Funds

Climate Investor Two (CI2) is Climate Fund Managers second blended finance facility, delivering water, waste and oceans infrastructure projects in emerging markets. Established in 2019, the fund reached its final close in 2025 with USD 1.065 billion in commitments, becoming the largest climate adaptation infrastructure fund focused on emerging markets.

CI2 employs a mix of public and private-sector funding as well as commitments from development finance institutions (DFIs), all in mutually beneficial and complementary ways.

Public-sector donors fund the development stage of the projects, which typically cannot be financed by private-sector investors. Donors also play a key role in mobilising private-sector capital during the construction stage of the project, where risks are better understood and financial returns can be achieved.

CI2 was formed in partnership with Dutch Fund for Climate and Development (DFCD) and the European Commission to mobilise private sector investment at scale in water, waste management and oceans infrastructure in Climate Fund Manager’s focus markets of Latin America, Africa and Asia. CI2 is supported by multiple public and private sector organisations, including development finance institutions, multilateral finance institutions, banks and other commercial investors from across the globe.

Climate Investor Three (CI3) is Climate Fund Manager’s third blended finance facility, focused on the energy transition and green hydrogen value chain in Southern Africa.  The fund was formed in February 2025 with EUR 150 million in commitments from European donors and has not yet reached final close.

As a blended finance facility, CI3 combines public and private capital in a single platform to optimise capital requirements associated with climate interventions to stimulate investments into new markets, technologies and associated capital expenditure. Public capital is deployed strategically to balance risk, enabling institutional and commercial capital to participate in projects targeting energy transition.

CI3 is currently investing through two country-specific affiliates:

• SDG Namibia One (also known as CI3 Namibia): an energy transition and green hydrogen fund focused on Namibia, managed by a partnership between Climate Fund Managers, the Environmental Investment Fund of Namibia (EIF) and Invest International. Investors include fund anchors, the European Commission and Invest International. SDG Namibia One has not yet reached final close.

• SA-H2 Fund (also known as CI3 South Africa): an energy transition and green hydrogen fund focused primarily on South Africa, managed by a partnership between Climate Fund Managers and Invest International. Investors include fund anchors Invest International and the European Commission, as well as the Industrial Development Corporation of South Africa (IDC), the Public Investment Corporation (PIC) on behalf of the Government Employees Pension Fund (GEPF) and Sanlam Life Insurance Limited (Sanlam Life). The fund is also supported by the Development Bank of Southern Africa (DBSA). SA-H2 reached first close in 2026 at ZAR 3 billion (~USD 182 million¹) and has not yet reached final close.

CI3 invests in large-scale energy transition projects across the green hydrogen value chain, including green hydrogen production, downstream derivatives such as green ammonia and green methanol, and the decarbonisation of hard-to-abate industries.

¹USD equivalent calculated using the South African Reserve Bank exchange rate of ZAR 16.4782 per USD as of 3 August 2026.

The GAIA Climate Loan Fund (GAIA) is Climate Fund Manager’s first private credit facility, co-founded by MUFG, FinDev Canada and the Green Climate Fund. Managed by Climate Fund Managers and supported by Pollination, it provides long-term loans to climate adaptation and mitigation projects in 19 emerging and developing markets. The fund reached a first close of USD 600 million in October 2025 with cornerstone commitments from MUFG, FinDev Canada and the Green Climate Fund, and is targeting a total size of USD 1.48 billion with final close anticipated in 2027.

GAIA provides loans to sovereign, sub-sovereign, quasi-sovereign and state-owned entities, including municipalities, development banks and state-owned utilities. A minimum of 25% of commitments will be deployed in Least Developed Countries and Small Island Developing States, and at least 70% of capital will support climate adaptation, with up to 30% allocated to mitigation.

Adaptation areas include sustainable agriculture, water management, ecosystem resilience and climate-smart infrastructure, while mitigation will support renewable energy and low-carbon transport. GAIA is supported by a dedicated FX facility for local-currency lending and a Technical Assistance Facility that strengthens project preparation and ESG readiness.

Upon full deployment, GAIA aims to benefit 19 million people, support more than 11,000 jobs, avoid around 30 million tonnes of CO₂ emissions annually, deliver approximately 700 MW of renewable energy capacity and improve the climate resilience of over 5,000 km² of natural resources.

The Malaysia Climate Infrastructure Fund (MCIF) is a private equity fund focused on climate mitigation and adaptation infrastructure in Malaysia, emerging Asia and Latin America.

Managed by a joint venture between Climate Fund Managers and Argos Partners, MCIF has a Shariah-compliant structure to accommodate both Islamic and conventional institutional investors.

MCIF employs a multi-sector investment strategy designed to address interconnected climate and infrastructure challenges. It invests across renewable energy, water and wastewater, low-carbon transport and digital infrastructure to support the transition to a low-carbon, climate-resilient economy.

MCIF reached its first close in 2025 at USD 120 million, supported by commitments from Malaysian institutional investors including KWAP.

This information is provided for general informational purposes only and does not constitute an offer, invitation or solicitation to invest in the fund. The fund has not been registered for distribution in the European Economic Area (EEA) and is not intended for investors in the EEA.