Environmental Opportunities Fund targets mid-market companies to support net zero transition
Tackling decarbonisation with electrification, abatement and circular economy solutions
The Adamantem Capital Environmental Opportunities Fund is harnessing private equity to invest in mid-market companies that provide products and services to support Australia’s transition to renewable energy, the adoption of electric vehicles and energy efficiency.
$35m
CEFC investment
~$350m
fund target
Net zero
transition focus
By focusing on mid-market companies in these three sectors – clean energy and electrification, natural capital and abatement, as well as the circular economy – we are confident Adamantem’s disciplined approach to sustainability will see the Environmental Opportunities Fund make positive impact to company growth as well as national emissions.Rory LonerganCIO Infrastructure and Alternatives Investment, CEFC
Our investment
The CEFC is a cornerstone investor in the Adamantem Capital Environmental Opportunities Fund, with a commitment of up to $35 million in equity.
The Environmental Opportunities Fund (EOF) invests in operating businesses – with an enterprise value of between $50 million and $100 million – that enable or provide the services necessary to transition to a net zero economy. The EOF investment strategy combines Adamantem core private equity investment capabilities with its deep experience in responsible investing and environmental sustainability.
The EOF exceeded its $350 million target and reached final close in February 2025, with 30 per cent of capital deployed and four finalised investments. The EOF also attracted investments from APG, AlpInvest, Minderoo Foundation, NGS Super, Manulife and private wealth clients.
The CEFC investment follows a previous commitment to Adamantem of $80 million as a cornerstone investor in the Adamantem Capital Fund II, which is aiming to drive emissions reduction targets across a diverse range of private equity owned mid-market companies.
The quality of the investors we have on board demonstrates the appetite for sustainability focused investments in Australia. Our investors support our commitment to generate positive environmental impact, alongside financial returns, by investing in businesses that are enabling the transition to a net zero world.Anthony KerwickFounder and Managing Director, Adamantem
our impact
The power of private equity to drive decarbonisation
Australia’s net zero transition offers enormous economic opportunities to businesses which can commercialise the innovative technologies and solutions that will be central to our low emissions economy of the future.
Australia’s $65.5 billion private capital sector (including private equity and venture capital) has the potential to play a key investment role in supporting our national emissions ambitions.
A focus on mid-market enterprises
The EOF applies Adamantem Capital investment disciplines as well as a market-leading impact assessment framework. The EOF investors work with an Environmental Opportunities Fund Impact Advisory Board, which monitors and reports on the impact generated by investee companies.
EOF focuses on mid-market companies that provide products and services to support the transformation of Australia’s National Electricity Market. It also supports the uptake of electric vehicles, electrification and energy efficiency in buildings and industry.
Investee companies include
- PAC Trading, an environmentally friendly food packaging business, seeking to transform the food service industry as it transitions away from single-use plastics and packaging to more environmentally sustainable outcomes. The business was founded over 20 years ago and supplies compostable, recyclable and other products to ~1,500 distributors and end customers in the food services and other industries.
- Edge Zero, a power distribution technology firm, is scaling proprietary, cloud-based grid monitoring platforms that provide real-time visibility of the low voltage (LV) electricity grid through a network of transformer monitoring devices. Edge Zero can enable utilities to reduce customer energy costs through improved network operating efficiency, as well as identifying ways to deliver kWh and carbon emissions savings through better voltage and power quality management.
- Evnex, an EV smart charging manufacturer, on a mission to deliver the world’s best electric vehicle charging experience at home, with the lightest impact on Earth. The fast-growing network of Evnex chargers intelligently selects optimal charging times based on user input to ensure a faster, cleaner, and safer charging experience.
- Microgrid, a designer and operator of embedded networks in multi-tenant buildings, including shopping malls, provides a commercial solution to owners and tenants of commercial and industrial buildings, which facilitates access to behind-the-meter renewable energy where it otherwise may not be possible. This results in less electricity being drawn from the grid and lower carbon emissions when combined with on-site renewable generation via solar panels and battery storage.
