Circulate Capital

What Circulate Capital does

Circulate Capital is a Singapore-headquartered private investment management firm founded in 2018 that focuses exclusively on investments in plastic circularity and the broader circular economy in high-growth emerging markets. It operates a multi-fund platform comprising the Circulate Capital Ocean Fund (CCOF I), Circulate Capital Asia II (Fund II, targeting $300M, $220M first close), and a Latin America and Caribbean Fund ($75.8M), with firm-wide AUM of approximately $480M as of early 2026. The firm deploys capital through two strategies: a Recycling Supply Chains strategy (early-growth to growth-stage equity/quasi-equity/debt tickets of $2M-$30M targeting collection, sorting, upcycling, and digitization) and a Circulate Capital Disrupt innovation strategy (Series A-C, $1M-$5M targeting bio-based materials, reuse/refill platforms, and advanced/chemical recycling). Its core technology is non-proprietary — Circulate does not build software or hardware itself — but the firm has built a proprietary impact-measurement framework using the PLACES tool for GHG assessment, aligned with IRIS+, the Operating Principles for Impact Management, UN PRI, and SFDR Article 8, with BlueMark Platinum rating on Fund ID.

The firm's revenue model is a classic emerging-market private-equity structure: recurring management fees on committed/managed capital across its funds, plus performance carry from successful exits such as the Recykal full exit at approximately 5x returns and partial exits from Lucro and Srichakra Polyplast. Go-to-market is direct relationship-based fundraising led by a Head of Fundraising, targeting two primary LP segments — strategic corporate investors (Coca-Cola, Danone, Dow, P&G, Unilever, PepsiCo, Chanel, Mondelez, Chevron Phillips Chemical) and development finance institutions (IFC, Proparco, BII, EIB, IDB Lab) — alongside a growing roster of family offices and pension funds (Builders Vision, Stella, Clotho, Achmea, Impact Fund Denmark, SIFEM, ADI, Fondation Prince Albert II de Monaco). On the investee side, Circulate serves portfolio companies across India, Indonesia, Thailand, Vietnam, the Philippines, Malaysia, Brazil, Colombia, and Mexico with growth capital, on-the-ground operating support, and introductions to its multinational corporate LPs as off-take customers, having backed 21+ companies across 30+ deals.

Name

Circulate Capital

Legal name

Circulate Capital LLC

Website

https://circulatecapital.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Circulate Capital is a Singapore-based investment management firm founded in 2018 that deploys dedicated circular-economy funds ($480M+ AUM) into plastic recycling and waste-management companies across South/Southeast Asia and Latin America, backed by global corporates and DFIs.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

akta.pro secondary industry

Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

Keywords

• Circular economy investing
• Impact investment management
• Plastic recycling finance
• Venture capital funds
• Emerging markets investing

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Fund Management Fees: Circulate Capital charges management fees on committed capital from their funds (CCOF I at $188M, Asia Fund II targeting $300M with $220M first close, LAC Fund at $75.8M). The firm also earns performance carry on successful exits.
2. Performance Carry/Carried Interest: The firm earns carried interest on investment returns from portfolio company exits, as evidenced by the full exit from Recykal at approximately 5x returns and partial exits from Lucro and Srichakra Polyplast.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels8 records

Core offering

Circulate Capital is a private investment management firm that raises capital from global corporates, development finance institutions, family offices, and pension funds, and deploys it into early-growth to growth-stage companies building recycling and circular economy solutions across South and Southeast Asia and Latin America. The firm manages multiple dedicated funds (Circulate Capital Ocean Fund I, Circulate Capital Asia II, and a Latin America and Caribbean Fund) and pursues two complementary strategies: a Recycling Supply Chains strategy and an innovation strategy called Circulate Capital Disrupt.

Product overview

Circulate Capital is the leading circular economy investment management firm in high-growth markets, operating as a multi-fund investment platform. The firm offers two complementary investment strategies: (1) Recycling Supply Chains strategy that transforms recycling and waste management supply chains through collection/sorting, upcycling technologies, and digitization; and (2) Circulate Capital Disrupt innovation strategy targeting disruptive materials and advanced recycling technologies. The firm's product suite includes multiple dedicated investment funds—Circulate Capital Ocean Fund (CCOF I), Circulate Capital Asia II (Fund II), and a Latin America and Caribbean Fund—collectively targeting companies across South and Southeast Asia, and Latin America. The firm also provides impact measurement and management services aligned with global standards, and has secured a HSBC Green Loan Facility for flexible capital deployment. Ticket sizes range from $1-30 million across equity, quasi-equity, and debt instruments.

