Fund II has already raised nearly half its target and is expected to wrap up in the fourth quarter of this year.
Some managers have managed to raise impact capital despite a slower market in H1 2023.
ESG is ‘part of diligence for almost every fund’, and GP diversity almost always comes up in LP discussions, the placement agent says.
The firm will invest growth capital in companies supporting emissions avoidance in agriculture and emissions sequestration via natural assets.
Nature-based solutions need both catalytic and institutional capital to remove carbon from the atmosphere at scale, according to a study by the Forest Investor Club.
A $100m commitment from Washington State Investment Board has been approved, according to a source.
Investors in the fund include climate-focused fund of funds Carbon Equity and Flemish government fund PMV.
The five-year-old firm has some established names among its existing limited partners, both from the world of private markets and wider institutional investment.
One attraction of debutant Glentra Capital was that the value-add infra fund starts with 'a clean piece of paper', according to an anchor LP.
EIP, the world's 19th largest impact fund manager, has a large roster of strategic corporate LPs – although it has also raised capital from financial institutional investors in the past year.