Snehal Shah

Investors are appointing GPs to deploy impact allocations through direct and co-investments – as investor demand outpaces the market of established impact funds.

Brookfield’s Global Transition Fund has raised $750m from the New York State Common Retirement Fund – eclipsing commitments of $300m from the New Jersey Division of Investment and Pennsylvania Public School Employees' Retirement System.

The €41bn pension fund has also backed CIP’s energy transition fund and its fourth and third flagship renewables funds.

‘We have put our money where our mouth is’ to create impact, but ‘it starts off with the financial KPIs,’ says Apax Impact co-head David Su.

Canadian firm Longbow – which previously focused on oil and gas assets – has closed its first Energy Transition Fund at $141m.

Nuveen’s Rekha Unnithan tells New Private Markets the firm ‘did the right thing by our LPs’ in closing below its original $400m target and says it is already planning its next impact fund.

Most fund managers set blanket net-zero targets for their entire portfolios, but some like real estate manager Fiera are finding advantages to setting fund-specific targets.

Circularity Capital has closed its second fund – the world’s ‘largest circular economy private equity fund’, according to the firm.

Washington State Investment Board has committed more than $1bn to TPG’s four Rise funds since 2017.

The €14bn insurance company’s capital will be co-invested alongside private equity, infrastructure debt and climate insurance funds managed by Schroders and its impact subsidiary BlueOrchard.