Binyamin Ali

The fund has been anchored by NGS Super, marking the firm’s first commitment from an Australian superannuation fund.

The firm intends to return to market with the second fund in its regenerative agriculture series in 2026.

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

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

The venture capital fund will target areas including maritime decarbonization, ocean renewable energy and green shipping infrastructure.

The vehicle will make investments in areas such as afforestation and sustainable land use in Asia, Latin America and Africa.

NatWest Cushon's responsible investment manager Martin Logan says the "primary driver" for the pension's investment in the asset class is to "mitigate some of the carbon price risk that our equity portfolio is exposed to".

The European Investment Fund's guarantee mechanisms and impact-driven commitments are helping vehicles get off the ground and supporting farmer resilience.

Managing director Richard Kelly discusses the strategy's ill-fated public market flotation and the open-end structure that has led to anchor LPs doubling down on their commitments since the de-listing.

Forfeited carry does not go back to LPs to avoid any conflicts of interest and is diverted to a third-party organisation agreed upon by GPs and the LPAC.