Mirova has launched an emerging markets-focused natural capital debt fund targeting €350 million. Mirova Sustainable Land Fund 2 will invest in agriculture and forestry projects with objectives of climate change adaptation, mitigation and biodiversity preservation, the firm announced this week. It is the successor to Mirova’s $208 million, 2021-vintage Land Degradation Neutrality fund, which is now fully invested.
Mirova, the world’s 10th biggest impact GP, has managed a number of natural capital-related strategies. It is in market with the Climate Fund for Nature, which has a €300 million target and has received commitments from corporates Kering and L’Occitane Group. In 2020, it received a €50 million mandate from L’Oréal for nature regeneration, and it manages the $132 million Althelia Sustainable Ocean SICAV-SIF.
Mirova closed its flagship fifth energy transition fund on €1.6 billion in 2022.
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