Blue Earth Capital has raised $113m at the first closing of its first evergreen, semi-liquid impact private credit fund.

The fund aims to support environmental and social impact initiatives globally while delivering market-rate financial returns.

It held its first close in October 2024, with commitments from a group of anchor investors, including family offices and a large pension fund.

“The launch of our new semi-liquid, open-ended impact private credit fund represents a significant milestone for our firm, reflecting the continued growth and rapid maturity of impact as an investment approach,” said Amy Wang, head of private credit at Blue Earth Capital.

“The fund harnesses the full power of our global platform, offering investors exposure to both developed and emerging markets through a single, diversified, vehicle.”

The fund features a diverse seed portfolio targeting essential environmental and social challenges globally, in alignment with the UN Sustainable Development Goals.

Blue Earth stated that private credit impact investments can “provide valuable portfolio diversification benefits, including low correlation to traditional assets such as bonds and equities and a focus on more resilient, defensive essential services.”

“We are thrilled with the strong resonance of this innovative fund: an evergreen structure with a global approach that targets environmental and social impact,” said Daniel Perroud, head of fundraising and investor relations.

“The flexibility offered by this platform underlines the appeal of impact investments and their potential to address some of the world’s biggest challenges. We are deeply grateful for the support of our partners whose anchor commitments are crucial for the fund’s success.”