The asset management giant was originally targeting $400m for its first private equity impact fund.
The European impact firm has raised €95m for its ocean impact strategy and plans to invest in biodiversity measurement tools to dive into biodiversity credits.
Climate funds cut across asset classes, says Campbell Lutyens, and they are coalescing around three separate themes.
The subsidiary of the Augsburg-based manager is targeting an initial €500m for an affordable residential-focused strategy. In a departure from many social impact vehicles, the firm is raising the capital via a limited life vehicle.
The firm has nearly doubled the size of its flagship private markets fund, helped by its impact investing sleeve and newly added diversity-focused strategy.
‘Demand for climate resilience companies is driven by the rate and speed of climate change, not by the credit cycle or consumer behaviour,’ says Jay Koh, co-founder of impact firm Lightsmith, which has just raised its debut climate resilience fund.
'There is considerable upside for everyone... tens of millions more Africans could gain stable employment while generating returns for investors,' said Allianz’s Martin Ewald.
The firm is working on two strategies – one for institutional investors that will target farmland and timberland assets, and one that will focus on corporates and their carbon offset needs.
The fund was unveiled last year by the private market affiliate of Xponance and Investcorp’s Strategic Capital Group to support diversity, equity and inclusion in the alternative asset industry.
Aavishkaar, a Mumbai-headquartered impact firm, will make equity and debt investments to improve companies’ ESG standards.