Circulate Capital Hits First Close of USD 220 Mn for Second Asia Fund
Its investments will focus on plastic and packaging solutions, alongside sectors such as electronics and apparel.
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Circulate Capital, a Singapore-based investment firm focused on the circular economy, has raised USD 220 million as the first close of its Circulate Capital Asia II fund, achieving more than 70% of its USD 300 million target.
The new fund will provide growth capital to scale recycling businesses and circular supply chains across South and Southeast Asia. Its investments will focus on plastic and packaging solutions, alongside sectors such as electronics and apparel.
The firm had earlier raised USD 188 million under its first fund and has since built a track record in the region, including a full exit from Indian digital waste management platform Recykal. It has also partially exited investments in Lucro, which specialises in recycling flexible plastic packaging, and Srichakra Polyplast, a food-grade plastic recycler.
The second fund has attracted a mix of global investors, including corporations, development finance institutions, institutional investors and family offices. Corporate participants include The Coca-Cola Company, Danone, Dow and Procter & Gamble.
Rob Kaplan, Founder and CEO of Circulate Capital, said, “Circulate Capital is the first and only private markets manager to bet exclusively on circular supply chains across South and Southeast Asia. Our track record of successful exits demonstrates that the circular economy is no longer just a subset of ESG or sustainability. It is a sophisticated asset class that can deliver liquidity to private equity investors.”
Fund II will target high-growth opportunities in markets such as India, Indonesia, Thailand, Vietnam, the Philippines and Malaysia. Planned investments include scaling PET recycling, developing recycling streams for polyolefins, advancing paper-based packaging alternatives and recovering critical materials from electronic waste and batteries.
The fund aims to finance nearly 2 million tonnes of recycling capacity and, over a decade, is expected to help prevent 30 million tonnes of unmanaged waste while reducing over 50 million tonnes of carbon emissions.
Circulate Capital, a Singapore-based investment firm focused on the circular economy, has raised USD 220 million as the first close of its Circulate Capital Asia II fund, achieving more than 70% of its USD 300 million target.
The new fund will provide growth capital to scale recycling businesses and circular supply chains across South and Southeast Asia. Its investments will focus on plastic and packaging solutions, alongside sectors such as electronics and apparel.
The firm had earlier raised USD 188 million under its first fund and has since built a track record in the region, including a full exit from Indian digital waste management platform Recykal. It has also partially exited investments in Lucro, which specialises in recycling flexible plastic packaging, and Srichakra Polyplast, a food-grade plastic recycler.
