New Delhi, Sept. 10 -- Switzerland-based impact investor responsAbility Investments AG has marked the fourth close of its Asia-focused climate fund after securing commitments from International Finance Corporation (IFC) and other limited partners.

The firm, whose India portfolio includes companies such as sauces and dips brand Wingreens Farms and now-defunct EV ride-hailing company BluSmart, has raised $64 million more from its limited partners for the vehicle's fourth closing. This takes the total committed capital to $414 million, it said in a statement.

IFC, the private-sector investment arm of the World Bank Group, has committed $50 million to the fund.

This, however, is only half of what IFC was previously considering to invest in the Swiss firm. VCCircle reported last year that IFC was planning to invest $100 million in responsAbility's Asia Climate Fund-$85 million from its own account and $15 million from IDA20 Private Sector Window Blended Finance Facility.

Both responsAbility and IFC didn't immediately respond to VCCircle's queries till the time of writing this article.

responsAbility is seeking to raise as much as $500 million for the Asia Climate Fund to invest in renewable energy, energy efficiency, electric mobility and climate-tech segments in India and Southeast Asian markets. It is on track to achieve the target of raising $500 million by the end of this year for climate investments in Asia, it said in the statement.

It employs a blended finance approach, leveraging public capital to catalyze private-sector investment.

The fourth close comes about eight months after the firm marked the third close of the fund in January 2025 after receiving soft commitments for $350 million. At the time, German development bank KfW said it would invest €20 million ($20.57 million) along with a few other LPs.

The fund clocked its second close in August last year, after securing a commitment from parent M&G plc. M&G had committed $100 million to the fund, taking its total corpus by then to $200 million. Previously, the fund had raised money from KfW and Dutch development bank FMO, marking its first close in November 2023.

Since the launch of the fund, responAbility has invested in Amp Energy and Farmart. Separately, it has also backed Indian non-bank lenders such as Clix Capital, Electronica Finance, Annapurna Finance and Kinara Capital, among others.

Published by HT Digital Content Services with permission from VC Circle.