Family Office-Backed Circulate Capital Raises USD220m for Asia Fund

Circulate Capital Asia fund has raised USD220m for the first close of its second Asia vehicle, defying a broader pullback in ESG investing. Singapore-based Circulate Capital said the first close of Asia Fund II brings total assets under management to USD480m.

Backers include Builders Vision, the family office founded by a grandson of Walmart founder Sam Walton, alongside existing corporate investors such as Coca-Cola and new institutional backers, including the Emerging Markets Climate Action Fund.

Chief executive Rob Kaplan said the Circulate Capital Asia fund will target companies in South and Southeast Asia, mainly in plastics recycling, while expanding into areas such as textiles recycling and eco-friendly packaging.

The fund is aiming for a final close of USD300m by end-2026.