Leading investors in nature-based solutions

Nature-based solutions (NBS) have always been at the forefront, now emerging as a cornerstone of both climate and business strategies. As demand for measurable, high-integrity carbon projects grows, investors are actively looking for credible partners to fund. This shift is creating a significant opportunity for NBS providers. 

Institutional investors, private equity firms, and asset managers are no longer just purchasing carbon credits, they are actively funding projects at an early stage, from reforestation to mangrove and peatland restoration, signalling a deeper commitment to long-term impact, resilience, and scalability.

As this opportunity grows, so does the need for transparency, scientific integrity, and measurable impact. Investors are looking for projects that not only deliver environmental benefits but also demonstrate long-term viability. Those who can showcase both will be well-positioned to shape the future of this space.

To support this journey, we are pleased to share a curated list of funding opportunities to help NBS providers scale their efforts and build lasting partnerships.

The 22 key investors in nature-based solution projects

illuminem, leveraging our world-leading community of 500,000+ sustainability experts and professionals and insights from Data Hub™, has reviewed the list of the world’s most active investors in nature-based solution projects. This analysis spotlights key financial players funding reforestation, agroforestry, mangrove, and peatland restoration projects, underscoring the transformative role of strategic capital in scaling high-impact, climate-resilient projects globally.

• ARDIAN: A private equity firm managing the Averrhoa fund, which is dedicated to financing biodiversity protection and the restoration of degraded ecosystems. The fund focuses on large-scale projects aimed at reforestation, afforestation, mangrove and peatland restoration, and agroforestry, with the goal of delivering a significant volume of carbon credits while creating strong social and biodiversity benefits. The majority of the investments is directed towards Latin America, Sub-Saharan Africa, and Southeast Asia. Investments typically range from $5 million to $30 million.

• AXA IM: As an asset manager, AXA IM provides equity and large-scale project financing to nature-based carbon project developers, focusing on the tropics. The firm targets high-quality reduction and removal projects, including REDD+, agroforestry, mangrove restoration, improved forest management, biochar, and peatland restoration, prioritising those with strong GHG integrity, operational track records, and solid financial plans. AXA IM offers investments ranging from $20 million to $50 million.

• Bain Capital Partnership Strategies: This private equity firm focuses on equity project financing for nature-based carbon projects worldwide. Their investments cover areas like mangrove restoration, improved forest management, soil carbon sequestration, engineered carbon removal, afforestation, and agroforestry. With a focus on scalable, impactful projects, they typically invest between $5 million and $20 million to support climate mitigation and ecosystem restoration efforts.

• Barclays: As an investment bank, Barclays facilitates the financing of nature-based solutions by placing securities and creating bespoke solutions for developers, investors, and corporations. They focus on scaling the carbon markets and support a wide range of projects, including afforestation/reforestation, agroforestry, improved forest management, engineered carbon removal, soil carbon sequestration, mangrove restoration, biochar, REDD+, and peatland restoration, while remaining open to exploring all types of nature-based solutions. Investments start at $50 million.

• Bregal Investments: This private equity firm partners with high-quality project developers to provide long-term project financing at scale for nature-based carbon removal projects, including afforestation, reforestation, mangrove restoration, and insets projects, with investments between $20 million and $50 million.

• Carbon Streaming: As a carbon streaming investor, Carbon Streaming invests in various nature-based projects, primarily removal projects in less risky jurisdictions, including Mexico, Panama, and the US. Their investments span areas like improved forest management, peatland restoration, mangrove restoration, agroforestry, afforestation/reforestation, engineered carbon removal, REDD+, and biochar. They typically invest between $5 million and $20 million to support these impactful projects.

• Catona Climate: A private equity firm that invests its own capital into early-stage nature-based projects, including mangrove restoration, agroforestry, peatland restoration, soil carbon sequestration, improved forest management, and afforestation/reforestation. Initial commitments typically range from $1 million to $5 million, helping co-design and market projects to secure long-term off take agreements. Once projects are de-risked, Catona Climate brings in third-party capital to scale, with investments ranging from $5 million to $50 million.

• Climate Asset Management: As an asset manager, Climate Asset Management provides financing to nature-based carbon project developers worldwide, focusing on projects such as afforestation/reforestation, biochar, mangrove restoration, REDD+, peatland restoration, soil carbon sequestration, improved forest management, and agroforestry. Investing through a developed markets natural capital strategy and two dedicated global carbon project finance funds, their investments range from $20 million to $50 million.

• Deutsche Bank: As a financial services institution, Deutsche Bank provides senior secured debt to high-quality developers with strong off-takers, focusing on projects like engineered carbon removal, afforestation, reforestation, REDD+, and insets. They target global emerging markets, including large emerging market countries or regions with strong Article 6 UNFCCC processes in place, with investments starting at $50 million.

• Freepoint Commodities LLC: The carbon financing provider, Freepoint Commodities LLC, supports early-stage projects from inception to credit issuance. They focus on generating credits from projects in countries with carbon regulation and Article 6-related frameworks. Their investment areas include soil carbon sequestration, mangrove restoration, agroforestry, improved forest management, and afforestation/reforestation. Investments typically range from $5 million to $20 million.

