Natural capital investment manager Mirova has made significant strides with its Mirova Sustainable Land Fund II, now securing commitments close to €100 million, according to a recent announcement from the firm.
The fund, launched in December 2023 with a target of €350 million, has attracted prominent investors including French insurers Allianz France, Abeille Assurances, and BNP Paribas Cardif. Additionally, SDG Impact Finance Initiative, a private and public capital mobilizer, has also joined the fund, along with development finance institutions FMO and Proparco, which are expected to participate at the next interim close.
Mirova Sustainable Land Fund II is designed to invest in agroforestry, sustainable forestry, and regenerative agriculture projects in developing countries. Following in the footsteps of its predecessor, the UN-backed Land Degradation Neutrality (LDN) Fund, the fund focuses on blended finance, with capital deployed mainly through debt financing. The LDN Fund, which closed in 2021 with $208 million, fell short of its $300 million goal.
Anne-Laurence Roucher, Head of Private Equity and Natural Capital at Mirova, emphasized the importance of collective collaboration to accelerate the transition to sustainable models that support local communities. “Fostering collective intelligence and collaboration among all stakeholders is vital to accelerate the shift from nature-dependent economic value chains to a more sustainable model that enhances the incomes and rights of local communities,” she said.
In addition to the Sustainable Land Fund II, Mirova is also raising funds for its Climate Fund for Nature, which targets €300 million. This fund focuses on supporting high-quality projects dedicated to nature conservation and the restoration of ecosystems in emerging markets, while also assisting farmers in their transition to regenerative agriculture. Backed by luxury brands such as Kering and L’Occitane, the fund has already secured €195 million in commitments from key supporters, including Capgemini, Unibail-Rodamco-Westfield, and fragrance manufacturer MANE Group.
The continued support for Mirova’s initiatives marks a growing interest in sustainable land use investment and the protection of natural resources, with an increasing number of investors committing to nature-based solutions.
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