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Swedfund, Sweden’s development finance institution, has invested USD 35 million in South Asia Growth Fund IV (SAGF IV), a private equity fund managed by GEF Capital Partners that focuses on growth-stage companies in India supporting emissions reduction and climate resilience.
The investment is part of an expected first close involving several other international development finance institutions and private investors. The fund has a target size of USD 600 million.
The fund will provide long-term growth capital to companies developing low-carbon, energy-efficient and climate-resilient products and services, across sectors such as the renewable energy value chain, water management and sustainable agriculture.
Swedfund expects the investment to contribute to lower emissions, greater climate resilience, job creation and sustainable economic growth. India faces rising energy demand, water stress and increasing exposure to extreme weather events and meeting its climate ambitions will require substantial private sector investment.
GEF Capital Partners has invested in environmental and resource-efficiency sectors since 2018 and has a dedicated team in Mumbai. Swedfund has an established relationship with the manager, having previously invested in SAGF II and SAGF III and joined a co-investment in Arya.ag in 2025.
“Through this investment, we help channel long-term capital to companies that reduce emissions, improve resource efficiency and strengthen resilience across critical sectors of the economy,” said Gunilla Nilsson, Investment Director and Head of Energy and Climate, Swedfund.
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