Press Releases

Circulate Capital exceeds target to raise $220M at first close for Asia Fund II

March 31, 2026

Momentum picks up pace in circular economy as new fund targets financing two million tonnes of recycling capacity in South and Southeast Asia

[April 1st 2026, Singapore] – Circulate Capital, the leading dedicated circular economy investment manager in high-growth global markets, has bucked global fundraising trends to raise $220M for the first close of Circulate Capital Asia II (the “Fund” or “Fund II”). This represents more than 70% of the Fund’s overall target of $300m and already surpasses Fund I, which stood at $188m. The Fund will now deploy growth capital to scale circular supply chains and recycling businesses across South and Southeast Asia, with a focus on plastic solutions and packaging, as well as electronics and apparel.

Attracting a Global Cohort of Institutional Investors

A diverse group of global investors, including strategic corporates, Development Finance institutions (DFIs), and institutional and family office LPs, drove this latest fundraise. 

• Returning corporates such as The Coca-Cola Company, Danone, Dow, and Procter & Gamble reaffirmed their commitment to the strategy for Fund II, joining existing DFIs British International Investment, the French DFI Proparco, and the International Finance Corporation (IFC), along with leading family office Builders Vision. 
• The fund’s momentum accelerated with a robust cohort of new institutional partners. These include the Emerging Markets Climate Action Fund (EMCAF), co-managed by Allianz Global Investors and the European Investment Bank, as well as a Dutch pension fund through Achmea Investment Management’s Impact Platform, and public institutions such as Impact Fund Denmark (IFDK),  the Swiss DFI SIFEM, managed by responsAbility Investments AG, and Australian Development Investments (ADI). The investor base was further diversified by high-profile family offices and impact investors, including Stella (the investment entity of the Heinz Hermann Thiele family foundation), Clotho Family Office, Netherlands-based impact specialist Wire Group, and Fondation Prince Albert II de Monaco.

Scaling Circular Solutions in South and Southeast Asia’s High-Growth Markets

To capitalize on this opportunity, Fund II will execute high-growth investments in key markets such as India,  Indonesia, Thailand, Vietnam, the Philippines, and Malaysia. Real-world examples include:

• Scaling mature plastic recycling streams, such as PET; 
• Building nascent markets for other plastic materials, including polyolefins; 
• Driving innovation in alternative paper-based packaging solutions; 
• Recovering critical and rare earth materials trapped in recyclable electronics and batteries.

“Building circular supply chains takes long-term commitment and strong collaboration across the value chain. Our reinvestment in Circulate Capital through Asia Fund II reflects our belief that scaling inclusive recycling systems is essential to keep materials in use, strengthen local ecosystems, and build more resilient supply chains. Through this partnership, we see an opportunity to develop solutions that create lasting value for people, industry, and the planet,” said Jean-Yves Krummenacher, Global Chief Procurement Officer, Danone.

Keith Cleason, President, Packaging & Specialty Plastics, Dow, said, “Circulate Capital’s initiative has delivered tangible impact in areas key to progressing circularity across the ecosystem, such as expanding capacity of mechanical recycling and enabling flexible recycling. Dow remains committed to bringing together ideas from across the value chain to deliver new solutions in circularity, and we look forward to continued collaboration as Fund II builds on this momentum in South and Southeast Asia.”

“Participating in Circulate Capital’s Fund II is a natural next step for us, given the firm’s proven track record and our existing partnership,” said Chris Wu, Vice President, Investments at Builders Vision. “What truly sets Circulate apart is their combination of deep regional expertise across South and Southeast Asia and strong relationships with multinational corporations. Paired with a rigorous approach to impact measurement and a clear ability to cultivate proprietary deal flow in the region, they have developed a distinctive advantage in sourcing high-quality opportunities in the circular supply chain. We look forward to continuing to build alongside a team that is demonstrating how addressing the plastic crisis can be both scalable and commercially compelling.”

“We decided to support Circulate Capital with EMCAF because their specialist focus enables a clearly differentiated market positioning and delivers tangible value to portfolio companies and investors alongside strong environmental impact,” said Peter Ellersiek, Co-lead Portfolio Manager, Emerging Market Climate Action Fund (EMCAF). 

The Strategic Necessity of Circularity

Circular supply chains are increasingly recognised as a compelling investment opportunity for institutional investors and a strategic necessity for the industry, underpinned by regulatory changes, supply chain volatility, and consumer brand commitments. This urgency is grounded in a global economy that extracts over 100 billion tonnes of raw materials annually but remains only 7.2% circular, leaving supply chains highly exposed to price fluctuations and material shortages. 

