Blue Earth Capital announces first close of its dedicated impact secondaries offering

Baar-Zug, Switzerland, January 15, 2026

Blue Earth Capital (“BlueEarth”), a specialist global impact investor, today announces the first close of its dedicated impact secondaries strategy, with commitments exceeding USD 100 million from leading institutional investors from Europe and the United States, including Proparco, the French DFI, the Ursimone Wietlisbach Foundation, and Stella (Germany). The close marks the launch of Blue Earth Capital’s first dedicated impact secondaries offering and a pivotal milestone in the firm’s mission to drive innovation and scale efficient impact capital deployment globally.

While secondary transactions have long been a feature of traditional private equity portfolios, impact investors have historically not been able to include secondaries in their portfolios due to a lack of offerings. Impact secondaries aim to offer investors access to seasoned, high-impact assets while helping to mitigate blind-pool, concentration, and duration risks. The development of a functioning and efficient impact secondary market is essential to mainstream secondary transactions and attract asset owners to what is still seen as an illiquid part of the market.

Secondary investments can appeal to more risk-sensitive investors, have the potential to enhance portfolio construction through earlier distributions and potential pricing advantages, and serve as an entry point for new participants in the impact investing market. By introducing liquidity, secondaries also enable existing investors to recycle capital into new impactful opportunities, acting as a catalyst for growth and efficiency across the broader impact ecosystem.

As an early mover, Blue Earth Capital aims to be catalytic in establishing an efficient market for impact secondaries. With this offering, BlueEarth builds on its existing secondaries platform, which has seen rapid growth since 2021 and received backing from leading institutional investors, to provide qualified investors with access to this asset class.

Nicolas Muller, Head of Private Equity Partnerships at Blue Earth Capital, highlighted: “Blue Earth Capital has played a crucial role in shaping the impact secondaries asset class for several years. The first close of our dedicated impact secondaries offering marks an important milestone, underscoring our role as a catalytic player in addressing a key challenge in impact investing: liquidity.”

Philipp Mueller, CEO of Blue Earth Capital, emphasized: “Thanks to the strong support of some of the most sophisticated impact allocators, we are proud to launch our dedicated impact secondaries strategy. This innovative offering leverages our strong secondaries and impact capabilities, as well as our extensive network. It fills a crucial gap in the impact sector and presents an attractive opportunity to generate both impact and returns.”

The strategy will invest globally across developed and emerging markets, targeting sectors such as climate action, circular economy, financial inclusion, healthcare, and education.

The introduction of a dedicated sleeve focused on emerging markets only represents a pioneering step in the development of impact secondary transactions and paves the way for a more structured and accessible secondary market in regions where activity has historically been limited and largely opportunistic. The development of a secondary market in emerging economies is expected to enhance liquidity for fund managers and provide investors with practical tools to actively manage their portfolios, ultimately increasing the attractiveness of emerging economies for private investors.

The strategy’s early portfolio reflects its dual focus on developed and emerging markets and its commitment to investing with the goal of achieving measurable impact alongside financial returns. It includes a continuation transaction (GP-led secondary) established by Suma Capital, which acquired Gestcompost, the largest organic waste treatment manager in Spain. The company is a market leader in the treatment of organic waste and currently processes 1.2 million tons of waste each year. Gestcompost is also expanding across the waste management value chain by building capabilities in the production of biogas and biomethane. The second investment is an LP-led transaction, where Blue Earth Capital, through its investment vehicles, acquired a stake in four impact funds across India and Africa. These initial transactions showcase the breadth of the opportunities available across transaction types and geographies.

At launch, the strategy includes commitments from institutional investors such as the Ursimone Wietlisbach Foundation, a Swiss-based foundation, and Stella, the investment entity of a German family foundation in addition to Proparco.

