Singapore’s Circulate Capital Raises $220 Million for Asia Fund

Singapore-based investor Circulate Capital, which invests in and finances firms that recycle plastics and create eco-friendly packaging, has raised $220 million for a second Asia fund despite a global downturn in demand for environmental, social and governance funds.

The first close of Circulate Capital Asia Fund II brings the firm’s total assets under management to $480 million, said CEO Rob Kaplan. The new fund is backed by Builders Vision, the family office set up by the grandson of Walmart Inc. founder Sam Walton, existing corporate funders like The Coca-Cola Co. and new institutional investors including the Emerging Markets Climate Action Fund, co-managed by Allianz Global Investors.