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 global energy transition and green hydrogen sectors in emerging markets.  The fund was formed on 12 February 2025 with EUR 150 million in commitments from European donors. It is targeting a final close by end 2027.

CI3’s blended finance model balances risk, enabling public and private sector investors to access the rapidly growing energy transition and green hydrogen markets at a risk-return profile aligned with their mandates.

CI3 is structured as a family of funds investing across the energy transition and green hydrogen value chain. CI3 is a feeder fund which may invest directly into projects but may also invest into country-specific underlying funds. These country-specific funds currently include:

• SDG Namibia One (also known as CI3 Namibia): an energy transition and green hydrogen fund in partnership with the Environmental Investment Fund of Namibia (EIF) and Invest International to incubate Namibia’s energy transition and green hydrogen sector markets.
• SA-H2 Fund (also known as CI3 South Africa): an energy transition and green hydrogen fund in partnership with Invest International and supported by Sanlam Limited of South Africa, the Development Bank of Southern Africa (DBSA), and the Industrial Development Corporation of South Africa (IDC), to promote the development of South Africa’s energy transition and green hydrogen sector markets.

Green hydrogen, produced through water electrolysis using renewable energy, is a key enabler of the global energy transition. Its versatility and portability make it essential for decarbonising hard-to-abate sectors such as transport and industrial production, key contributors to global CO2 emissions. Emerging markets like South Africa and Namibia, with their abundant renewable resources and competitive production costs, are well-placed to lead the sector, transforming local industries and driving low-emission, climate-resilient economic growth.

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.