Proparco has supported the strategy in emerging markets from the outset, recognizing its alignment with the institution’s goal of mobilizing private capital to drive development and impact in these economies. The emerging-markets allocation includes a first-loss tranche provided by Proparco and supported by the European Union through the EFSD+, designed to catalyze private investment and enhance risk-adjusted returns in underserved regions.

Françoise Lombard, CEO of Proparco: “We are proud to support Blue Earth Capital’s innovative mission to build a more efficient market for impact secondaries in emerging economies. As an anchor investor in this inaugural initiative, our objective is to enhance market liquidity, strengthen exit pathways, and ultimately reinforce long-term investor confidence in these regions. Over time, we are convinced that this strategy will help channel sustainable private capital more effectively to where it can generate the greatest impact.”

Urs Wietlisbach, Chairman of the Board and Co-Founder of Blue Earth Capital, said: “We see this strategy as deeply catalytic: it demonstrates how targeted secondary investments can mobilize new pools of capital, expand access to mature impact opportunities, and strengthen the overall market infrastructure for impact investing. By proving that financial discipline and measurable impact can go hand in hand, initiatives like this help shift impact investing from the margins to the mainstream.”

Blue Earth Capital engaged BlueMark to independently assess the alignment of the strategy with impact investing and ESG best practices. BlueMark assessed the impact approach across three key pillars of impact accountability: strategy, governance and management. Blue Earth Capital is proud to have been issued the Platinum rating for its impact secondaries strategy as a result of BlueMark’s Fund ID verification process, the highest possible rating.

-END-

Note to editors

About Blue Earth Capital

Blue Earth Capital is a global, independent, specialist impact investor, headquartered in Switzerland, with operations in New York, London, and Konstanz. Blue Earth Capital seeks to address the world’s most pressing social and environmental challenges by delivering measurable impact alongside aiming for attractive and market-rate financial returns. The company operates dedicated private equity, private credit, and fund solutions as well as separately managed accounts. Blue Earth Capital is owned by the Blue Earth Foundation, a Stiftung (charity/trust) registered in Switzerland that focuses on deep impact to support initiatives and business ventures to help deliver a more equitable and sustainable future. For more information, please visit https://blueearth.capital/.

About Proparco

Proparco is a subsidiary of the Agence française de développement group (AFD), and has been working alongside private-sector players for over 45 years, in favour of a fairer and more sustainable world. With an international network of 23 local offices, Proparco works closely with its partners in order to build sustainable solutions to environmental and social challenges in Africa, the Middle East, Asia and Latin America. Proparco has sector-specific expertise, a diversified range of financial tools adapted to the different stages of a company’s development, notably through its subsidiary Digital Africa, and a technical support offer, Propulse, to leverage the impact and performance of its partners.

With its new 2023-2027 strategy “Acting together for greater impact”, Proparco is exploring, strengthening and amplifying its modes of intervention with its partners. Find out more: https://www.proparco.fr/fr/strategie.

For more information, visit: http://www.proparco.fr | @Proparco | LinkedIn

About Ursimone Wietlisbach Foundation

The Ursimone Wietlisbach Foundation is a Swiss-based foundation established in 2021 by Urs and Simone Wietlisbach. It supports bold ideas, communities and partners advancing holistic health, well-being and joyful living. Working through long-term, trust-based partnerships, the Foundation combines grantmaking, investing, convening and strategic communications to catalyze sustainable, scalable models that improve people’s lives. Its integrated approach brings together funding, venture philanthropy, catalytic investment, evidence-building and policy engagement to drive lasting systems change and attract additional impact-focused capital from across the philanthropic and investment sectors.

About Stella

Stella Vermögensverwaltungs GmbH is the investment entity of the Heinz Hermann Thiele Family Foundation, based in the Munich area. A substantial portion of its private market allocation is designated to impact investments across a broad range of social, climate and environmental impact themes.

Blue Earth Capital media contact:
media@blueearth.capital

This announcement is subject to the investment and marketing restrictions set out at blueearth.capital/terms.