Press Releases Circulate Capital Closes Latin America and Caribbean (LAC) Fund at over US$75M, One of the Region’s Largest Environmental Funds; Firm’s Total AUM Reaches Approximately US$265M
July 8, 2025
MEXICO CITY, July 8th, 2025 – Circulate Capital, a leading investment management firm advancing the circular economy in high-growth markets, announced today the final close of its fund to combat plastic pollution in Latin America and the Caribbean (LAC) at US$75.8M, bringing the firm’s total AUM to approximately US$265M.
The firm also welcomed new partners to the LAC fund: iAlumbra, Heading for Change, Sea Forward, and the LATAM Impact Fund. These values-aligned investors represent some of the region’s most forward-thinking capital providers and bring deep expertise in sustainable growth:
- iAlumbra Deploys capital across the full spectrum, catalyzing models for economic growth that restore the environment, honor community, and advance health and prosperity.
- The LATAM Impact fund, co-managed by Sonen Capital and Fondo de Fondos, invests in scalable businesses that improve livelihoods and build climate resilience.
- Heading for Change Heading for Change is an endowment making investments in nature, climate and biodiversity solutions to advance gender equity.
- Sea Forward is a global philanthropic platform focused on protecting the ocean and advancing the blue economy.
Their participation builds on the foundation laid by the investors who anchored the Fund’s launch in May 2023, including global corporates Danone, Dow, Mondelēz International, Unilever, and Chevron Phillips Chemical, alongside mission-aligned partners IDB Lab (the innovation arm of the Inter-American Development Bank Group) and Builders Vision. This combination of corporate partnerships and impact-focused capital remains central to the fund’s strategy to scale best-in-class recycling and circular economy solutions across the region.
Addressing a Regional Challenge with Global Implications
Latin America and the Caribbean face a pressing plastic waste crisis. The region’s extensive coastline, combined with high urbanization and limited waste infrastructure, contributes to significant plastic leakage into the environment. An estimated 3.7 million metric tons of plastic waste have entered the ocean from LAC, a figure projected to rise to 4.4 million metric tons by 2050 if the trend persists.
At the same time, global demand for high-quality, recycled plastics is accelerating, driven by ambitious corporate sustainability targets and regulatory pressures. Yet, the region’s recycling value chain remains largely underdeveloped and underfunded, stalling environmental progress and constraining economic potential. Circulate Capital’s LAC fund was created to bridge this critical gap. By mobilizing capital, the fund aims to scale high-performance recycling infrastructure, unlock local innovation, and foster the next generation of circular economy leaders.
Portfolio Momentum and Regional Impact
To date, the fund has made four investments across Brazil, Colombia and Mexico, with more in the pipeline. These companies are already transforming into high-value recycled materials over 100,000 tonnes of plastic waste annually, creating more than 800 direct jobs, and strengthening regional supply chains for recycled materials that meet global brands standards.
Current Investments include:
- Ambiental de Plasticos Recyclapet S.A.S,(Colombia): A leading recycler producing high-quality rPET for the Andean and Caribbean markets.
- Cirklo (Brazil): The country’s largest independent PET recycler, supporting the development of circular economy infrastructure.
- Omnigreen SAPI de CV(Mexico): A pioneer in flexible plastic recycling; and
- Polyrec (Colombia): a leading flexible plastics recycling company.
These investments build on Circulate Capital’s proven model, honed through six years of building the largest portfolio of recycling companies in South and Southeast Asia. To date, the firm has backed 21 companies globally.
“Today’s plastic problem is tomorrow’s profit opportunity – if you know where to look. We’re looking at Latin America,” said Rob Kaplan, Founder and CEO of Circulate Capital. “In a shifting macroeconomic landscape, Latin America’s high-growth markets are increasingly attractive for institutional and corporate investors alike.”
Kaplan added: “Our portfolio companies are tackling three challenges at once: waste reduction, job creation, and cleaner communities across Latin America. From waste to wealth, from pollution to profit – that’s the circular economy opportunity we’re scaling across Latin America.”
Nothing contained in this Press Release is intended to project, predict, guarantee, or forecast the future performance of any investment. This Press Release is for information purposes only. It is not investment advice or an offer to buy or sell any securities or to invest in any funds or other investment vehicles managed by Circulate Capital.
Circulate Capital Expands Southeast Asia Footprint with Investments in Leading Indonesian Recyclers Pelita Mekar Semesta (PMS) and Polindo Utama (Polindo)
July 3, 2025
Two new investments to advance scalable recycling solutions in Indonesia’s circular economy and support the growing demand for recycled plastic.
