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Circularity secures first ESG-linked facility

by Krystal Scanlon 28 April 2022

Circularity Capital has secured its first ever ESG-linked capital call facility for the firm’s recently oversubscribed €215m Circularity European Growth Fund II.

In a recent conversation with The Drawdown, Jenny Boyd, head of reporting and compliance at Circularity explained having a fund finance facility in place for Fund II would provide more flexibility for future investment processes. This includes being able to bid on new opportunities as well as working to much tighter timelines.

Boyd highlighted the challenges around getting cash over the line in previous deals. Speaking specifically about the investment financing for its recent £8m investment in liquid repellent nanotechnology product, P2i, she said, “Everyone wanted everything done and wrapped up as quickly as possible, especially ahead of the end of the year. It got tight for time to ensure we could cash complete.”

Deloitte’s fund finance advisory team supported the GP with putting the facility in place.

Circularity Capital is a specialist private equity firm supporting growth stage European SMEs in the circular economy.

Keep an eye out for further details on the firm’s operational work behind its P2i investment in our next Operational Lens feature.

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