Emerging Markets

ADM Capital plans to launch a successor fund to its Asia Climate-smart Landscapes Fund, with a focus expanded from Indonesia to the broader Southeast Asia region.

The vehicle was launched in 2024 with a $50m fundraising target.

The South African venture capital firm is yet to invest in the sector, but believes some of the continent’s start-ups could reach the scale it requires within two years.

Periods of upheaval have typically sped up the sector’s progress and innovation, says Cibus Capital chief investment officer Rob Appleby.

The vehicle has been backed by investors including FMO, Proparco and Swedfund.

The first vehicle in the series was backed by LPs including the Green Climate Fund, FMO and the Soros Economic Development Fund.

The half-year take by agri-food and forestry vehicles is down marginally from H1 2025, with agribusiness representing the majority of fundraising.

The manager of Novo Nordisk Foundation’s $36bn of investments is expanding its planetary health portfolio and mulling carving out an allocation for private equity GPs to run. More offices in Asia may also be on the cards.

Made Group’s expansion has come amid an increased consumer focus on food and beverages that deliver health benefits.

The corporate-backed impact investment platform has been investing in nature-based solutions such as mangroves and forestry since it was founded in 2009.