Singapore – July 03, 2025 – Circulate Capital, a leading circular economy investment management firm in high-growth markets, today announced two new investments in Indonesia: Pelita Mekar Semesta (PMS) and Polindo Utama (Polindo). These new commitments mark a strategic step forward in Circulate Capital’s efforts to scale proven solutions and strengthen supply chains where the need and opportunity are greatest.
As demand for recycled content intensifies and policy momentum accelerates across Asia, Circulate Capital continues to invest in companies already operating on the front lines of the circular economy. These investments reflect the firm’s long-term commitment to the region and its belief that high-growth markets like Indonesia offer not just environmental and climate impact but a clear pathway to scale and returns.
“Indonesia represents one of the most dynamic opportunities to scale circular economy solutions globally,” said Dondi Hananto, Associate Investment Partner Southeast Asia & Head of Indonesia, Circulate Capital. “With the right mix of growth capital, technical support, and market access, companies like PMS and Polindo can become national and regional champions in closing the loop on plastic waste.”
Scaling proven solutions
Pelita Mekar Semesta (PMS) is a fully integrated plastic recycler with over 15 years of experience, operating in East Java. Serving both domestic and international markets, the company specializes in polyolefins – plastics commonly used in everyday packaging and bags. Circulate Capital’s investment will triple PMS’s blow-film capacity, boost the production of high-quality recycled pellets, and support the development of new collection and sorting infrastructure across multiple cities. PMS’s product range includes recycled pellets and finished goods such as garbage and agricultural bags.
Polindo Utama (Polindo) is a PET recycler with more than 20 years of experience and fully integrated operations across collection, washing, flake production, and pelletizing. PET, the plastic commonly used in water and soda bottles, is in high demand for food-grade recycling. Polindo’s operations focus on post-consumer plastic waste, ensuring materials are recovered directly from end users. Each year, the company collects and recycles over 2.8 billion plastic bottles, giving them a second life as high-quality recycled content. With Circulate Capital’s investment, Polindo will expand its PET recycling capacity and begin processing additional plastic types to meet growing corporate demand for traceable, high-quality recycled materials.
At scale, the two companies are projected to circulate 320,000 tonnes of plastic waste cumulatively by 2030, as well as add more than 30,000 tonnes of new recycling capacity, and improve the livelihoods of 10,000 workers across the value chain.
A strategic growth market
Indonesia generates an estimated 6.8 million tons of plastic waste annually, over 70% of which is at risk of leaking into the environment. Yet, it also hosts one of the most dynamic ecosystems of local recyclers in the region, supported by a fast-growing wave of policy reforms and consumer demand that is accelerating the shift toward circularity.
“These investments are crucial for building Indonesia’s circular economy,” said Karyanto Wibowo, Senior Director Public Affairs & Sustainability, Danone Indonesia. “By partnering with Circulate Capital and supporting local recyclers, we’re strengthening the infrastructure needed to scale with Indonesia’s growth. We’re not just addressing today’s waste challenges – we’re building tomorrow’s solutions. This demonstrates Danone AQUA’s unwavering commitment to delivering a tangible, positive impact for Indonesia’s environment and economy.”
Nurdiana Darus, Head of Sustainability and Corporate Affairs, Unilever Indonesia stated “Recyclers play a vital role in tackling waste management challenges and advancing the circular economy in Indonesia. This investment supports the development of inclusive recycling infrastructure in Indonesia, as we work towards our shared ambition of ending plastic pollution – through reduction, circulation, and collaboration. By working with the entire value chain and building shared recycling capabilities and systems, we can achieve the economies of scale needed to ensure plastic continues to serve its purpose and out of the environment, while also improving access to recycled materials“.
Circulate Capital has now backed 23 companies across Asia and Latin America, channeling capital to scale solutions that reduce plastic pollution, drive climate impact, and build resilient, future-fit supply chains. Prior to these two new investments, the firm’s portfolio had already added 455,000 tons per annum of new recycling capacity, avoided 627,000 tons of CO₂ emissions, and improved the livelihoods of more than 6,600 workers across the value chain.
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Additional Quotes
Mr. Willyam Wiranda, CEO, PT. Pelita Mekar Semesta: “This investment marks a significant milestone in our journey toward realizing our vision of becoming a world-class recycler. It will enable us to accelerate our growth plans, expand our market reach, enhance our research and development efforts, and further solidify our position as a leader in the polyolefin plastic recycling industry. With a shared commitment to excellence, innovation, and customer satisfaction, we aim to create even more value from plastic waste and deliver high-quality recycled products that define the circular economy at its best.”
