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In brief: Circular economy fund buys into coconut recycler

Circularity Capital, a fledgling circular economy fund backed by AXA IM Alts, Christian Super and BNP Paribas Fortis, is investing its first growth fund while raising its second.

Circularity Capital, a firm investing in the circular economy, has backed Cocogreen, a company that uses coconut by-products to produce a substrate to grow fruits and salads. The deal comes from Circularity European Growth Fund I, which raised £60 million ($82 million; €72 million) between 2017 and 2018 from investors including AXA IM Alts, BNP Paribas Fortis, superannuation fund Christian Super, corporate Henkel AG & Co. KGaA and Finnish government-backed investor SITRA. The firm is also on the road with its second European growth fund, for which it has raised £135 million.