51282 - AXA IM Nat Cap

Who We Are
Who We Are

IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
More About Us
About IFC

Our Leadership

Development Partners
Accountability

Learn more about accountability
Annual Report

Download the Report
What We Do
What We Do

IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
What We Do Overview
SOLUTIONS

Our products and services
OUR PRIORITIES

Climate Business

Fragile & Conflict Afflicted Situations

Gender

Mobilizing Private Capital

Sustainability
SECTORS & EXPERTISE

Agribusiness & Forestry

Creative Industries

Education

Financial Institutions

Funds

Health

Infrastructure

Manufacturing

Public-Private Partnerships

Tourism, Retail & Property

Trade & Supply Chain Finance

Venture Capital

Working Upstream
Where We Work
Where We Work

As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
Overview
By Region

Africa

East Asia and Pacific

Europe

Latin America and the Caribbean

Middle East and Central Asia

South Asia
Our Impact
Our Impact

Our impact improves lives. IFC brings a clear set of advantages to the world’s most challenging markets. Including a history of innovation, a global mandate, and a determination to achieve measurable development impact.
Our Impact Overview
PRINCIPLES & MEASUREMENT

Impact Investing at IFC

Measuring and Monitoring (AIMM)

Evaluation

Sustainable Development Goals (SDGs)

Owned by 186 member countries and consistently rated AAA/Aaa. IFC aims to achieve our mission of promoting development by providing debt and equity to the private sector, through a range of benchmark and bespoke products.

For Partners

For Investors

Get in Touch

Summary of Investment Information

Project Number

51282

Company Name

AXA IM Natural Capital Fund

Date SPI Disclosed

Sep 1, 2025

Country

France

Region

Europe

Projected Board Date

Oct 3, 2025

Environmental Category

FI-2 - Limited

Status

Pending Disbursement

Last Updated Date

Nov 12, 2025

Department

Disruptive Tech, Service & Funds

Industry

Funds

Previous Events

Approved : Oct 10, 2025
Signed : Nov 7, 2025

Sector

Growth Equity Fund

Project Description

The proposed transaction is an equity investment of up to US$25 million in the AXA IM Natural Capital Opportunities Fund (“AXA IM NCOF” or the “Fund”). The Fund is a closed-end, nature-based solutions (NBS) carbon fund with a target size of up to US$150 million. AXA IM NCOF intends to invest in projects that generate carbon credits either via (i) removal of existing CO2 from the atmosphere (removal carbon credits) through restoration and sustainable management of land such as, planting trees, facilitating natural regeneration or restoring natural hydrology to wetlands or via (ii) avoidance of further CO2 and CH4 emitted through preventing deforestation/forest degradation or the use of low-carbon household devices (avoidance carbon credits).

The Fund will be domiciled in Luxembourg and will be part of a broader Natural Capital strategy which includes the AXA Natural Capital Fund SA SICAV RAIF, (the “Main Fund”), a 2023 vintage vehicle launched with a $490m commitment from AXA Group. The Fund aims to invest 100% of its commitments in EMs (predominantly Asia and Latin America, as well as Africa).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	25.0

Development Impact

The Fund is expected to increase financing for carbon sequestration and reduction solutions implemented by project developers through the conservation, restoration and sustainable management of land. The Fund will achieve this by providing equity and project financing to developers implementing nature-based solutions, including tree planting for conservation, timber and non-timber forest products, forest conservation, improved forest management, wetland restoration, and provision of low carbon household devices to generate carbon credits. Beyond the project outcomes, supporting a well-known global fund manager in launching its first dedicated emerging market NBS carbon fund will send a transformative signal by demonstrating the commercial viability of a sustainability-focused private equity (PE) and project financing (PF) model targeting Voluntary Carbon Markets (VCMs) as well as evolving compliance markets and opening new pathways for global private investors to provide sustainability-linked finance to emerging markets addressing biodiversity loss.

