Althelia Madagascar Sustainable Landscapes Fund


Last updated 12 May 2020, by Impactyield.

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The Althelia's Madagascar Sustainable Landscapes Fund makes investments in sustainable environmental activities which reduce deforestation, promote transition towards sustainable agriculture , and provide access to energy in Madagascar.

The fund focuses on 2 complementary set of activities to achieve landscape conservation, at scale:

Agroforestry and sustainable production, through the improvement of existing plantations (vanilla, cloves, cardamom etc.) by agroforestry techniques, improved logistics and direct route to markets, generating revenues from increased volumes and improved prices of certified commodities; and

Access to energy, by providing access to clean cooking and electricity, enabling reduction in deforestation (less slash and burn and firewood) and improvement of livelihoods, with revenues in the form of sale of power and sustainable, locally produced ethanol.

The fund is a 10 years closed ended fund, which deliver environmental, climate, social impacts in one of the most biodiversity-rich and economically-poor country in the World.

The Green Climate Fund approved on 14th October 2016 a US$35m cornerstone investment into the fund (see, paired with a USD18.5m granted by the GCF to Conservation International to support conservation activities in protected areas.

Financial description

The Fund invests into medium-term loans in 2 sets of activities: sustainable agriculture and access to energy (both rural electrification and clean cooking). Overall, USD45m is to be invested in a portfolio of c.10 investments, balanced between agroforestry (55%) and access to energy (45%);
Capital is drawn down as required across a blended portfolio creating strong and predictable cashflows.

7 years

of track record


the year funded

45,000,000 USD


SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Encourage companies to adopt sustainable practices and sustainability reporting

Increase financial resources to conserve and sustainably use ecosystem and biodiversity

Universal access to safe and nutritious food

Sustainable food production and resilient agricultural practices

Universal access to modern energy

Key performance indicators

Fund overview

Asset manager: Mirova Natural Capital

Product track record: Fund has 7 years of track record

Target IRR: n.a.

Committed Capital: n.a.

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:


Inception year: 2016

Vintage year: 2016

Target region: , , ,

Target close date: 01/01/2017

Product term: 10 years

Assets under management: 45,000,000 USD (US Dollar)

Investment size: Min: 0; Max: 0; Avg: 0

Co-investment policy:

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 3

Fund investments to date exited or repaid: 0

Management fee: n.a.

Carried interest: n.a.

Hurdle rate: n.a.

GIIN Investors' Council Investment: Yes

Limited Partners / Investors: Green Climate Fund (GCF), represented by the European Investment Bank (EIB)

Limited Partner / Investor Type: Development Finance Institution (DFI), Endowments/Foundations, Pension Funds


E-mail: n.a.


Phone number: +352 48 18 63

If you wish to have your details removed from this database please email

Adam Gibbon

Investment Director and Chief Technical Officer

Sylvain Goupille

Managing Director

Impact Performance


Impact thesis

Madagascar offers unparalleled opportunities for investing into conservation, sustainable production and clean infrastructure. In a country where ~80% of the population work in agriculture, and where rural electrification reaches only 5% of the population, appropriate and targeted investment can transform livelihoods and reverse long-term trends of environmental degradation.

Impact Management


Financial benchmark

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