Pictet Alternative Advisors announced the final close of Environment Co-Investment Fund I, raising $253 million in committed capital. The fund closed above its $200 million target.
Environment Co-Investment Fund I is Pictet’s first dedicated environment co-investment vehicle. The fund builds on Pictet’s long-standing private equity and co-investment experience, while extending the firm’s thematic investing heritage and environmental expertise across private markets.
The fund will invest alongside leading private equity managers in companies addressing critical environmental challenges. Most of the portfolio is expected to be concentrated in North America and Europe.
Pictet said the fund will back a diversified set of co-investments across buyout, late-stage growth, and selective late-stage venture opportunities. Its focus areas include greenhouse gas reduction, pollution control, circular economy, sustainable consumer, and enabling technologies.
Around 50% of committed capital has already been deployed across eight transactions. Pictet said the co-investment model gives investors access to private companies while providing greater visibility into underlying assets and how capital is being deployed.
The fund raised capital from a broad mix of investors, including insurance companies, pension funds, family offices, and private clients. Investors came from Europe, Asia, North America, and the Middle East.
Pictet said the fund received strong support from existing clients while also attracting new investors seeking more selective private markets exposure and portfolio diversification through co-investments.
The strategy is designed to target privately held companies developing solutions in areas such as electrification, waste, water, resource efficiency, and environmental services. The co-investment approach allows the fund to invest alongside established sponsors on a deal-by-deal basis.
The fund’s investment process combines financial due diligence with Pictet’s proprietary sustainability due diligence and environmental framework. This framework is used to assess thematic fit, environmental contribution, and material sustainability factors.
Environment Co-Investment Fund I complies with the disclosure requirements of Article 8 of the Sustainable Finance Disclosure Regulation. The fund 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, the firm has executed more than 300 co-investment deals and developed relationships with more than 90 active general partners globally.
The Pictet Group is a partnership of owner-managers founded in 1805. The firm provides wealth management, asset management, alternative investment solutions, and related asset services, and had CHF 757 billion in assets under management or custody as of December 31, 2025.
KEY QUOTE:
“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.”
Nicolas Thomas, Principal Thematics Private Equity at Pictet Alternative Advisors