IFC's equity investment will support AXA IM in achieving the first close of the AXA IM NCOF, focused on Nature-Based Solutions and carbon credits in a rapidly evolving yet institutionally unproven market. Moreover, IFC's anchor role will help AXA IM reach its fundraising target of US$150 million by mobilizing new institutional investors, validating the Fund's strategy, and integrating IFC's ESG standards. Additionally, IFC's non-financial additionality will support AXA IM in enhancing its E&S capacity for its first dedicated emerging markets fund by ensuring robust governance and implementing risk classification criteria aligned with IFC standards.

Indicator	Metrics	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Investees with SME Classification at time of Acquisition (%)	SME Investees (%) [Calculated]	Not Available	Not Available	Not Available
Investees in IDA Countries (%)	Investees in IDA Countries (%) [Calculated]	Not Available	Not Available	Not Available
Corporate Governance: Investees where Fund Manager has Board Seat (%)	Investee Boards with Fund Manager (%) [Calculated]	Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The Fund will invest in nature-based-solution carbon projects, targeting sub-sectors such as forest conservation, improved forest management, tree planting and wetland restoration. Although sub-projects are expected to be nature-positive, E&S risks are potentially high and mostly associated with land acquisition, biodiversity, labor and potential impacts on indigenous peoples and local communities. Contextual risks relevant to sub-projects include land tenure and livelihood related impacts to local communities. To mitigate such risks, AXA IM will be required to screen and manage sub-projects against the IFC Exclusion List, applicable host country E&S laws and the Performance Standards (PS). Additionally, the client will also be required to screen out higher E&S risk sub-projects per a set of agreed eligibility criteria; therefore, the Project has been categorized as FI-2 according to IFC’s Sustainability Policy.

The E&S risks and impacts associated with the Fund originate from the activities of the Fund’s investee projects and their ability to manage these risks and from the Fund Manager’s capacity to: i) identify E&S risks upfront and screen out higher risk transactions; ii) design and agree on corrective actions; and iii) monitor their implementation. To manage such risks, AXA IM will rely on its existing E&S corporate policies (or subsequent E&S corporate policies that may replace them in case of a merger or absorption of AXA IM by a BNP entity, in which case the E&S corporate policies of such BNP entity shall apply) and on its ESMS specifically developed for the AXA IM Natural Capital strategy. The ESMS (codified in an Impact & ESG Policy) is fully integrated into the investment process, encompassing initial screening, E&S risk categorization, PS-based ESDDs and corrective ESAPs overall aligned with IFC E&S requirements. Monitoring is performed on a quarterly basis and includes updates on ESAP implementation, changes in E&S personnel, summary of accidents/incidents, grievances and any legal non-compliance. The Fund Manager has in place an external grievance mechanism to receive and respond to third party concerns. As part of the Project, AXA IM will be required to: i) agree with a procedure to screen out potential higher risk sub-projects; ii) submit the first 3 ESDDs prior to investment; and ii) submit a periodic report to IFC.

Contacts

For Inquiries About the Project, Contact

AXA IM Alts
Fiona Choi Kurz
Managing Director, Client Group Alts
+1 (646) 981-1159
Fiona.CHOIKURZ@axa-im.com
340 Madison Ave New York, NY 10173, USA
https://alts.axa-im.com/

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
Mail/Hand Delivery to: 2121 Pennsylvania Avenue, NW, Washington, DC 20433, USA
Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Projects

Summary of Investment Information

Project Description

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation

Similar Projects

Contacts

Projects

Summary of Investment Information

Project Description

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

Total Project Cost and Amount and Nature of IFC's Investment

IFC's Investment as Approved by the Board

Location of Project and Description of Site

Development Impact

Anticipated Impact Measurement & Monitoring (AIMM) Assessment

IFC's Role and Additionality

Development Results

E&S Category Rationale / Risks and Mitigation

Environmental & Social Categorization Rationale / Key Risks & Potential Impacts

Financial Intermediary Sub-Project Disclosure

Environmental & Social Management System (ESMS)

Mitigation Measures / Environmental & Social Action Plan (ESAP)

Press-Release

Related Environmental Document

Similar Projects

Contacts

Information on E&S Complaints and Grievance Mechanisms

Disclaimer