Adamantem Capital, the Australian mid-market private equity firm, is trying to raise a climate fund, a spokesperson has confirmed to New Private Markets.
The firm is targeting A$350 million ($240 million; €238 million) for its Environmental Opportunities Fund, and is aiming to hold a first close before the end of the year. The news was first reported in the Australian Financial Review (subscription required).
“It will focus on businesses within three segments: clean energy and electrification; natural capital and abatement, such as carbon farming; and the circular economy, which covers waste management and sustainable packaging,” writes the AFR.
A climate-focused offering represents a step on from Adamantem’s second private equity vehicle, which closed last year on A$795 million. This generalist mid-market fund introduced a “cradle-to-grave” approach to emissions reductions, whereby every portfolio company estimates its emissions at the start of Adamantem’s ownership and implements emissions reduction targets that aim to either eliminate or offset their emissions within a decade. Read more on that here.