Family Offices Back Circulate Capital’s Asia Recycling Fund at USD220m First Close

Family offices Asia recycling fund backing helped Circulate Capital secure a USD220m first close for Circulate Capital Asia II, giving the Singapore-based investment manager more than 70% of its USD300m target for a vehicle focused on scaling circular supply chains and recycling businesses across South and Southeast Asia.

Backers include Builders Vision, Stella, Clotho Family Office, Wire Group and Fondation Prince Albert II de Monaco.

The first close exceeds Circulate Capital’s first fund, which closed at USD188m.

The firm said the family offices Asia recycling fund will deploy growth capital in India, Indonesia, Thailand, Vietnam, the Philippines and Malaysia, targeting plastics, packaging, electronics and apparel recycling.

The deal highlights continued appetite from family offices and impact investors for circular-economy strategies.