Circularity Capital
Circularity Capital is a specialist Edinburgh-based private equity firm founded in 2015 that invests growth-stage equity in European circular economy SMEs across use models, products/materials, and enabling solutions, managing a €215m Fund II for pension funds, fund-of-funds, insurers, and family offices.
- Company typePrivate
- Founded2015
- HeadquartersEdinburgh, United Kingdom
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Circularity Capital does
Circularity Capital is a specialist private equity firm founded in 2015 and headquartered in Edinburgh, with a secondary office in London. It invests growth-stage equity in European small and medium-sized businesses operating in the circular economy across three themes: Circular Use Models, Circular Products & Materials, and Enabling Solutions. The firm backs businesses with proven revenue models and strong management teams, deploying its own specialist circular-economy expertise alongside a proprietary ESG scorecard and impact-metrics framework to evaluate investments and monitor ongoing portfolio impact.
The firm manages two dedicated circular-economy growth-equity funds, with Fund II closed at €215m in April 2022 — the largest specialist circular economy private equity fund globally. Investors are European institutional LPs including pension funds, fund-of-funds vehicles, insurance companies, and leading single family offices. Distribution is conducted entirely through private placement to qualified investors, supported by dedicated investor portals for each fund. Portfolio companies span water ultrafiltration (CERAFILTEC), circular fashion (ACS, TrusTrace), food-waste AI (Winnow, Matsmart-Motatos), e-bike remanufacturing (REBIKE, Bike Club), sustainable packaging (PackBenefit, Shark Solutions), carbon management (CEMAsys), and workplace equipment rental (Lendis).
The firm monetises through standard private equity economics: recurring management fees (typically 1.5–2% of AUM) charged to LPs, supplemented by performance-based carried interest (typically 20%) on realised returns above a preferred-return hurdle. Revenue mechanics are not publicly disclosed; LP relationships are managed through dedicated portals and direct relationship management. The firm holds UK Financial Conduct Authority authorisation, B Corp certification (achieved December 2024 with a score of 118.7), and is a PRI signatory, reflecting its positioning at the intersection of institutional private equity and verified impact investing.
Circularity Capital firmographics
Firmographics- Name
- Circularity Capital
- Legal name
- Circularity Capital LLP
- Website
- https://circularitycapital.com
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Circularity Capital is a specialist Edinburgh-based private equity firm founded in 2015 that invests growth-stage equity in European circular economy SMEs across use models, products/materials, and enabling solutions, managing a €215m Fund II for pension funds, fund-of-funds, insurers, and family offices.
- Ownership category
- akta.pro rank
Circularity Capital industry classification
Industry- Product category
- Private Equity / Impact Investing
- NAICS
- Portfolio Management and Investment Advice (523940), Other Financial Vehicles (52599), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Water & Waste / Circular Economy Funds (FSANAJAF)
Keywords
Where Circularity Capital is headquartered
LocationHeadquarters
- HQ city
- Edinburgh
- HQ country
- United Kingdom
- HQ region
- Europe
Offices3 records
Markets served
Circularity Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others, Technology or R&D
Revenue model
- Fund Management Fees: Management fees charged on assets under management as a percentage of committed capital, typically 1.5-2% annually, paid by institutional investors including pension funds, fund of funds, insurance companies and family offices.
- Carried Interest: Performance-based carried interest (typically 20%) on investment returns above a preferred return hurdle, aligning investor and fund manager interests. Fund II at €215m is the largest specialist circular economy private equity fund globally.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels6 records
Circularity Capital product offering
Product offeringCore offering
Circularity Capital is a specialist private equity investment manager that raises and deploys dedicated growth-equity funds into European SMEs operating in the circular economy. The firm invests across three circular themes — Circular Use Models, Circular Products & Materials, and Enabling Solutions — providing portfolio companies with hands-on strategic support, an operating team, and access to a global network of corporates and industry experts. Investors (pension funds, fund of funds, insurance companies, family offices) commit capital to the funds in exchange for management fees and carried interest returns.
Product overview
Circularity Capital operates as a specialist private equity investment firm managing two dedicated circular economy growth-equity funds (Fund I and Fund II at €215m). The firm provides investment management services to institutional investors including pension funds, fund of funds, insurance companies, and family offices, focusing on businesses that enable the circular economy across three growth themes: Circular Use Models, Circular Products & Materials, and Enabling Solutions. The firm's offering includes hands-on investment support, specialist circular economy expertise, and access to a global network of corporates and industry experts for its portfolio companies.
