Blue Earth Capital holds a significant second close of its impact secondaries strategy

Baar-Zug, Switzerland, July 30, 2026

Blue Earth Capital (“BlueEarth”), a specialist global impact investor, today announces the second close of its impact secondaries strategy, having received investor commitments of over USD 200 million to date.[1] The close was anchored by strong investor interest from the United States, including commitments from Builders Vision, an investment and philanthropy platform founded by Lukas Walton; iAlumbra Capital, the investment arm of Christy Walton’s family office, iAlumbra, focused on reshaping how the world grows food, manages water, and produces energy; and Sonen Capital, a dedicated impact investment advisor in the United States. The new investors join Proparco, the Ursimone Wietlisbach Foundation, and Stella (Germany), which anchored the first close.

This milestone marks an important achievement for the strategy and reflects the strong momentum for impact secondaries. Since the launch of the strategy, investor commitments have increased substantially while the portfolio has continued to grow, bolstered by a growing recognition among investors of the important role that secondaries can play in achieving impact at scale.

While secondary transactions have long been a feature of traditional private equity portfolios, impact investors have historically been unable to include secondaries in their portfolios due to a lack of offerings. Impact secondaries aim to offer investors access to seasoned assets while helping to mitigate blind-pool, concentration, and duration risks. By introducing liquidity, they can enable existing investors to recycle capital into new impactful opportunities, acting as a catalyst for growth and efficiency across the broader impact ecosystem. Recent findings from ILPA, Tideline, and Campbell Lutyens identify a robust secondaries market as a key enabler for increasing institutional capital flows into impact.

As an early mover, BlueEarth aims to be catalytic in establishing an efficient market for impact secondaries. The strategy invests globally across developed and emerging markets, targeting sectors such as climate action, circular economy, financial inclusion, healthcare, and education. The strategy includes a dedicated allocation to emerging markets, a pioneering step in the development of impact secondary transactions in regions where activity has historically been limited.

Since the first close, the strategy has continued to deploy capital to investment opportunities with the dual mandate of impact and returns. Examples include Zunibal, a leading technology provider for the fishing and marine monitoring sectors, and a GP-led continuation vehicle that acquired two European climate-impact assets: one advancing energy efficiency in the built environment, the other reducing emissions through harmful gas leak detection technology.

Nicolas Muller, Head of Private Equity Partnerships at Blue Earth Capital, said: “We are delighted to welcome Builders Vision, iAlumbra, and Sonen Capital alongside our other new investors to Blue Earth Capital’s impact secondaries strategy. Their conviction adds to the momentum behind a clear thesis: closing the liquidity gap is how impact investing can go mainstream.”

Philipp Mueller, CEO of Blue Earth Capital, added: “We are grateful for the trust that Builders Vision, iAlumbra, Sonen Capital, and our wider community of investors have placed in us. Together they help us pursue a shared ambition: to mobilize impact capital at scale and build a functioning secondary market for impact assets.”

Jamey Spencer, Managing Director and Head of Private Markets at Builders Vision, said: “We are proud to partner with Blue Earth Capital, a team whose approach to impact investing and long-term perspective closely align with our own. As this ecosystem continues to grow, it requires not only investment, but the infrastructure that allows capital to move efficiently and attract more participants to the market. BlueEarth’s impact secondaries strategy helps address this critical need while highlighting the potential of an emerging segment, and we are pleased to support a manager with the expertise and track record to execute on this opportunity.”

Worden Hill Capital acted as a placement advisor.

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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 blueearth.capital.

About Builders Vision
Builders Vision is an investment and philanthropy platform that harnesses innovative capital to build a more resilient future. We grow and transform markets that generate financial returns and sustainable outcomes across three sectors: food & agriculture, energy and oceans. Our success is only possible because of our collaboration with the entrepreneurs, innovators and investors who share our commitment to building the economy of tomorrow. Learn more about Builders Vision at buildersvision.com.

About iAlumbra Capital
iAlumbra Capital is the investment arm of Christy Walton’s family office, iAlumbra, investing with partners and in infrastructure that reshape how the world grows food, manages water, and produces energy. We are global investors with a deliberate focus on the Americas, where local knowledge and flexible capital let us back solutions that deliver market-rate returns.

About Sonen Capital
Sonen Capital is an independent impact investment advisory firm that works with families, foundations, endowments and institutional investors to create bespoke investment solutions that deliver competitive financial returns alongside meaningful and measurable social and environmental impact. Headquartered in San Francisco, Sonen is majority employee-owned and a certified B Corp with a 149.6 B Impact Score. For more information, please visit sonencapital.com.

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 favor 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. For more information, visit: proparco.fr

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.

[1] A portion of the investor commitments is subject to concentration limits and will be unlocked as additional capital is raised.