As a result, the investment requirement to bridge this gap is immense; plastics alone represent a $100 billion opportunity for cumulative investment in collection and recycling infrastructure by 2030. Governments also increasingly recognise that circular supply chains represent a mainstream pathway to economic growth and independence.

Rob Kaplan, Founder and CEO of Circulate Capital, said, “Circulate Capital is the first and only private markets manager to bet exclusively on circular supply chains across South and Southeast Asia. Our track record of successful exits demonstrates that the circular economy is no longer just a subset of ESG or sustainability. It is a sophisticated asset class that can deliver liquidity to private equity investors. With Fund II, we are ready to scale and capture the massive growth potential inherent in these high-velocity economies, to build businesses that deliver financial and impact returns for our investors.”

Track Record in Asia

Circulate Capital has executed more deals within the circular economy in Asia than any other manager. The strategy has a strong track record of capturing dual-track growth, serving surging domestic demand while institutionalizing operations to meet the standards of multinational customers. Since 2020, the firm has added nearly 900,000 tonnes of annual collection and recycling capacity across its Asia portfolio.

This approach continues to deliver financial returns, evidenced by Fund I’s recent full exit from Recykal, an India-based digital waste management platform. The firm also completed partial exits from Lucro, India’s leading recycler specialized in difficult-to-manage flexible plastic packaging, and Srichakra Polyplast, India’s first food-grade plastic recycler.

Impact at Scale

Fund II will aim to finance nearly two million tonnes of collection and recycling capacity.  Over ten years, these investments are projected to prevent a cumulative 30 million tonnes of unmanaged waste; avoid or reduce more than 50 million tonnes of CO2 emissions, with at least 50% of the portfolio aligned to 2x gender smart investing targets on exit.

Circulate Capital backs Nova Biochem to scale sustainable chemicals production from pulp and paper side streams

October 31, 2025

Circulate Capital has completed an investment in Nova Biochem, a UK-based circular chemistry company developing a proprietary process to convert pulp and paper side streams into low-carbon, renewable chemical building blocks for applications including PET, coatings, adhesives, and resins.

The oversubscribed Seed round was led by Circulate Capital with participation from Coca-Cola Europacific Partners, TSP Ventures, Archipelago Ventures, and the Circular Plastics Accelerator.

The new funding will enable Nova to scale and commercialize its proprietary technology, work on industry integration and expand the team.

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:

1. Ambiental de Plasticos Recyclapet S.A.S,(Colombia): A leading recycler producing high-quality rPET for the Andean and Caribbean markets.     
2. Cirklo (Brazil): The country’s largest independent PET recycler, supporting the development of circular economy infrastructure.     
3. Omnigreen SAPI de CV(Mexico): A pioneer in flexible plastic recycling; and
4. 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.”

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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. 

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: 

• • 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. 

Circulate Capital Invests in Cirklo by eB Capital to Scale PET Recycling in Brazil

September 23, 2024

Circulate Capital and eB Capital will combine their expertise to develop new plastic circularity projects in the Brazilian production chain. These projects will promote environmental sustainability and aim to divert more than 1.3 million tons of plastic from disposal to recycling. 

São Paulo, Brazil, September 2024 – eB Capital, an alternative investment manager, today announced an investment by Circulate Capital, a leading circular economy investment management firm, into Cirklo to advance Brazil’s plastic recycling sector. 

This step marks a significant leap in the thesis created by eB in 2022 when the firm announced the acquisition of two prominent plastic recycling companies, Green PCR and Global PET, consolidating this market and creating the country’s largest circular economy platform supplying PET resin. With this partnership with Circulate Capital, the operations of these two companies have been integrated under the name Cirklo, becoming the largest independent recycler in the country, with a total capacity to recycle more than 4 billion PET bottles annually. 

Cirklo (under the legal name Economia Circular Participações S.A) will leverage the partnership to mobilize resources for expanding its operations in the Southeast and Northeast regions of Brazil, where it already operates two plants in the states of São Paulo and Paraíba, while paving the way to foster sustainability and encourage circularity in the Brazilian production chain. A key advantage aspect of the material recycled by Cirklo is that it can be used in the production of PET packaging, including for food products. 

This partnership marks Circulate Capital’s second investment in Latin America, following its July 2024 investment in Polyrec S.A.S., a leading Colombian recycling company. Part of the funding for Cirklo’s expansion will come from Circulate Capital’s Latin America and Caribbean US$70 million initiative, which was launched in 2023 with the support of IDB Lab and major corporations, including Chevron Phillips Chemical, Danone, Dow, Mondelēz International, and Unilever, to prevent plastic pollution in the region. 

