Growth capital platform Infinity Recycling (IRC) has announced that its Circular Plastics Fund I SCSp (CPF) reached the fifth close at €135m ($147.84m).
The fund has successfully welcomed three new institutional limited partners (LPs), including Investeringsfonds Groningen (IFG).
This milestone reflects the robust support from a diverse group of institutional investors from Europe and other regions.
The CPF, which aims to reach a final size of €150m, is recognised as an Article 9 ‘dark green’ impact fund in the EU’s Sustainable Finance Disclosure Regulation.
The fund’s investments are strategically directed towards expediting the shift to a circular plastics economy, by supporting advanced recycling technology companies that have the potential to transform plastic waste into primary commodities for new plastic production.
Investors’ contributions to the CPF are set to hasten the commercialisation of these advanced recycling technologies.
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IFG fund manager Jan Timmer said: “For IFG, the investment is obvious. We want to move from fossil to circular and sustainable and are always looking for the best way to achieve that goal.
“Setting up a green chemistry plant is extremely capital intensive, so it makes sense that we look at funds like CPF. Especially because it does not only provide capital, but also expertise and advice that the entrepreneurs in Groningen can benefit from.”
Since its inception in February 2022, the CPF has already invested in five portfolio companies, including three follow-on investments, and manages more than €40m in assets under management.