On 14 July 2026, Pictet Alternative Advisors announces the final close of Environment Co-Investment Fund I, raising $253m in committed capital, above its target of $200m.
Environment Co-Investment Fund I is Pictet’s first dedicated environment co-investment vehicle and builds on its long-standing and private equity co-investment experience. The close reflects sustained investor appetite for access to private market opportunities and recognition of Pictet’s thematic investing heritage and environmental expertise across private markets.
The Fund will invest alongside leading private equity managers in businesses across the world which are at the forefront of addressing critical environmental challenges. Most of the portfolio is expected to be in North America and Europe. The Fund will back a diversified set of co-investments across buyout, late-stage growth, and selective late-stage venture opportunities, with a focus on five areas: greenhouse gas reduction, pollution control, circular economy, sustainable consumer, and enabling technologies. Around 50% of committed capital has already been deployed across eight transactions.
Capital was raised from a broad mix of investors, including insurance companies, pension funds, family offices, and private clients across Europe, Asia, North America, and the Middle East. The Fund received strong backing from existing clients and also brought in new investors looking for more selective private markets exposure and portfolio diversification through co-investments.
Nicolas Thomas, Principal Thematics Private Equity at Pictet Alternative Advisors, said: “We saw strong backing for this fund from both existing and new investors. That reflects demand for co-investments, but also confidence in our ability to access deals and be selective. In the current market, investors want exposure to high-quality private companies, with greater visibility on the assets underneath and how capital is being deployed.”
Many businesses developing solutions in areas such as electrification, waste, water, resource efficiency, and environmental services are still privately held. The Fund’s co-investment model is well suited to that market, allowing it to invest alongside established sponsors on a deal-by-deal basis and build the portfolio with a high degree of selectivity.
The Fund’s investment process combines financial due diligence with Pictet’s proprietary sustainability due diligence and environmental framework, which is used to assess thematic fit, environmental contribution, and material sustainability factors. The fund complies with the disclosure requirements of Article 8 of the Sustainable Finance Disclosure Regulation (SFDR) and aims to achieve a minimum of 80% sustainable investments, as defined under Pictet’s Sustainable Investment framework, by the end of the investment period.
Pictet has been investing in private equity since 1989 and completed its first co-investment in 1992. Since then, it has executed more than 300 co-investment deals and developed relationships with more than 90 active GPs globally.
“We saw strong backing for this fund from both existing and new investors. That reflects demand for co-investments, but also confidence in our ability to access deals and be selective.”
Nicolas Thomas (Principal Thematics Private Equity, Pictet Alternative Advisors)
