it specializes.
The evergreen fund has taken commitments from European institutional LPs and a collection of private investors.
The speed at which trees grow and carbon credits can be generated on the continent is a big draw, while some LPs seek alternative emerging markets to China.
Dutch insurer ASR has committed €10m to the Article 9 fund, which links 100% of its carried interest to the achievement of impact goals.
Capital was deployed from the firm’s STAFF II vehicle, which held an €80m fourth close in August 2022 and is nearing its €100m target.
The Iowa-based firm specializes in providing growth equity capital and succession planning liquidity.
Climate Asset Management’s investment vehicle will straddle its existing carbon and natural capital strategies and is open to investment from Apple supply chain companies to address its Scope 3 emissions.