Fund of funds
Emerging Market Climate Action Fund (EMCAF)
The Emerging Market Climate Action Fund (EMCAF) is an innovative blended finance fund-of-funds, launched in 2021 as a partnership between Allianz Global Investors (AllianzGI) and the European Investment Bank (EIB). Its mission is to channel catalytic early-stage equity financing into greenfield climate mitigation and adaptation projects in emerging and developing countries. EMCAF achieves this by backing fund managers and project developers active in the climate space, aiming to accelerate the climate transition, facilitate energy independence, and narrow the infrastructure investment gap. Endorsed by the G7 in 2022, EMCAF operates under a "triple bottom line" approach focusing on "People, Planet, Prosperity."
Investment focus
- Sectors
- Energy and powerManufacturing and industrialsAgriculture and food
- Stages and strategies
- SeedFund investmentsProject finance
- Regions
- Northern Africa, Eastern Africa, Western Africa, Central Africa, Southern Africa
Fund commitments
- ARCH Cold Chain Solutions East Africa Fund LP
- Evolution III Fund
- GEF South Asia Growth Fund III
- XIC Latin America Fund I (XIC)
- Helios Climate Energy Access Resilience Fund (CLEAR Fund)
- Vinci Climate Change Fund
- South East Asian Climate Energy Fund II (SEACEF II)
- Alcazar Energy Partners II (AEP II)
- African Infrastructure Investment Fund 4 (AIIF IV)
Sources
- Partner Researchers, accessed 14 November 2026
- https://www.avca.africa/news-insights/member-news/british-international-investment-co-leads-us-200mn-investment-in-helios-clear-fund/, www.avca.africa. Accessed 14 November 2026.
- https://www.africanpowerplatform.org/news/press-releases-2/external/3678-african-private-equity-firm-inspired-evolution-achieves-successful-first-close-of-its-third-evolution-iii-energy-transition-net-zero-climate-impact-fund.html, www.africanpowerplatform.org. Accessed 14 November 2026.