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The manager has secured approximately £100m of equity commitments for the UK-focused fund.

The US investment management firm is almost a third of the way to a target of $150m with commitments from 29 investors so far.

Bain was one of the first generalist private equity firms to move into impact investing.

The World Bank Group's private sector division offers $125m for ADP IV and joins a mix of private investors and other DFIs, including Germany's DEG and France's Proparco.

Desenvolve SP has committed around $118m to 14 funds since January 2023, with 'more to come', said a spokesperson.

Kip Kirkpatrick, senior partner, co-chairman and co-CEO at Vistria, told affiliate title Buyouts the CV deal was a win-win for all the parties involved, including LPs.

Alex Farmer, the head of the sustainability practice at the US law firm, is 'excited' to see more mature and larger impact strategies in 2026.

The pool of investor capital with an interest in impact has grown, which has 'increased efficiency from an execution standpoint', says Rise Fund managing partner Maya Chorengel.