Emerging Markets

Paine Schwartz Partners – last year’s top firm – takes second place as the top five in our Agri-Food and Forestry 20 remain unchanged.

Our 2025 Global Awards are now open and close to submissions on 31 December 2025.

The collaboration with Haryana-headquartered project developer Varaha marks the largest carbon investment to date for the Paris-based Natixis Investment Managers affiliate.

The vehicle has a €350m fundraising target and has also been backed by Allianz France and BNP Paribas Cardif.

Climate Fund Managers will manage the fund, which has received cornerstone commitments from MUFG, FinDev Canada and the Green Climate Fund.

The vehicle has a $200m fundraising target and will add a further 40,000ha of forestry in Paraguay.

The permanent crops vehicle has received commitments from institutional LPs in Europe, North America, Australia and Chile.

Climate Fund Managers’ $1.06bn final close for Climate Investor II is a win for climate finance in frontier markets. It’s also a reminder that standardization remains elusive.

The blended finance fund manager previously structured the $1.6bn Galapagos debt-for-nature swap, in which CI2 was an investor.

Managing director John McKenna says LPs are waking up to the fact ‘40% of the world’s biodiversity is in Latin America’ and are allocating accordingly.