Unilever

About the fund

Circulate Capital has raised nearly a quarter billion dollars to curb plastic waste, increase plastic recycling. Most of its money comes from large plastic producers and users, and most of its capital—so far—has been directed to Southeast Asia, the region with the biggest plastic waste problem. But two years ago, the Singapore-based firm started testing the waters for a Latin America-focused fund. This year Circulate made its first two investments in the region, backing Colombia-based Polyrec, a recycler of flexible plastic, such as bags and wraps, and Brazilian PET recyclerCirklo(see, “With investment in Colombia, Circulate Capital brings growth capital to plastics recycling in Latin America”). Circulate is looking to raise between $80 million and $150 million for its first Latin America fund. It will make growth equity and quasi-equity investments in companies and technologies enabling the collection, sorting and processing of plastic waste while supporting the livelihoods engaged in plastic waste management, particularly for workers in the informal economy.