British International Investment has committed $20m to the fund, which has a $400m target.
The fund was launched in partnership with FMO and KfW, and has a $500m target.
The firm expects to wrap up fundraising in the next six to nine months, according to a source close to the fundraise.
Deputy chief executive Frederic Giovansili provided an update on the firm's impact strategy on its H1 results call.
Galvanize is tying 30% of its carried interest to sustainability goals, a fund document shows.
Fundraising for impact strategies has picked up after a year to forget in 2023.
Our 2024 list of the largest managers of impact capital reveals which strategies and managers are getting attention from LPs.
A number of data points this week – including our own Impact 50 list – point to continued LP enthusiasm for private markets impact.
The appetite for Eurazeo's debut transition strategy shows the power of impact to driver allocations, says co-CEO Christophe Bavière.
Strathclyde Pension Fund has allocated £15m to Temporis Capital's impact strategy, a regulatory filing shows.