Circularity Capital claims record circular economy fund
Circularity Capital, an Edinburgh-based asset manager, claims it has raised the world’s largest specialist circular economy private equity fund.
The fund manager said its Circularity European Growth Fund II was oversubscribed as its closed at €215m (£181m).
It attracted “blue-chip institutional investors” including pension funds, insurance companies and family offices across Europe, the UK and North America, and fund of funds money.
It added that the fund would continue Circularity Capital’s dedicated strategy of investing in circular economy growth-stage businesses in Europe.
Circularity Capital, based in Charlotte Square, said it had so far made eight investments from its first fund, which closed at £60m, and two investments from its second vehicle.
Investee companies include ZigZag, a SaaS (software-as-a-service) platform for eliminating retail returns wastage, sold by Circularity to New York Stock Exchange-listed Global Blue in March 2021.
Circularity Capital was founded in 2015. Its founder partners include Ian Nolan, who spent 25 years at investment capital group 3i, and David Mowat, who has spent more than 20 years working in senior positions within venture capital and private equity.
The other founding partners are Andrew Shannon, who worked for private equity and venture capital fund manager Foresight with a focus on small and medium-sized enterprise investment, and Jamie Butterworth, a former chief executive of the Ellen MacArthur Foundation, a global hub for circular economy innovation.