---
title: "Carbon Equity Review 2026: What the Access Fee Buys, What Performance Can Be Evaluated, and What Protections Come With a Twelve-Year Commitment"
url: https://altstreet.investments/platforms/reviews/carbon-equity
kind: platform-review
updated: 2026-10-30
description: "Carbon Equity review 2026 from the AFM register, the manager's audited accounts and its own fund pages: a licensed Dutch climate fund-of-funds manager with a depositary on every fund and fee tables on every page, no published result for any of thirteen vehicles, a 2023 key information document showing EUR 60,761 of costs on EUR 100,000 for one closed fund, a retail ELTIF holding the firm's own co-investment fund, and a manager with a loss in each filed year."
publisher: AltStreet (https://altstreet.investments)
license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted.
---

# Carbon Equity Review 2026: What the Access Fee Buys, What Performance Can Be Evaluated, and What Protections Come With a Twelve-Year Commitment

Carbon Equity is a Dutch fund manager, licensed by the AFM since December 2023, that pools individual investors in the Netherlands, Belgium and Germany into closed-end vehicles committing to third-party climate venture, private equity, infrastructure and debt funds, at a EUR 100,000 minimum on most funds and EUR 20,000 on a retail fund authorized under the European long-term investment fund rules. The fee tables are on every fund page and every fund has a named depositary in the public register. No fund-level result for any of the thirteen vehicles is in the public material AltStreet reviewed, so a prospective investor cannot assess the track record without asking for it.

AltStreet score: 38.5 (C-), scored October 30, 2026. Method: https://altstreet.investments/platforms

| Field | Value |
| --- | --- |
| Platform | Carbon Equity |
| What it is | Dutch AIFM-Licensed Fund-of-Funds Manager Selling Climate Private Markets Access to Individuals |
| Asset class | Closed-end Dutch fund-of-funds vehicles committing to climate venture capital, private equity, infrastructure and private debt funds, plus one direct co-investment fund |
| Website | carbonequity.com |
| Review first published | October 30, 2026 |
| Last updated | October 30, 2026 |
| AltStreet relationship | None: no affiliate, sponsorship or partnership |

## The short version

Three questions decide this review. What does the access layer buy? A licensed Dutch manager with a depositary on every fund, a foundation holding title, named institutional climate funds that several underlying managers confirm at EUR 200 million to EUR 2 billion, a selection process the firm describes in detail, and twelve years of capital calls, reporting and depositary administration, priced at a tiered annual fee on the commitment (0.95% at EUR 100,000 on the current flagship), a 1% setup fee on top, an expense cap, and the underlying managers' own fees and carry. What net performance can a prospective investor evaluate? From the public material, none: no TVPI, DPI, IRR, NAV per unit or distribution for any vehicle appears on the site, in the press releases, event pages or four annual reports, and the only valuation statement is the manager's own, EUR 37 million invested worth EUR 34 million at the end of 2023. Investors receive quarterly capital account statements, so the figures exist; the earliest vehicles are now five years old and the first portfolio fund closed nearly four years ago, which is long enough for dated, vehicle-level marks to be asked for and judged. What protections and dependencies come with the commitment? Strong structural protections at the fund level, retail protections on one fund only, zero liquidity by design, front-loaded capital calls, a manager that reported a EUR 3.53 million loss on EUR 2.38 million of revenue in 2025 and whose going-concern note says management expects profitability in early 2028, and an open question about whether the retail fund pays a second Carbon Equity fee layer on its holding in the firm's own co-investment fund.

- **No fund result located** AltStreet checked the funds index, the five open fund pages, the FAQ, fourteen press releases, thirteen event pages, four annual reports and 30 archived snapshots. None publishes a TVPI, DPI, IRR, NAV per unit, called percentage or distribution for any Carbon Equity vehicle. The 2023 annual report states that EUR 37 million invested across all funds had a total value of EUR 34 million at December 31, 2023; the 2024 and 2025 reports give invested amounts without a value. The fund pages carry target net IRRs of 7% to 25%. Statements go to investors quarterly, so the figures exist and can be requested.
- **0.95% + 1% + 0.3%, then 2% and 20%** The fee stack on Climate Tech Portfolio Fund IV at a EUR 100,000 commitment as the site states it: a 0.95% annual Carbon Equity fee on the commitment (1.00% below EUR 100,000, down to 0.40% above EUR 20 million), a 1% one-off setup fee invoiced on top of the commitment, fund expenses capped below 0.3% a year on average, then the underlying managers' 2% management fee and 20% carried interest on their own bases. If the fee and the expense cap run on the full commitment for the stated twelve-year life, the Carbon Equity layer is up to EUR 16,000; whether the fee steps down after the investment period is not stated publicly.
- **EUR 60,761 (Fund II, 2023 KID)** Total costs on a EUR 100,000 commitment over the twelve-year recommended holding period in the key information document for Climate Tech Portfolio Fund II dated January 1, 2023, the only all-in cost document in the public record. The same document states a reduction in yield of 8.5 percentage points a year in its moderate scenario, an all-in ongoing charge of 2.5% a year covering Carbon Equity's fee and administration plus the underlying funds' average fees, underlying carried interest of 12.0% of the gross return, a 1% entry fee and exit costs of 0% to 20% for leaving before the recommended period. It is a historical figure for one closed fund, not a verified cost of today's offerings.
- **License 15005329, December 11, 2023** The AFM register of licensed AIFMs lists Carbon Equity B.V. with a full license under article 2:65 of the Dutch Financial Supervision Act and seventeen fund rows, all but one marked for professional and retail investors, each with a named depositary (Apex Depositary Services for most, CACEIS for the retail fund, Belfius for the Belgian vehicles). Before that date the firm was a light-regime registrant, and its own 2022 and 2023 pages said the investment fell outside AFM supervision. The retail fund, Access to Climate Tech Fund II, is authorized as a European long-term investment fund with a EUR 20,000 minimum.
- **EUR 364m / 1,657 / EUR 128.9m** Commitments under management at December 31, 2025 on a signed-subscription basis, the number of commitments, and the capital deployed into 29 climate funds and 8 co-investments, from the audited 2025 annual report. The website stated EUR 470 million and 1,900 or more investors on October 30, 2026; AltStreet carries the audited figure.
- **EUR 3.53m loss in 2025** The manager's result on EUR 2.38 million of revenue, per the audited report signed June 30, 2026 with an unqualified opinion. The company reported a loss in each filed year, held EUR 6.6 million of cash at year end after a EUR 6.4 million equity round in September 2025, and the report's going-concern note records management's expectation that profitability will be realized in early 2028. Investor assets sit in separate partnerships with a depositary; the manager is the party that runs them for twelve years.