Differentiator
Problem solved
Functional benefit
Products and services
- Circularity European Growth Fund II A €215m specialist private growth-equity fund focused on European businesses enabling the circular economy across three themes (Circular Use Models, Circular Products & Materials, and Enabling Solutions). Marketed to institutional LPs via private placement.
- Fund I Investor Portal
Quantifiable outcome
- Portfolio companies achieve measurable positive environmental impact and strong financial returns through circular business models
- +7 more outcomes
Companies that use Circularity Capital
Customer profileNamed customers11 records
Segments5 records
Ideal customer profiles2 records
Circularity Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability2 records
Feature4 records
Circularity Capital partnerships and signals
Strategic signalPartnerships
17 partnerships are on record, tiered strategic, core and minor.
- Circularity Innovation Hub India Pvt. Ltd.strategicCircularity Innovation Hub India announced 100 Village Circular Economy Pilot across Maharashtra at ImagiNxt 2026, focusing on waste-to-wealth systems, entrepreneurship enablement, and sustainable rural economic development.
- MACCIAstrategicMACCIA (Maharashtra Chamber of Commerce, Industries and Agriculture) collaborating on 100 Village Circular Economy Pilot with Circularity Innovation Hub India.
- GTU (Gaon Tithe Udyojak)strategicGTU collaborating on 100 Village Circular Economy Pilot supporting entrepreneurship and rural economic development in selected villages.
- DecathlonstrategicRebike strengthened partnership with Decathlon to accelerate e-mobility through extended eBike lifecycle programs.
- ÅhlénsstrategicTrustrace announced strategic partnership with Åhléns for supply chain transparency solutions in retail.
- ASOSstrategicTrustrace partnered with ASOS to unlock supply chain transparency for the fashion retailer.
- xAIcoreCERAFILTEC partnered with xAI (Elon Musk's AI company) to implement ceramic membrane bioreactor for world's largest supercomputer data centre, enabling reuse of 49 million litres of wastewater per day for cooling.
- BusinessBikestrategicREBIKE partnered with BusinessBike to upgrade company bike leasing services, extending lifecycle of eBikes through refurbishment and rental.
- AllSaintsstrategicAdvanced Clothing Solutions partnered with AllSaints to accelerate circular fashion through rental and resale fulfilment services.
- Otto BollmannstrategicOtto Bollmann partnered with Shark Solutions to launch sustainable interior paint products using recycled PVB technology.
- DecathlonstrategicREBIKE partnered with Decathlon to extend the lifecycle of eBikes through refurbishment and rental programs, strengthening circular e-mobility.
- Circular Carpet Tiles ConsortiumstrategicShark Solutions joined the 'Circular Carpet Tiles' consortium to advance circularity in the carpet industry using recycled PVB materials.
- EOC GroupminorShark Solutions announced collaboration with EOC Group for sustainable product development.
- ArchivestrategicACS partnered with Archive to launch resale service, enabling fashion brands to scale circular business models.
- TapibelstrategicShark Solutions partnered with Belgian manufacturer Tapibel to launch sustainable commercial carpets using 100% post-consumer rPVB pellets and dispersions in 'Ecofuse' carpet range.
- SchwalbestrategicRebike partnered with premium tire manufacturer Schwalbe to collect and recycle worn tires through Schwalbe's dedicated collection program, with plans to handle 20,000 tires annually.
- RemotestrategicLendis partnered with HR services specialist Remote to offer integrated home working solutions, combining Lendis equipment delivery with Remote's virtual onboarding HR services.
Scale indicators6 records
Recent moves7 records
Expansion highlights6 records
Circularity Capital competitors and assessment
Company assessmentDirect peers
- Circulate Capital: Circulate Capital is a specialist private equity firm focused on investments in the circular economy and preventing ocean plastic waste, with offices in Asia and a US fund. It is the closest direct peer to Circularity Capital given its thematic focus on circular economy PE and similar LP base of development finance institutions and corporates.