• Inlandsis Fund: Backed by a Canadian pension fund, Inlandsis Fund provides capital in a structure that works best for the developer, investing in REDD+, mangrove restoration, soil carbon sequestration, improved forest management, biochar, agroforestry, afforestation, reforestation, peatland restoration, and engineered carbon removal projects. With a primary focus on the US, Canada, and more recently, the rest of the Americas, investments typically range from $2 million to $20 million.

• JPMorgan Chase & Co.: As a financial services institution, JPMorgan Chase & Co. pre-funds nature-based solutions projects that offer high-quality and high-integrity removal credits, focusing on countries with investor-friendly regulatory frameworks and resilient carbon regulation. They prioritize countries with related Article 6 architecture and the potential for Corresponding Adjustments. Investments start at $5 million, targeting NBS removals with strong regulatory backing.

• Just Climate: A private equity firm providing growth equity and business-building support for companies across the nature value chain, including developers. They focus on helping businesses scale and enhance their impact in the nature-based solutions sector, with investments ranging from $1 million to $5 million.

• Private Infrastructure Development Group (PIDG): A development finance institution with a strategic focus on funding the development stage of terrestrial ARR and mangrove projects. Their aim is to scale these projects to attract investment from larger private-sector investors. PIDG's near-term focus is on Africa, with medium-term plans to include South Asia and low-income countries in Southeast Asia. They invest in a variety of nature-based solutions, including agroforestry, improved forest management, soil carbon sequestration, afforestation/reforestation, biochar, mangrove restoration, and peatland restoration, with investments ranging from $1 million to $5 million.

• Rubicon Carbon: A carbon streaming investor that offers flexible capital to project developers throughout the lifecycle of nature-based projects. Rubicon focuses on greenfield projects in need of early to mid-stage development capital for activities such as planting and construction. Their investments, ranging from $5 million to $20 million, support a variety of projects, including engineered carbon removal, biochar, improved forest management, mangrove restoration, agroforestry, and afforestation/reforestation.

• Silvania: A long-term investment vehicle focused on nature and biodiversity protection and restoration. Silvania invests in real assets and supports both upstream and downstream businesses to mitigate climate change while delivering substantial biodiversity and social benefits. Their investments, ranging from $10 million to $100 million, target projects like afforestation/reforestation, improved forest management, soil carbon sequestration, biochar, peatland restoration, agroforestry, mangrove restoration, and REDD+.

• Terra Global Investment Management, LLC (for the Terra Bella NbS Fund): A private equity firm offering primary project finance investments to nature-based solutions projects and jurisdictional programs in developing countries. Terra Global focuses on generating high-quality co-benefits and verified emission reductions and removals, with investments ranging from $5 million to $20 million. This global fund targets projects such as afforestation/reforestation, REDD+, mangrove restoration, peatland restoration, improved forest management, and agroforestry.

• Terra Natural Capital: A private lender providing senior debt, subordinated debt, and stream financing for nature-based projects, with investments starting at $50M. They focus on carbon removal projects and corporate off takes, taking a revenue participation return that decreases as specific returns are met. The firm prioritises giving developers control over their credits and market access. Supported projects include improved forest management, soil carbon sequestration, biochar, agroforestry, peatland restoration, afforestation/reforestation, and mangrove restoration.

• The Fund for Nature (CrossBoundary): As a private lender they provide debt and equity to nature-based carbon projects in emerging markets, with a focus on Sub-Saharan Africa and the Amazon Basin. Investments range from $1M to $5M. They support projects in areas like REDD+, improved forest management, mangrove restoration, peatland restoration, biochar, afforestation/reforestation, agroforestry, and soil carbon sequestration.

• U.S. International Development Finance Corporation: A development finance institution that catalyses private sector participation in highly developmental projects in low-income and lower-middle-income countries while also supporting work in upper-middle-income countries. They focus on areas such as REDD+, improved forest management, soil carbon sequestration, biochar, agroforestry, engineered carbon removal, afforestation/reforestation, peatland restoration, and mangrove restoration. Investments range from $20M to $50M.

• UBS AG: As a bank or intermediary, they focused on high-integrity nature-based carbon solutions, with a global presence and a particular emphasis on carbon removals, community impact, and biodiversity. Investment areas include soil carbon sequestration, afforestation/reforestation, mangrove restoration, agroforestry, engineered carbon removal, REDD+, peatland restoration, improved forest management, and biochar. Investments cover a broad range of amounts.

• Wollemi Capital: This private equity firm primarily focuses on project equity but can also provide debt and top-co financing in the right circumstances. Investments are assessed based on impact potential, team track record, credit quality, and key development milestones. Currently, the firm focuses on OECD regions, with future potential for developing world projects. Investment types include engineered carbon removal, agroforestry, improved forest management, REDD+, soil carbon sequestration, peatland restoration, mangrove restoration, afforestation/reforestation, and biochar, with investments typically exceeding $5M.

Overall, these leaders ensure capital is flowing into reforestation, agroforestry, and soil carbon projects. Still, while funding is increasing, a financing gap remains. The future scaling of this industry will increasingly depend on measurable results, and strong collaboration between financial institutions, project developers, and local communities. As the NBS market matures, those who act decisively will shape its future.

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