Impact Investing

As impact investors increasingly seek liquidity, sustainable secondaries funds are 'drinking out of a fire hose'.

The firm has registered BlueEarth EM Impact Secondaries II, a regulatory filing shows.

Tikehau has raised more than €1bn for smart infrastructure company Egis.

Mirova first invested €150m in TagEnergy in 2022.

There was around $20bn of impact secondaries volume last year, attendees at PEI Group's Impact Investor Global Summit 2025 heard last week.

The firm closed its fourth dedicated impact secondaries fund on $252.2m in July, short of its $350m target.

Commonfund Environmental Solutions II has sleeves for private equity fund investments, direct and co-investments, secondaries and real assets.

Clean Growth VI is 60% invested and its first distributions are scheduled for later this month.

Secondaries investors – such as Kline Hill Partners and North Sky Capital – can make primary fund commitments for a number of reasons.

While impact secondaries transactions remain a relatively small part of overall secondaries volume, these vehicles can offer more certainty around impact-linked growth stories compared with their blind-pool counterparts.