AXA Natural Cap (IFC-51282)

Regions
  • Africa
  • East Asia and Pacific
  • Latin America and Caribbean
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 10, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
AXA IM Natural Capital Fund (AXA Natural Capital Fund SA) [AXA Group]
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Climate and Environment
  • Energy
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 21, 2025

Disclosed by Bank Sep 1, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the IFC, the proposed transaction is an equity investment of up to US$25 million in the AXA Natural Capital Opportunities Fund (“AXA IM NCOF” or the “Fund”). The Fund is a closed-end, nature-based solutions (NBS) carbon fund with a target size of up to US$150 million. AXA IM NCOF intends to invest in projects that generate carbon credits either via (i) removal of existing CO2 from the atmosphere (removal carbon credits) through restoration and sustainable management of land such as, planting trees, facilitating natural regeneration or restoring natural hydrology to wetlands or via (ii) avoidance of further CO2 and CH4 emitted through preventing deforestation/forest degradation or the use of low-carbon household devices (avoidance carbon credits).The Fund will be domiciled in Luxembourg and will be part of a broader Natural Capital strategy which includes the AXA Natural Capital Fund SA SICAV RAIF, a 2023 vintage vehicle launched with a $490m commitment from AXA Group. The Fund aims to invest 100% of its commitments in EMs (predominantly Asia and Latin America, as well as Africa).

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the IFC, the Fund will be managed by AXA IM Natural Capital Opportunities GP S.à.r.L., who will appoint AXA Investment Managers Paris as alternative investment fund manager, being already the AIFM of the Main Fund as well.

As stated by Bloomberg, AXA operates as an insurance investment company. The Company offers wide range of products and services that includes life, health, property, and casualty insurance, as well as real estate and infrastructure equity investments. AXA serves customers worldwide.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Financial Intermediary - AXA IM Alts:

Fiona Choi Kurz - Managing Director, Client Group Alts
Phone: +1 (646) 981-1159
Email: Fiona.CHOIKURZ@axa-im.com 
Address: 340 Madison Ave New York, NY 10173, USA
Website: https://alts.axa-im.com/  

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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