A consortium of 16 leading French institutional investors has launched the selection process for the manager of a new private equity fund dedicated to biodiversity investments.
This initiative, known as Objectif Biodiversité, builds on the creation of a listed biodiversity fund in late 2024 and aims to mobilise €150m to finance companies that develop tangible solutions for ecosystem preservation and restoration. Mirova was selected to run the listed fund in October.
The initiative was originally launched in 2024 by Af2i — the French association of institutional investors — alongside founding members including Abeille Assurances, BNP Paribas Cardif, BPCE Assurances, Caisse des Dépôts, CNP Assurances, EDF Gestion, MAIF, MACIF, Malakoff Humanis, Société Générale Assurances, and Crédit Agricole Assurances.
The consortium has since expanded to include AXA, Allianz France, AÉSIO Mutuelle (Aéma Groupe), Pro BTP, and CARAC.
Biodiversity through private equity
With biodiversity now a critical factor in ESG investment strategies, this initiative signals a growing institutional commitment to financing sustainable environmental solutions through private equity.
The fund will focus on private equity segments such as venture capital, growth capital, and buyout capital. Investors seek to establish a robust investment framework and methodologies dedicated to biodiversity, ensuring measurable environmental impact. The initiative has received backing from France Invest, the French Asset Management Association (AFG), the Institute for Sustainable Finance, and France Assureurs.
A scientific committee (SC), established alongside the listed fund, will oversee the investment strategy, ensuring alignment with best biodiversity preservation practices. The SC will provide independent expertise, contribute to impact assessment indicators, and guide investors in monitoring the listed and unlisted biodiversity funds.
Selection criteria and process
The selection process for the asset manager will take place in two phases – initial screening based on submitted proposals, and interviews with shortlisted firms before the final selection, expected in summer 2025.
Candidates must demonstrate expertise in identifying and financing businesses that contribute to biodiversity and natural capital.
The investment strategy must include rigorous methodologies, transparent impact measurement criteria, and a focus on European companies with robust, innovative business models.
The fund will target a size of €150m, with the potential for expansion to additional institutional investors, including international participants. The management mandate is set for an initial duration of 10 years.
Interested asset managers can access the detailed tender documents via Af2i’s website. The selection process is supported by Jasmin Capital, a specialist advisory firm.
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Venilia is editor of IPE.com.
She joined the IPE editorial team in November 2019 after freelancing for FT Adviser and LAPF Investments, while also being a publisher for market intelligence company Clear Path Analysis.
She started her career at Euromoney Institutional Investor where for 16 years was reporter and editor covering the asset management industry globally.View full Profile
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