Mr. Daniel Lawrence, CEO, PT. Polindo Utama: “Circulate Capital’s investment enables Polindo to significantly increase our production capacity and expand the types of plastics we can process. It is a critical step in strengthening our position as a leader in the recycling industry, while also meeting market demand for more sustainable recycling solutions.”
Nothing contained in this Press Release is intended to project, predict, guarantee, or forecast the future performance of any investment. This Press Release is for information purposes only and is not investment advice or an offer to buy or sell any securities or to invest in any funds or other investment vehicles managed by Circulate Capital.
Reports Circulate Capital’s 2024 Progress Report
June 5, 2025
We are pleased to share Circulate Capital’s 2024 year in review, highlighting the progress made in scaling circular supply chains across Asia and Latin America.
The report provides an overview of our cumulative financial, environmental, and social impact, along with updates on how our portfolio companies are driving solutions across diverse materials and markets.
Circulate Capital Strengthens Indonesia Commitment with the Appointment of Dondi Hananto as Associate Investment Partner, SEA, and Head of Indonesia
February 7, 2025
Singapore – February 06, 2025 – Circulate Capital, a leading circular economy investment management firm in high-growth markets, has appointed Dondi Hananto as Associate Investment Partner, Southeast Asia, and Head of Indonesia. This strategic appointment reinforces Circulate Capital’s commitment to strengthening its commitment to investing in in Indonesia, a key market for scaling plastic recycling and waste management solutions.
Since its launch in December 2019, backed by leading global corporations, Circulate Capital has built the largest investment portfolio of companies in South and Southeast Asia dedicated to fighting plastic pollution. This includes three impactful debt and equity investments in Indonesia:
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- Prevented Ocean Plastic Southeast Asia: A plastic waste collection company pioneering an innovative supply chain model across Indonesia.
- Tridi Oasis: A women-led company specializing in recycling PET bottles into rPET flakes for packaging and textiles. Circulate Capital exited its investment in Tridi Oasis in 2022 following the company’s formation of a Joint Venture with ALBA Asia, a global leader in recycling and environmental services.
- Reciki: A home-grown operator of material recovery facilities (MRFs) that sorts mixed waste from household and commercial businesses. Reciki secured a strategic partnership in December 2024, which enabled Circulate Capital to exit its loan, marking the firm’s second exit in Indonesia.
As the largest country in Southeast Asia, accounting for half of the region’s combined GDP and population, Indonesia is both a major producer and consumer of plastics. Solving the plastic waste challenge to create a more circular and sustainable materials value chain could unlock up to US$ 9.3 billion in annual value.
The country’s recycling sector presents a significant investment opportunity. With collection initiatives dating back 30 years and a recycling industry established over the past two decades, the sector is primed for consolidation. Market maturity and the receptiveness of capital markets, evidenced by more than a dozen converters listed on the Indonesia Stock Exchange (IDX), position Indonesia as a critical growth market.
Rob Kaplan, CEO and Founder of Circulate Capital, commented: “Deep local expertise is crucial to scaling impact in the markets we serve. With Dondi’s extensive experience and on-the-ground knowledge, we’re well-positioned to expand our footprint in Indonesia through further investments, drive growth for our portfolio companies, and execute successful exits.”
Dondi brings over 25 years of experience in banking and venture capital, including leadership roles at HSBC, Bank Danamon Indonesia, and Sampoerna Strategic’s microfinance project. Since 2011, he has been actively investing in companies with positive social and environmental impact, initially through Kinara Indonesia, an accelerator for impact businesses. Most recently, as a Partner at Patamar Capital, he led investments across Southeast Asia, building a strong regional portfolio and presence. He is also a board member of Indonesia Impact Alliance, a network of impact investing stakeholders with a mission to increase capital flow into high-impact sectors in the country.
In his new role, Dondi will lead Circulate Capital’s investment strategy in Indonesia, scaling recycling solutions, advancing the circular economy, and fostering stronger local engagement.
Circulate Capital Announces Two New Investments in Latin America
January 28, 2025
First investment into Mexico with Omnigreen, Deepened Commitment in Colombia with Recyclapet
Mexico City, 28 January 2025 – Circulate Capital, a leading investment management firm advancing the circular economy in high-growth markets, has announced its expansion into Mexico with an investment in Omnigreen SAPI de CV, a trailblazer in flexible plastic recycling. At the same time, the firm has strengthened its position in Colombia with a second investment in Ambiental de Plasticos Recyclapet S.A.S., supporting the company’s growth to become one of the largest producers of recycled PET (rPET) in the Andean and Caribbean regions.
