Circulate II (IFC-51761)

Regions
  • East Asia and Pacific
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
Proposed
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."
Borrower
Circulate Capital Asia Fund II
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Climate and Environment
  • Finance
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)
$ 10.00 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)
$ 300.00 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 Feb 4, 2026

Disclosed by Bank Dec 23, 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 Bank’s website, the proposed investment is for up to US$10 million (capped at 20% of total commitments) in Circulate Capital Asia II L.P. (the Fund), a US$300 million private equity fund targeting growth equity investments across the recycling supply chain in Southeast Asia and South Asia. The Fund will be managed by Circulate Capital Management Pte. Ltd., a Singapore-based impact-focused private equity firm and existing IFC client.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The Project involves an investment of up to US$10 million in Circulate Capital Asia II, a fund investing in companies operating in the circular economy, with a focus on plastics, as well as other valuable materials such as paper and e-waste recycling. Typically, Environmental and Social (E&S) risks and potential impacts in these sectors include those related to supply chains, occupational health and safety, air emissions, handling of hazardous materials, or community impacts. Most of these risks or potential impacts will be few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures and good industry practices. The Fund will not invest in any higher risk activities that may include involuntary resettlement; risk of adverse impacts on Indigenous Peoples; significant risks to or impacts on the environment, community health and safety, biodiversity, or cultural heritage; risk of retrenchment; or significant occupational health and safety risks. The Fund will not invest in any coal-related project or any financial institution other than low-medium risk. Overall, the E&S risk of the proposed investment is medium, and the project is categorized as FI-2 according to IFC's Policy on Environmental and Social Sustainability. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The targeted fund size is US$300 million (with a hard cap of US$325 million). The proposed IFC investment is for up to US$10 million (capped at 20% of total commitments).

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.

The Fund will be managed by Circulate Capital Management Pte. Ltd., a Singapore-based impact-focused private equity firm and existing IFC client. The company is led by Rob Kaplan, Wolfgang Hafenmayer, and Regula Schegg, who are supported by investment professionals in India, Indonesia, Singapore, Thailand, and Vietnam.


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.

Circulate Capital Asia Fund II, L.P.
Mr. Rob Kaplan
Founder and CEO

rkaplan@circulatecapital.com
16 Raffles Quay, #20-03 Hong Leong Building, Singapore 048581
www.circulatecapital.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

How it works

How it works