Dutch blended finance investment firm Climate Fund Managers (CFM) has been selected as the fund manager for Gaia, a blended finance credit project led by Japanese mega-bank Mitsubishi UFJ Financial Group and development bank FinDev Canada, according to a press release.
Gaia was announced earlier this year. It is looking to raise $1.485 billion to invest in climate mitigation and adaptation projects in the Global South (which includes Africa, Asia and Latin America). Green Climate Fund, a vehicle founded by the UN Framework Convention on Climate Change to finance projects in emerging markets, approved a $150 million commitment in October. MUFG and FinDev Canada plan to co-invest around $440 million, per the statement. Pollination has been appointed as strategic adviser to CFM.
CFM currently manages two emerging market infrastructure funds focused on climate change: Climate Investor One, a $850 million fund focused on renewable energy, which closed in 2019; and Climate Investor Two, which launched in 2020 and is seeking $1 billion to invest in water, sanitation and oceans infrastructure.
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