European impact investors closed over ten funds with a size of $100m or more in the first half of 2026 – a total pot of over €4bn. And that capital landed in a market few would call friendly.
Partech, which sealed its €300m impact fund in March, called the current fundraising environment "the toughest in a decade". Virginie Morgon, founding partner and the ex-CEO of Eurazeo, told Impact Loop in April that it was the worst fundraising landscape she’d seen in 25 years.
The GPs who got deals done describe a market that has stopped paying for the impact label and started paying for performance and value creation.
Kristian Branaes, partner at Transition Ventures, which closed its second climate fund at $150m last month, puts it bluntly.
"Our LPs are not looking to invest in an impact fund necessarily – they're coming to us because we're delivering," he recently told Impact Loop.
Sebastian Peck, partner at Kompas VC, which closed its second fund at €160m earlier this year, says the firm was deliberate about who it let in.
"We don't want to just tap into pools of capital," he said at the time. "We've always been looking for LPs that can function as partners and give us market access, access to know-how, and help us understand what innovations really will see market adoption."
Others are flexing their creativity. Divya Seshamani, founding partner at Greensphere Capital, recently closed her firm's science-first fund at $100m this week. The fund partners with research institutes so it can access talent and tech before its even gone commercial.
Greenspehere is one of several investment firms that closed impact funds of $100m or more in H1.
Here’s the full list, based on Impact Loop reporting – plus the funds that launched and are now raising.
The biggest impacts funds H1 2026
Generation Investment Management – over $1bn, June
The London-based firm, chaired by former US Vice President Al Gore, recently closed its second sustainable private equity fund, targeting large "sustainability platforms".
Deals so far include Octopus Energy, Kraken, and IFS. LPs were not named, though PitchBook data lists Swedish pension fund AP4.
Impact Fund Denmark – €670m, June
The Danish government's impact investment fund recently closed its blended SDG Fund II to back green businesses in developing countries.
Disclosed LPs are Danish pension funds P+, PenSam, PKA, PFA and PBU, plus Jyske Bank.
Ambienta – €500m, January
The Milan-headquartered sustainability private equity firm closed a fund for impact SMEs across Europe earlier this year.
LPs: APG, Fondazione ENPAM, the Environment Agency Pension Fund, and Finland's VER.
Lightrock – $500m, May
The London-based impact investment firm closed Accelerate7, a fund backing startups improving energy access across Asia and Africa.
LPs include Lightrock's founding investor and international private banking and asset management group, LGT, plus oil majors Equinor, Shell, TotalEnergies.
Climate Investment – $450m, March
The London firm founded by the Oil and Gas Climate Initiative raised its Decarbonisation Acceleration Fund to back "missing middle" companies across energy, industry, transport and buildings.
LPs: Saudi Aramco, Occidental, Baker Hughes, the Development Bank of Japan, CMA CGM, and PTT.
Partech – €300m, March
The Paris firm closed its debut impact fund, targetting European growth-stage companies with more than €10m in revenue.
2150 – €210m, January
The British urban tech investor closed its second fund for greener cities.
LPs include Viessmann Generations Group, Chr. Augustinus Fabrikker, Novo Holdings, and EIFO.
Kompas VC – €160m, April
The Copenhagen-born firm closed its second industrial tech fund, backing seed and Series A startups in manufacturing, energy, logistics and the built environment. LPs include Realdania and VKR Holding.
Transition Ventures – $150m, June
The London-based climate tech firm co-founded by Unity's David Helgason closed its second fund, with a growing focus on sustainable AI infrastructure. LPs undisclosed.
SlateVC – €132m, February.
The Paris-based impact firm secured a first close for its debut climate scale-up fund, targeting €250m to back revenue-generating energy, green materials and circularity companies. LPs include the European Investment Fund (EIF), Bpifrance, BNP Paribas, and France's FNVI.
Emerald Technology Ventures – €100m, March.
The Swiss investment firm hit €100m for its Global Water Fund II, which backs technologies spanning water reuse, monitoring and contaminant detection. It is still raising towards a €150-180m target.
LPs include Temasek, Grundfos Foundation, Veralto, Ecolab, SKion Water, and Oxy Technology Ventures.
Eka Ventures – $107m, April
The London-based firm closed its second early-stage impact fund, investing across decarbonisation, preventative healthcare, and access to essential services.
LPs include British Business Bank, Better Society Capital, and a string of UK foundations such as Guy's & St Thomas' Foundation and Esmée Fairbairn Foundation.
Greensphere Capital – $100m, July
The London firm fully closed its Gaia Sciences Innovation fund, which sources deals through 47 partner science institutes.
LPs: the UK's National Wealth Fund (up to $50m), members of the Sainsbury family, Nest family office, and Mars, Inc. board member Frank Mars.
Have we missed one? Ping us at editorial@loop.se.
The funds now raising
Eurazeo – €500m target
The French investment group is raising a "future industries" fund for scaleups, as Impact Loop exclusively reported in January. A first close of €180-200m was expected around July.
Ardabelle Capital – over €500m target
The Paris firm co-founded by former Eurazeo chief executive Virginie Morgon has already exceeded its November first close of around €250m, Morgon told Impact Loop. LPs: the Environment Agency Pension Fund, the EIF, Swen Capital Partners, Oddo BHF's private equity arm, and TPG.
Triodos IM and Fondaction – €300m target
The pair are raising a transatlantic natural capital fund to buy farmland and forests and shift them to regenerative management.
ECBF – around €300m target
The European Circular Bioeconomy Fund is raising a second fund matching its €300m debut, and has opened a Paris office to help.
Una Terra – €150-180m target
The Swiss circular economy investor is targeting a final close by end of 2026 after a €30m first close. LPs: the Prince Albert II of Monaco Foundation, Deutsche Nachhaltigkeit, and family offices.
Abenex – €150m target
The Paris private equity firm pulled in more than half its target at first close for an Article 9 industrial decarbonisation fund.
SHIFT Invest – €150m target
The largest climate tech focused VC based in NL is raising €150m for its fourth fund, partner Bram Ledeboer told Impact Loop.
LPs include EIF, Rabobank, Invest-NL, corporate LPs, family offices, entrepreneurs, and tech institutes such as TNO, TU Delft and Wageningen UR.
PureTerra Ventures – €150m target
The Netherlands-based firm launched a water tech fund in January, anchored by €10m from Invest-NL.
Clean Growth Fund – £150m target
The UK early-stage climate investor has secured £59m for its second fund from three institutional LPs and one endowment.
Yield Lab Europe – €100m target
The EIF committed €25m to anchor the Irish firm's second agrifood tech fund, an Article 9 vehicle.
Pymwymic – €100m target
One of Europe's oldest impact firms opened fundraising for its fourth food and agriculture fund in June, as Impact Loop exclusively reported.
Pictured: Chloé Giard (SlateVC), Divya Seshamani (Greensphere Capital), Sebastian Peck (Kompas VC), Kristian Branaes (Transition Ventures), Jon Coker (Eka Ventures), Helge Daebel (Emerald Technology Ventures), Alice Besomi (Eurazeo), Joshua Haacker (Climate Investment)