PROJECT

Projects

Summary of Investment Information

Project Number

51761

Company Name

Circulate Capital Asia II, LP

Date SPI Disclosed

Dec 23, 2025

Country

East Asia and Pacific Region

Region

East Asia and the Pacific

Projected Board Date

Jan 23, 2026

Environmental Category

FI-2 - Limited

Status

Pending Disbursement

Last Updated Date

Apr 1, 2026

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Mar 19, 2026
Signed : Mar 30, 2026

Sector

Growth Equity Fund

Project Description

The proposed investment is for up to US$10 million (capped at 20% of total commitments) in Circulate Capital Asia II L.P. (the Fund), a US$300 million private equity fund targeting growth equity investments across the recycling supply chain in Southeast Asia and South Asia. The Fund will be managed by Circulate Capital Management Pte. Ltd. (Circulate Capital or the Fund Manager), a Singapore-based impact-focused private equity firm and existing IFC client.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation