A win for the circular economy! Singapore-based Circulate Capital has raised $220M in the first close of its second Asia-focused fund, Circulate Capital Asia II. 

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Some more detail. The fund has already reached more than 70% of its $300M target. 

• FYI. This surpasses their first fund, which closed at $188M. 

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✅ LP check

Strategic corporates, development finance institutions, pension-linked capital, and family offices joined as investors. 

• Returning backers include The Coca-Cola Company, Danone, Dow, Procter & Gamble, British International Investment, Proparco, IFC, and Builders Vision. 
• Meanwhile, EMCAF, Impact Fund Denmark, SIFEM, and Australian Development Investments also joined in.

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💵 What’s with the $$$? 

Circulate Capital will use the capital to support recycling and circular supply chain businesses across India, Indonesia, Thailand, Vietnam, the Philippines, and Malaysia. 

• They’ll focus on the plastics and packaging, electronics, and apparel sectors. 

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Zoom out. The firm says that their Asia portfolio has expanded to almost 900K tons of annual collection and recycling capacity.

• With the latest fund, they plan to add almost 2M tons more.