“We are excited about this important partnership with Circulate Capital, a significant player in the circular economy that will greatly enhance our connection with the global market, as well as bring extensive experience and recycling benchmarks from their portfolio companies. Our focus is to seize growth opportunities in the recycled plastics market in Brazil and pave the way for sustainable development and innovation in the sector,” said Luciana Antonini Ribeiro, co-founder of eB Capital and leader of the task force on financial issues and climate-related infrastructure and projects for B20 (the Brazilian business arm of the G20). 

“We are proud to officially enter Brazil — such an exciting and important market for the region — with this investment in Cirklo, a solid company with exceptional growth potential. This investment marks our deep commitment to Latin America, aiming to promote significant environmental and socio-economic advancements through the circular economy,” said Rob Kaplan, founder and CEO of Circulate Capital. “In addition to capital, we help our portfolio companies scale through mentorship, technical support, and connections with our network of multinational corporate partners, ensuring their long-term success.” 

Climate Agenda 

Brazil’s presidency of the G20 and the hosting of COP30 in 2025 in Belém, Pará, provide opportunities for the country to lead the international climate agenda and transition to a low-carbon economy. 

Brazil is investing in its internationally recognized environmental credentials, highlighting its continental dimensions, biodiversity, and energy matrix. The country has made significant strides in plastic recycling in recent years, according to a study commissioned by the Plastic Chain Incentive Plan (PICPlast) from the consultancy MaxiQuim (both Brazilian organizations). In 2022, the post-consumer mechanical recycling rate reached 25.6%, representing the highest annual growth in recycled resin production since the study began in 2018. This rate is the highest among Latin American countries and aligns with regions where recycling activity is already mature, such as Europe. 

According to the study, post-consumer recycled plastic production reached a record 1.1 million tons in 2022, a 9% increase compared to 2021. Since 2018, volume growth has been 46%, with a 42.6% increase in revenue per ton produced during the same period. 

About eB Capital – eB Capital is a Brazilian alternative investment firm recognized for turning Brazil’s structural challenges into significant business opportunities. The firm’s DNA combines investment expertise and operational excellence, a crucial competitive advantage for creating value and generating high returns. With deep knowledge of the country, eB Capital pioneered Climate Private Equity investments by acquiring Green PCR and Global PET, forming the country’s largest PET bottle recycling platform. Other investments include Alloha Fibra, the largest independent fiber optic provider in the country; Loja do Mecânico, the largest e-commerce for tools and machinery in Latin America; and Blue Health, a leading medical equipment rental company, among others. The firm recently announced a strategic partnership with JHSF Capital to launch a real estate fund. https://www.ebcapital.com.br/ 

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 invests in Polyrec S.A.S., Colombia – its first investment in Latin America

July 24, 2024

Bogotá, Colombia, 24 July 2024 — Circulate Capital, a leading circular economy investment management firm in high-growth markets, announced today its first investment in Latin America: a strategic capital infusion in Polyrec S.A.S, a leading Colombian recycling company. The investment will strengthen the company’s operations and help to double its processing capacity for flexible plastic recycling. 

“We are proud to support Polyrec’s expansion as they scale their operations to transform Colombia’s recycling supply chain. With this investment, we aim to prevent 100.000 tons of plastic from leaking into the oceans and capitalize on the growing market opportunity for recycled plastics worldwide,” said Rob Kaplan, Circulate Capital’s Founder and Chief Executive Officer.

Colombia is the fourth-largest producer of plastic waste in Latin America, generating  1.7 million tons per year, and a critical focus country for supporting the scale of sustainable environmental practices. The challenge is particularly acute with flexible plastics—such as bags and wraps— which are one of the fastest-growing and most problematic categories of waste globally. Hindered by the complexities of recycling flexibles and inconsistent collection efforts, the recycling rates for these materials remain critically low. 

Operational since 2018 and strategically located in Barranquilla, Colombia, with access to the Caribbean region, Polyrec has extensive experience in the flexible plastic market, recycling Low-Density Polyethylene (LDPE), Polypropylene (PP), and Biaxially Oriented Polypropylene (BOPP), proving to be a leader in Colombia in its category and setting industry standards by effectively reintegrating recycled materials back into the supply chain.  

Julian Coymat, CEO of Polyrec S.A.S, said, “The collaboration with Circulate Capital marks a transformative milestone for our team as we enter into an exciting new phase of growth. Leveraging their proven track record in scaling companies like ours worldwide, we’re poised to become a leading force in sustainable plastic packaging, not just within Colombia but across the broader region. This strategic alliance underscores a fusion of expertise, talent, and a shared mission to reduce the footprint of plastic packaging“

The urgency of addressing plastic pollution is underscored by the staggering amount of plastic waste that accumulates in the world’s oceans, with current estimates reaching 150 million tons of plastic waste. Each year, an additional 11 million tons are added, emphasizing the need for immediate and effective solutions for plastic waste management.