Differentiator

Problem solved

Functional benefit

Products and services

• Circulate Capital Ocean Fund (CCOF I)

Quantifiable outcome

• 622,000 tonnes of plastic waste kept in circulation or reduced (cumulative 2020-2024)
• +4 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• See Hau Global (Intraco Pallet)coreOthers · 3 December 2025First Malaysia investment. Polyolefin recycler and regional leader in plastic pallet manufacturing under Intraco Pallet brand. Founded 1994, integrated model spanning PP and HDPE recycling.
• Pelita Mekar Semesta (PMS)coreOthers · 3 July 2025Fully integrated plastic recycler in East Java, Indonesia, specializing in polyolefins. Investment to triple blow-film capacity and boost recycled pellet production.
• Polindo UtamacoreOthers · 3 July 2025PET recycler with 20+ years experience, fully integrated operations. Processes over 2.8 billion plastic bottles annually for food-grade recycling.
• Omnigreen SAPI de CVcoreOthers · 28 January 2025Pioneer in flexible plastic recycling in Mexico. Integrated recycling model combining on-site waste collection with advanced processing for LDPE and LLDPE materials.
• Recyclapet S.A.S.coreOthers · 28 January 2025Leading recycler producing high-quality rPET for Andean and Caribbean markets. Second investment in Colombia, supporting growth to become one of the largest rPET producers in the region.
• eB CapitalcoreStrategic or Co-development Partner · 23 September 2024Brazilian alternative investment firm partnered with Circulate Capital on Cirklo investment. eB Capital acquired Green PCR and Global PET, consolidating Brazil's PET recycling market, with Circulate Capital joining as strategic investor.
• Cirklo (Economia Circular Participações S.A)coreOthers · 23 September 2024Brazil's largest independent PET recycler, processing over 4 billion PET bottles annually through integrated operations in São Paulo and Paraíba states.
• Polyrec S.A.S.coreOthers · 24 July 2024Leading Colombian flexible plastics recycling company. First LAC investment by Circulate Capital. Processes LDPE, PP, and BOPP materials.
• DLA PiperminorImplementation/ SI/ Consulting PartnerLegal counsel that advised HSBC on the green loan facility transaction with Circulate Capital.

Scale indicators12 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Closed Loop Partners: US-based private investment firm exclusively focused on building the circular economy, operating multiple funds across recycling infrastructure, venture, and catalytic capital. Closest direct competitor in dedicated circular-economy PE, though US/North America focused.
• Circularity Capital: UK-based growth PE firm investing exclusively in businesses enabling the circular economy, with ticket sizes and strategy closely mirroring Circulate Capital's Recycling Supply Chains approach. Highly comparable in fund size, stage focus, and thesis.
• Renewal Funds: Canadian venture and growth fund investing in circular economy and sustainable food, with portfolio companies spanning waste, recycling, and packaging. Comparable in early-to-growth stage circular-economy focus and impact mandate.

Broad incumbents

• KKR Global Impact: KKR's dedicated impact strategy across climate, inclusion, and sustainable infrastructure. Competes for climate and impact capital but as a much broader, generalist-impact player rather than a circular-economy specialist.
• TPG Rise Climate: TPG's climate-focused growth and infrastructure strategy with allocations into circular economy, advanced recycling, and waste management. Overlapping theme but vastly larger fund sizes and broader climate mandate.
• Brookfield Global Transition Fund: Brookfield's transition-focused fund deploying institutional capital into decarbonization and resource efficiency assets. Competes for transition capital pools but with infrastructure-scale assets rather than growth-stage recyclers.
• Generation Investment Management: Sustainability-focused investment firm with public and private strategies incorporating circular-economy exposure. Comparable in sustainability/impact DNA, but more weighted toward public equities and a broader sustainability mandate.

Emerging players

• Capricorn Investment Group: Impact-focused investment manager with deep exposure to clean tech, resource efficiency, and circular economy themes. Comparable in mission alignment and LP composition (foundations, family offices) though broader sector mandate.
• Builders Vision: Family-office backed impact investor and returning Circulate Capital LP, deploying capital into ocean health and circular economy. Comparable thematically but primarily a direct investor/family-office allocator rather than a third-party fund manager.

Others

• The Recycling Partnership: Non-profit improving recycling in North America through grants, technical assistance, and funding. Operates in adjacent recycling-infrastructure space and is a potential ecosystem partner rather than a direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCVef-2A5XmA0qG58R6Ag_WQ
• LinkedInlinkedin.com/company/circulatecapital

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments19 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Circulate Capital