“Latin America isn’t just our next market – it’s a circular economy blueprint for the world,” said Rob Kaplan, Founder and CEO of Circulate Capital. “We are excited to enter Mexico, a pivotal market for the region, while also deepening our support for Colombia’s circular economy. Together, these new investments prove that circular solutions can deliver both profits and purpose in Latin America.”
Scaling Flexible Plastic Recycling in Mexico with Omnigreen
Mexico generates over 5.7 million tons of plastic waste annually, with flexible plastics among the most difficult to manage due to low recycling and collection rates. Founded in 2017, Omnigreen has developed an integrated recycling model that combines on-site waste collection with advanced processing capabilities. As a pioneer in Mexico’s plastics recycling industry, the company offers a circular process for discarded polyethylene materials, including both low-density (LDPE) and linear low-density (LLDPE) types, transforming them into high-quality resins.
“With Circulate Capital’s partnership, we are positioned to scale our operations, broaden our impact, and drive the production of recycled plastic resins for diverse applications across Mexico. By combining Circulate Capital’s expertise with the talent and dedication of our team, Omnigreen will consolidate its leadership in flexible plastic recycling and continue to grow” said José Ignacio Pérez Lizaur, Chairman of Omnigreen.
Omnigreen is unique in its unwavering commitment to quality, sustainability and social responsibility, demonstrated by various third-party certifications. It holds the GreenCircle Certified Recycled Content certification for its post-consumer recycled resin and has earned the ESR (Empresa Socialmente Responsable) distinction, recognizing its dedication to ethical practices and community engagement. These values align perfectly with Circulate Capital’s mission to invest in scalable solutions that generate measurable environmental and social impact.
Omnigreen aims to have the capacity to recycle 300,000 tonnes of plastic over the next decade while creating over 100 new jobs.
Accelerating rPet production in Colombia with Recyclapet
Colombia is the fourth-largest producer of plastic waste in Latin America, generating 1.7 million tonnes annually. As a critical focus country for scaling sustainable environmental practices and a regional leader in Extended Producer Responsibility (EPR) regulations, Colombia still faces significant gaps in infrastructure capacity to meet the growing demand for recycled plastics.
Building on its first investment in Colombia with Polyrec, Circulate Capital also announced a deepening commitment with a new investment in Recyclapet, addressing the growing demand for rPET in the Andean and Caribbean markets. With its newly installed state-of-the-art pelletizing facility near Cali, Recyclapet is positioned as a key player in the region’s recycling sector.
This investment aligns with Colombia’s regulatory framework, including Law 2232, which mandates a gradual increase in the use of recycled PET in beverage bottles. While recycled PET currently represents less than 40% of containers sold, Recyclapet is set to close the gap, providing a critical solution to meet future compliance and environmental goals. By 2040, 90% of water bottles and 60% of other beverage containers must be made from rPET.
“Colombia isn’t just recycling plastic – it’s reinventing how Latin America thinks about waste and the circular economy. With Recyclapet’s operational expertise and innovative collection models, we’ll keep 200,000 metric tonnes of plastic where it belongs: in our economy, not our environment,” said Kaplan.
A Growing Footprint in Latin America
With these investments, Circulate Capital has now completed four deals across Latin America, solidifying its role as a leading circular economy impact investor in the region. Backed by IDB Lab, the innovation arm of the Inter-American Development Bank, and global brands such as Chevron Phillips Chemical, Danone, Dow, Mondelēz International, and Unilever, Circulate Capital’s efforts are supported by nearly US$70 million dedicated to scaling best-in-class recycling companies in the region.
“Through our investment in Circulate Capital, we’re thrilled to see the circular economy thriving in Latin America,” said Silvia Dávila, Danone’s LatAm President. “These initiatives not only transform plastic waste management but also create jobs and foster sustainable practices that benefit both our communities and the environment. This work aligns perfectly with Danone’s ‘One Planet, One Health’ vision, promoting a healthier planet and a more sustainable future for all.”
Nothing contained in this Press Release is intended to project, predict, guarantee, or forecast the future performance of any investment. This Press Release is for information purposes only. It is not investment advice or an offer to buy or sell any securities or to invest in any funds or other investment vehicles managed by Circulate Capital.
