Circulate Capital
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.
- Company typePrivate
- Founded2018
- HeadquartersSingapore, Singapore
- Headcount11–50
- GTM typeB2B
- OfferingServices
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.
Circulate Capital firmographics
Firmographics- 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
Circulate Capital industry classification
Industry- 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
Where Circulate Capital is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices4 records
Markets served
Circulate Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- 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.
- 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
Circulate Capital product offering
Product offeringCore 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
Companies that use Circulate Capital
Customer profileSegments4 records
Ideal customer profiles3 records
Circulate Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Circulate Capital partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core and minor.
- See Hau Global (Intraco Pallet)coreFirst 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)coreFully integrated plastic recycler in East Java, Indonesia, specializing in polyolefins. Investment to triple blow-film capacity and boost recycled pellet production.
- Polindo UtamacorePET recycler with 20+ years experience, fully integrated operations. Processes over 2.8 billion plastic bottles annually for food-grade recycling.
- Omnigreen SAPI de CVcorePioneer 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.coreLeading 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 CapitalcoreBrazilian 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)coreBrazil'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.coreLeading Colombian flexible plastics recycling company. First LAC investment by Circulate Capital. Processes LDPE, PP, and BOPP materials.
- DLA PiperminorLegal counsel that advised HSBC on the green loan facility transaction with Circulate Capital.
Scale indicators12 records
Recent moves10 records
Expansion highlights6 records
Circulate Capital competitors and assessment
Company assessmentDirect 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
Circulate Capital social profiles
Digital presenceCirculate Capital compliance and trust
Trust signalCompliance4 records
Circulate Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Circulate Capital leadership team
Management profileNumber of profiles
Profiles13 records
Circulate Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Circulate Capital M&A and investment
M&A and investmentM&A
Investments19 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Circulate Capital
What does Circulate Capital do?
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.
Is Circulate Capital a public or private company?
Circulate Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Circulate Capital founded?
Circulate Capital was founded in 2018. It employs 11 to 50 people.
Where is Circulate Capital based?
Circulate Capital is headquartered in Singapore, Singapore, in the Asia region.
How does Circulate Capital make money?
Two revenue lines are on record. Fund Management Fees are the primary driver. The others are performance Carry/Carried Interest.
Who are Circulate Capital's main competitors?
Direct peers on record are Closed Loop Partners, Circularity Capital and Renewal Funds. Broad incumbents are KKR Global Impact, TPG Rise Climate, Brookfield Global Transition Fund and Generation Investment Management. Emerging players are Capricorn Investment Group and Builders Vision. The Recycling Partnership is listed as an others.
Does Circulate Capital have an API?
No public API is recorded for Circulate Capital.
What industry is Circulate Capital in?
Circulate Capital's product category is Private Equity Investment Management. Its primary akta.pro industry code is FSAAALAG, Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure), with a secondary code of FSANAHAN, Corporate Strategic Real Assets & Infrastructure Venture Investing. Its NAICS code is 523940 and its SIC code is 6282.