The Singapore-based investment management company said the money came from its Circulate Capital Ocean Fund (CCOF), a $106 million fund backed by some of the world’s largest brand owners and plastics manufacturers.
Circulate Capital spun off from U.S.-based Closed Loop Partners and is led by Rob Kaplan, co-founder of Closed Loop Partners. The company announced late last year it had secured funds and was gearing up to invest the money.
Circulate Capital on April 28 announced that its first investments were in Lucro Plastecycle Private Limited (Lucro) in Mumbai, India, and PT Tridi Oasis Group (Tridi Oasis) in Jakarta, Indonesia. Lucro specializes in recycling difficult-to-manage flexible plastics, and Tridi Oasis is a female-led company specializing in recycling PET bottles into RPET flakes.
Tridi Oasis is also receiving financial support from the U.S. government. Last year, the U.S. Agency for International Development (USAID) announced it will provide up to $35 million to back Circulate Capital’s investments by offering 50% loan guarantees, which reduce risk for private financiers. According to Circulate Capital’s press release, the Tridi Oasis loan is 50% guaranteed by the U.S. International Development Finance Corporation in collaboration with USAID.
CCOF is backed by PepsiCo, Procter & Gamble, Dow, Danone, CHANEL, Unilever, The Coca-Cola Co. and Chevron Phillips Chemical.
A version of this story appeared in Resource Recycling on April 28.
