Ardian is eyeing its first transaction by its Averrhoa Nature Based Solutions (NSB) in Latin America in coming months, after recently securing commitments of EUR 100m for the fund.

The first project, for the article 9 fund – which is targeting EUR 1.5bn in total according to Infralogic data – will focus on restoring degraded land with a biodiversity impact, the firm told Infralogic in an emailed statement.

Managed by Ardian’s infrastructure team alongside ecosystem restoration specialist aDryada, the fund focuses on restoring forests, wetlands and mangroves, with an active pipeline across Latin America, Africa and Asia, the firm said as it announced the EUR 100m commitments on 11 November.

The NSB fund is backed by several development finance institutions and European investors.

Anchor investors include EIB Global, the development arm of the European Investment Bank, with a EUR 50m commitment, Proparco, the private-sector arm of France’s development agency AFD, with EUR 20m, and British International Investment, the UK’s development finance institution, which has approved a EUR 10m investment.

Other investors include FDJ United, the foundation of France’s national lottery operator, and Mutuelle d’Ivry-La Fraternelle, a French mutual insurer.

Ardian said there is “strong” appetite from institutional and corporate investors beyond DFIs.

The NSB strategy is led by Ardian Infrastructure heads Mathias Burghardt and Laurent Fayollas, with the nature-based solutions team headed by Damien Braud.