Swiss impact investor responsAbility Investments AG has raised a total of $461 million in the final close of its largest closed-end climate investment vehicle, Asia Climate Fund.
The South Asia- and Southeast Asia-focused private credit fund attracted commitments from institutional investors, family offices, foundations, and development finance institutions, responsAbility said in a statement.
The Asia Climate Fund employs a blended finance approach, leveraging public capital to catalyse private investment. Over half of total commitments, or more than $200 million, have come from the private sector.
Last year, DealStreetAsia reported that the International Finance Corporation (IFC), a member of the World Bank Group, committed $50 million in the fund’s senior tranche.
The fund will provide private credit to companies operating in renewable energy, electric mobility, energy efficiency, climate-related infrastructure and circular economy solutions across South and Southeast Asia.
responsAbility said the vehicle’s blended-finance structure combined concessional public-sector capital with commercial commitments. The concessional portion mobilised more than five times its value in commercial capital.
Blended-finance vehicles typically use public or philanthropic funding to reduce investment risks and attract private capital into emerging markets or sectors that might otherwise struggle to secure financing.
“Reaching a final close of $461 million is an important milestone for responsAbility and a strong vote of confidence from our investors,” said Stephanie Bilo, the firm’s chief client and investment solutions officer.
The fund has committed about $204 million to 17 portfolio companies since its inception, representing approximately 44% of the capital raised.
The investments span renewable energy, electric mobility, energy efficiency, and circular economy businesses, although responsAbility did not disclose the portfolio companies or individual transaction values.
Founded in 2003 and headquartered in Zurich, responsAbility specialises in private-market investments targeting financial inclusion, climate finance, and sustainable food systems in emerging markets. The firm is part of UK-based asset manager M&G.
In April, the firm committed up to $15 million to Singapore-headquartered Skye Renewables Energy. The investment was structured as private debt, sitting within responsAbility’s Asia climate investment strategy.
Earlier this year, responsAbility received a 200-million-euro ($239 million) private equity fund investment mandate from Stella Vermögensverwaltungs GmbH, the investment vehicle of the Heinz Hermann Thiele Family Foundation and Julia Thiele-Schürhoff.
