New Private Markets reports that Australian Development Investments (ADI) has allocated $13 million to Circulate Capital’s second Asia fund. ADI is a government backed, A$250 million impact fund of funds investing across South Asia, Southeast Asia, and the Pacific, managed by Sarona Asset Management. The piece notes ADI has been active with allocations throughout 2026, with its GP roster also including Do Ventures, ADM Capital, ACV Capital, and TVM Capital Healthcare.
The recipient, Circulate Capital Asia II, came to market in 2025 and invests in circularity and recycling focused businesses across South and Southeast Asia. The Singapore based firm announced a $220 million first close in April, already surpassing the $188 million raised for its first vintage, with a hard cap of $325 million.
