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Blue Earth Capital, the impact investing firm established by founders of the private equity giant Partners Group, has reached a first close of $113 million for a new private credit fund.
The evergreen, “semi-liquid” fund is designed to win over mission-driven investors that hesitate to invest in private markets due to the lack of liquidity. The fund offers investors “exposure to both developed and emerging markets through a single, diversified, vehicle,” said Blue Earth’s Amy Wang.
Anchor investors include family offices and a large pension fund, the firm said. Wang, head of private credit at Blue Earth, also manages the firm’s closed-ended private credit strategy, which notched a $108 million close for its second fund last year.
To crowd new investors into impact, Blue Earth has made it a priority in recent years to offer liquidity, early-redemption and diversification opportunities. Last year, it launched impact secondaries funds for developed markets and for emerging markets, which can generate positive returns more quickly than primary private equity funds. In 2022, Blue Earth closed an emerging markets-focused fund-of-funds investing in both private debt and private equity funds, providing additional diversification for investors.
- A recent credit investment by Blue Earth: An $11 million sustainability-linked loan to a hospital in Namibia (see, “Blue Earth issues $11 million sustainability-linked loan to Namibian hospital”).
