fund economics

The firm has done its first adaptation deal and expects to do more, according to general partner David Frykman.

The firm is raising $500m for the fund, which has both an impact hurdle and a financial hurdle.

Linking a portion of carried interest to impact performance is becoming more common, with private equity firms like Apollo, Apax and EQT implementing such a mechanism. LPs are split on the idea.

EQT, L Catterton and Just Climate also have impact-linked GP incentives for their impact funds.

The giant New York pension plan is not of fan of funds with a portion of their carried interest linked to impact, its sustainable investment chief Andrew Siwo told a lively debate on impact at PEI Group's NEXUS 2024 event.

XSML Capital has raised $98.7m for its fourth fund, according to a statement.

Despite missing its target, the firm is 'really excited' to have raised the largest generalist impact fund on record, says head of impact Jen Braswell.

The firm raised $510m for its PE vehicle and $135m for its venture fund, founder Rob Appleby and ventures head Alastair Cooper tell New Private Markets.

Edda III, though not explicitly an impact strategy, applies the firm's thematic decabonisation focus, according to investor relations head Frida Einarson.

Impact Engine operates as an “impact LP”, deploying most of its capital to the funds of emerging and established buyout and growth equity GPs with an impact focus.