Colombia boasts one of the most advanced plastic regulations in the region, as evidenced by its implementation of Extended Producer Responsibility  (RESOLUTION 1407 OF 2018). This legislation mandates that producers utilize at least 10% recycled content in packaging, a figure expected to increase to 30% by 2030, underscoring the need for better infrastructure to meet the growing demand for recycled plastics. The country has also been a leading voice in the ongoing international negotiations on a global plastic treaty, advocating for effective and ambitious solutions to combat plastic pollution. 

“This first investment in Latin America is just the beginning of our deeper engagement with the region, aiming to drive significant environmental and socio-economic advancements through the circular economy. By investing in Polyrec S.A.S., we are not only reaffirming our commitment to sustainable futures but also marking the start of many strategic investments to come,” added Rob Kaplan. “In addition to providing capital, we extend mentorship, technical expertise, as well as connections to our network of corporate partners, ensuring our portfolio companies thrive over the long term” Kaplan, added.

Backed by IDB Lab, the innovation laboratory of the Inter-American Development Bank, Builders Vision, private investors and multinational companies such as Chevron Phillips Chemical, Danone, Dow, Mondelez International, and Unilever, this investment by Circulate Capital is the first as part of a broader nearly US$70 million commitment to help scale solutions and support the top recycling companies across the Latin America and Caribbean (LAC) region.

Circulate Capital expands into new market with investment in Thai recycling company Union J. Plus, further strengthening its Southeast-Asian footprint

December 13, 2023

• New capital will strengthen Thailand’s circular flexible plastics supply chain with Union J.Plus’ scale-up and acquisition of a local LDPE recycling facility.  
• Investment backed by PepsiCo, Procter & Gamble, Dow, Danone, Chanel, Unilever, The Coca-Cola Company, Chevron Phillips Chemical Company LLC, and Mondelēz International.

Bangkok, 13 December 2023: Circulate Capital, the leading circular economy investment management firm in high-growth markets, today announced a new strategic investment in well-established Thai polyolefins recycler Union J.Plus (UJP). The new capital will enable female-owned and led UJP to strengthen its operations and accelerate its scale-up through both organic growth and M&A, starting with the acquisition of an existing 18,000 TPA capacity low-density polyethylene (LDPE) recycling facility located in Samut Prakan. 

Supported by Circulate Capital’s investment, UJP will significantly increase its recycling capacity and strengthen its supply chain. When fully operational, UJP expects its total recycling capacity to exceed 30,000 TPA, including 20,000 TPA of Premium/food-grade polyolefins. 

One of the few female-owned and led recycling businesses in the region, UJP is headed by industry veterans who are leveraging their 20 years of experience, deep local insights, and strong technical expertise to position the company as one of Thailand’s leading polyolefins recyclers. By accelerating the collection and recycling of large volumes of domestic plastic waste, this new development is a major milestone for accelerating the circular economy in Thailand. 

The strategic investment also marks Circulate Capital’s first venture in Thailand, expanding its recycling portfolio – already the largest in South and Southeast Asia – and demonstrating its continued commitment to creating local supply chains for high-quality recycled plastics.  

In Thailand alone, around two million tonnes of plastic waste is generated annually – of which only a quarter is recycled. Research estimates the country loses up to US$4 billion annually when plastics are discarded rather than recycled into valuable materials. Comparatively, adopting a circular economy can unlock as much as US$1.6 billion in cost savings and additional revenue for Thailand’s private sector. 

Kulanart Siriphati, Union J. Plus Co-Founder, said: “As an active player in Thailand’s growing plastic waste recycling industry, our goal is to lead the charge in advancing plastic circularity for a more sustainable future. Circulate Capital’s support is crucial to this commitment, empowering us to scale our efforts and enhance Thailand’s recycling infrastructure.” 

With the first circular economy fund in Asia to be backed by global brands, including PepsiCo, Procter & Gamble, Dow, Danone, Chanel, Unilever, The Coca-Cola Company, Chevron Phillips Chemical Company LLC, and Mondelēz International, Circulate Capital’s partnership with UJP will also provide the company with access to global supply chains and allows them to tap into the R&D and technical expertise of leading corporations.

“We will catalyze systems change across high-growth markets in the region by taking this full value chain approach to our investments. We’re proud to support UJP as a key player in transforming Thailand’s recycling supply chain by facilitating its scale-up,” said Rob Kaplan, Founder and CEO of Circulate Capital. “With its strong women-led management team and impressive track record, we expect great impact and results as UJP supercharges its growth and capitalizes on the growing market opportunity for recycled plastics globally and society’s need for a circular economy. ”