- Circular Innovation Fund will invest in scaling circular, sustainable and profitable growth stage companies in North America, Europe and Asia.
- The fund’s oher LPs include L’Oreal, Axens and family offices Haltra and Claridge
Masonite International Corp, Fonds de solidarité FTQ and a store marketing services provider have invested in the $150 million Circular Innovation Fund, a joint venture of Montreal-based Cycle Capital and Europe’s Demeter.
The fund’s limited partners include L’Oreal, Axens and family offices Haltra and Claridge, as well as institutional investors, private investors and the managers.
CIF is focused on scaling circular, sustainable and profitable growth stage companies in North America, Europe and Asia. It will contribute to climate change mitigation and circular use of resources across various sectors, including new materials, packaging, recycling & waste, logistics, eco-efficient processes & design.
“Our actions must accelerate if we wish to leave the next generations a planet where it will be good to live. We are choosing today what their future will be,” said Janie Béïque, President & CEO, Fonds de solidarité FTQ, in a statement. “This is why the Fonds de solidarité FTQ is committed to reaching $12 billion in assets related to sustainable development within 5 years. This is an ambitious but necessary objective, particularly to fight climate change and ensure a just transition.”
Based in Montreal, Fonds de solidarité FTQ is a labour-sponsored development capital fund. It had C$17.4 billion in net assets as of May 31, 2022.
Based in Tampa, Florida, Masonite is a designer, maker, marketer and distributor of interior and exterior doors for the new construction and repair, renovation and remodeling sectors of the residential and non-residential building construction markets.