Mombak - AXA IM Alts commitment, Fund I project leg

Terms

Not ranked

Out of scope

Announced

18 Jul 2023

Instrument

Equity

Amount

UndisclosedReported as part of a US$49m combined commitment, split not disclosed

Source

alts.axa-im.com

Parties

Fund or vehicle

Mombak

Recipient type

Project developer

Country

Brazil

Capital providers

Capital providers and the amount counted for each

Party	Role	Amount	Basis
AXA IM Alts	Investor	Not credited	Not ranked

Carbon

Pathway

ARR (afforestation, reforestation, revegetation)

Backed by offtakes from

• Microsoft

Structure and cover

Structure flag

Fund raise / funding commitment

What happened

AXA IM Alts committed US$49m on 18 July 2023 through its natural capital and impact investing strategy. Its own release describes two concurrent legs: investing directly into Mombak reforestation projects, and taking a minority equity stake in Mombak. NO SPLIT IS PUBLISHED. On the Neustark precedent neither leg carries a US$m figure, so the US$49m drops out of the value column and both legs count only. Operator ruling, 21 September 2026: treat the project leg as capital into The Amazon Reforestation Fund (Fund I), consistent with secondary reporting listing an AXA fund among Fund I LPs. This row is the project leg, held out at vehicle level alongside EQ-119. The company leg is EQ-231.

Kumo note

An insurer natural capital strategy putting money into the projects and into the operator at the same time, without saying how much went where. The distinction decides whether the capital carries project risk or company risk, and the release does not draw it.

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