IMPACTASSETS 50™
An Annual Showcase of Impact Investment Fund Managers
ImpactAssets 50
An Annual Showcase of Impact Investment Fund Managers
Circulate Capital
Climate Change
Diversity, Equity and InclusionFirm Overview
Circulate Capital is the leading circular economy investment platform in high-growth markets – with investments and teams in 10+ countries. Partnering with global brands and institutions, we invest to transform recycled plastic supply chains at scale, by delivering financial, environmental and social returns. Launched in 2018 by supply chain experts and leading corporations - including PepsiCo, Procter & Gamble, Dow, Danone, Chanel, Unilever, The Coca-Cola Company, Chevron Phillips Chemical Company LLC and Mondelēz International - aspiring toward a waste-free future, the firm’s US $265 million assets under management are invested across the waste management, recycling, and innovative materials value chains. We are also supported by a blended finance partnership with the U.S. International Development. Founded in and originally focused on South and Southeast Asia, the firm now targets scalable solutions and untapped opportunities in high growth markets to generate value and spark further investment in the emerging circular economy.
Years of Operation: 5 – 9 years
% of Capital from Top 3 Investors: Less than 25%
By investing in waste management, recycling systems, and the circular economy in Asia's and Latin America's high-growth markets, we can prevent plastic pollution and catalyze capital while delivering impactful financial, environmental, and social returns.
Circulate Capital addresses the global waste crisis by targeting the investment gap in sustainable waste management and recycling in high-growth markets. Our approach channels investments into scalable and sustainable circular economy solutions, aiming to demonstrate their economic viability as well as their environmental and social benefits. Through strategic investments and value addition in such companies, Circulate Capital intends to drive a just transition to climate benefit, and to inspire further investment into the circular economy sector, with the goal of unlocking US$1 billion into the sector and preventing 150 million tonnes of plastic leakage.
- Distinct and diverse strategy - Exclusive focus on recycling supply chains - 23 portfolio companies across the recycling value chain - Largest recycling portfolio in Asia and currently replicating this model in Latin America
- Experienced local teams - 22 leadership and investment professionals with >300 years collective PE experience, majority from South or Southeast Asia - 1,550+ deals reviewed, 96% proprietary deal flow
- Authentic impact - Measuring and delivering impact: environmental, climate, social and gender - Aligned with best industry standards: PRI, OPIM, IFC Performance Standards. - Back-to-back recognition: One of just 19 firms - out of 100+ worldwide - named on the May 2025 BlueMark Impact Leaderboard.
Investment Example
- Polindo Utama (Polindo) is an Indonesia-based PET recycler with more than 20 years of experience and fully integrated operations across collection, washing, flake production, and pelletizing. PET, the plastic commonly used in water and soda bottles, is in high demand for food-grade recycling. Polindo’s operations focus on post-consumer plastic waste, ensuring materials are recovered directly from end users. Each year, the company collects and recycles over 2.8 billion plastic bottles, giving them a second life as high-quality recycled content. With Circulate Capital’s investment, Polindo will expand its PET recycling capacity and begin processing additional plastic types.
- Earthodic is an Australia-based climate tech startup transforming packaging with Biobarc, a recyclable, bio-based, waterproof alternative to wax and plastic coatings on paper packaging. Traditional paper coatings, like those used on takeaway food boxes or disposable coffee cups, are notoriously difficult to recycle, sending most to landfills. Biobarc maintains water resistance while enabling easy recycling, keeping valuable materials in circulation. Circulate Capital's funding will support FMCG certifications to accelerate adoption and scale impact across key markets.
- Polyrec S.A.S. is a Barranquilla, Colombia-based recycler of flexible plastic, such as bags and wraps. Positioned on Colombia’s northern coast, Polyrec has access to plastic feedstock from Latin America’s fourth-largest producer of plastic waste, as well from the Caribbean, where countries are among the highest producers of plastic waste per capita. Our investment will strengthen the company’s operations and help to double its processing capacity for flexible plastic recycling.
Leadership and Team
Financial Performance
Impact Performance
|
Percentage of Total Assets Under
Management that are Impact Investments: |
100%
|
Our investment thesis centers on impact. Our financial success is linked to the impact we create in the plastics waste value chain and systemically. We invest in circular solutions to achieve positive environmental and social outcomes while driving business growth. This approach influences every stage of our investment process, from sourcing to portfolio management and exit. In alignment with the Sustainable Development Goals, our impact management system centers on measuring progress across three key objectives, adopting standardized metrics and methodologies wherever feasible: 1- Generating circular and climate benefit 2- Scaling investable business models 3- Improving livelihoods and communities
As part of our Gender Smart Investing strategy and 2x Challenge commitment, we made sure that all our tools in the investment process integrate a gender perspective to ensure women-owned and led enterprises are not excluded: - We expanded tools such as the screening and due diligence questionnaires to include questions related to gender. - At the pre-investment process, we embedded gender in the investment thesis and set specific terms (precedent and subsequent) for new investments based on gender targets. Gender metrics have been included as part of the fund’s quarterly reporting templates.
Impact Tracking and Monitoring
Learn More
6 Temasek Boulevard, #09-05 Suntec Tower Four, Singapore 038986
Apply for the IA 50 2022
The application period to become an ImpactAssets 50 2022 Fund Manager will open in September 2021!
To stay informed on the application process, sign up here.