- Closed Loop Partners: Closed Loop Partners is a US-based private equity firm building the circular economy through investments in recycling infrastructure, circular consumer goods, and sustainable supply chains. Directly comparable to Circularity Capital as a specialist circular economy investment manager with both venture and growth strategies.
- ETF Partners (Environmental Technologies Fund): ETF Partners is a European growth investor backing entrepreneurs whose products and services enable the environmental transition, including circular economy themes. Strongly comparable to Circularity Capital in geography (Europe), stage (growth), and thematic focus on resource efficiency and circular business models.
- Bridges Fund Management: Bridges Fund Management is a UK-based specialist impact investment manager with funds across private equity, venture, and sustainable infrastructure. Comparable to Circularity Capital as a UK-rooted impact-led private equity manager serving institutional LPs with measurable social/environmental outcomes.
- Planet First Partners: Planet First Partners is a European private equity fund manager dedicated to investing in sustainable businesses that address environmental challenges, including the circular economy. Direct peer to Circularity Capital given European geographic focus and sustainability/circular thematic mandate.
- Capricorn Partners: Capricorn Partners is a Belgian independent asset manager managing venture and growth capital funds focused on cleantech, healthtech, and sustainability. Comparable to Circularity Capital as a European specialist growth investor with thematic sustainability mandates.
Emerging players
- Regenerate Ventures: Regenerate Ventures is a UK-based early-growth investor backing circular economy and agri-tech businesses. Comparable to Circularity Capital given shared UK base and circular economy focus, though typically investing at an earlier stage with smaller cheque sizes.
- Astanor Ventures: Astanor Ventures is a European impact venture capital fund backing agri-food and circular economy startups at growth stage. Comparable to Circularity Capital in its European focus and emphasis on circular economy outcomes, though typically earlier-stage than Circularity's growth equity mandate.
Broad incumbents
- KKR Global Impact: KKR's Global Impact strategy invests across climate transition, inclusive growth, and sustainability themes including circular economy-adjacent opportunities. Comparable to Circularity Capital only at the broad thematic level, as KKR is a massive generalist manager with significantly larger cheque capacity.
- EQT (Motherbrain/Sustainability): EQT is a major European-headquartered private equity manager with a dedicated sustainability strategy and significant activity across circular economy themes. Relevant to Circularity Capital as a broad incumbent increasingly competing for European circular economy deals at scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Circularity Capital social profiles
Digital presenceCircularity Capital compliance and trust
Trust signalCompliance2 records
Circularity Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Circularity Capital leadership team
Management profileNumber of profiles
Profiles15 records
Circularity Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Circularity Capital M&A and investment
M&A and investmentM&A
Investments22 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Circularity Capital
What does Circularity Capital do?
Circularity Capital is a specialist private equity investment manager that raises and deploys dedicated growth-equity funds into European SMEs operating in the circular economy. The firm invests across three circular themes — Circular Use Models, Circular Products & Materials, and Enabling Solutions — providing portfolio companies with hands-on strategic support, an operating team, and access to a global network of corporates and industry experts. Investors (pension funds, fund of funds, insurance companies, family offices) commit capital to the funds in exchange for management fees and carried interest returns.
Is Circularity Capital a public or private company?
Circularity Capital is a private company. It is classified as management employee owned and is currently operating.
When was Circularity Capital founded?
Circularity Capital was founded in 2015. It employs 1 to 10 people.
Where is Circularity Capital based?
Circularity Capital is headquartered in Edinburgh, United Kingdom, in the Europe region.
How does Circularity Capital make money?
Two revenue lines are on record. Fund Management Fees are the primary driver. The others are carried Interest.
Who are Circularity Capital's main competitors?
Direct peers on record are Circulate Capital, Closed Loop Partners, ETF Partners (Environmental Technologies Fund), Bridges Fund Management, Planet First Partners and Capricorn Partners. Emerging players are Regenerate Ventures and Astanor Ventures. Broad incumbents are KKR Global Impact and EQT (Motherbrain/Sustainability).
Does Circularity Capital have an API?
No public API is recorded for Circularity Capital.
What industry is Circularity Capital in?
Circularity Capital's product category is Private Equity / Impact Investing. Its primary akta.pro industry code is FSANAJAF, Water & Waste / Circular Economy Funds. Its NAICS code is 523940 and its SIC code is 6282.