Data note: Regulatory facts are from the AFM and ESMA registers downloaded October 30, 2026. Manager financials are from Carbon Equity B.V.'s audited annual reports for 2022 through 2025 as published on its own site. Fund terms, fees and eligibility are from carbonequity.com captured October 30, 2026 and from Wayback Machine snapshots dated as cited. Fund sizes are the platform's own statements with their dates; where the platform has published two figures for the same fund, both are recorded. Money is in euros, the funds' currency, except the US dollar co-investment fund and the Form D, which are in dollars.


## Key figures

| Figure | What it is | Context |
| --- | --- | --- |
| 0 of 13 | Carbon Equity vehicles with a published TVPI, DPI, IRR, NAV per unit or distribution figure in the public material, October 30, 2026. | Thirteen vehicles since July 2021, about EUR 364 million committed. One value statement exists: EUR 37 million invested was worth EUR 34 million at December 31, 2023, per the 2023 annual report. Investors receive quarterly statements. |
| EUR 60,761 | The only all-in cost document in the public record, for one closed fund, puts the reduction in yield at 8.5 percentage points a year in its moderate scenario under the PRIIPs methodology, with underlying carried interest of 12.0% of the gross return and exit costs of 0% to 20% for early departure. | Total costs on a EUR 100,000 commitment over twelve years in the key information document for Climate Tech Portfolio Fund II dated January 1, 2023. No key information document for any fund open in October 2026 is public; the fund pages show each layer and no total. |
| 15005329 | AFM license number, AIFM license, Carbon Equity B.V., December 11, 2023, with seventeen fund rows each naming a depositary. | Light-regime registrant before that date; the firm's own 2022 and 2023 pages said the investment fell outside AFM supervision. The retail fund is authorized as a European long-term investment fund. |
| EUR 3.53m loss | Carbon Equity B.V.'s 2025 result on EUR 2.38 million of revenue, audited and published. | A loss in each filed year; cumulative reserves about minus EUR 9.6 million; EUR 6.6 million of cash at December 31, 2025 after a EUR 6.4 million round in September 2025; management expects profitability in early 2028; unqualified opinion. |
| up to 16% | Carbon Equity's layer on Climate Tech Portfolio Fund IV for EUR 100,000 over twelve years (0.95% fee, 1% setup, up to 0.3% expenses), before the underlying managers' 2% and 20%. | An illustration on stated assumptions: fee and expense cap on the full commitment for twelve years. Step-downs and bases are not public. |
| 1 of 5 | Positions in the retail ELTIF that are Carbon Equity's own Co-Invest Fund I, which charges 1.25% and a 10% performance fee with team carry. | Whether the ELTIF pays those fees on its holding, and the size of the holding, are not stated anywhere public. |


## Verdict

Carbon Equity is a properly licensed Dutch manager selling a sensible idea, pooled access to institutional climate funds at EUR 100,000 and now EUR 20,000, with the scaffolding most access platforms never build: a full AIFM license in the public register, a depositary on every fund, a foundation holding title, a supervisory board, a suitability assessment for everyone, Kifid membership, audited accounts of the manager published every year, and fee tables tier by tier on every fund page. The underlying funds are named and several are confirmable at institutional scale. What the public record does not let a prospective investor do is evaluate what the access has earned: no fund has a published result, the one valuation statement is the manager's own from the end of 2023, and the one all-in cost document is a January 2023 key information document for a closed fund showing EUR 60,761 of costs on EUR 100,000 over twelve years. Those figures exist in the quarterly statements the firm sends its investors, and the oldest vehicles are old enough for them to mean something; the practical step is to ask for them, dated and by vehicle, along with the key information document of the fund in question. The commitment also carries dependencies to weigh: a manager that reported a loss in each filed year and expects profitability in early 2028, with fund assets segregated behind depositaries; a retail fund that holds the firm's own co-investment fund on fee terms the public record does not state; zero liquidity for twelve years; and a first call that for a minimum investor is the whole commitment on day one.

**Best for**

- Dutch, Belgian or German investors with EUR 100,000 they will not need for twelve years, who want named institutional climate funds under a licensed manager with a depositary, and who will obtain the key information document and dated capital account statements of the closed funds before signing.
- Retail investors considering the EUR 20,000 ELTIF who have read its key information document and received a written answer on the fees charged on the fund's holding in Carbon Equity's own co-investment fund.

**Look elsewhere if**

- You will not ask for fund-level results; none are published.
- You may need the money before the mid-2030s, or you cannot absorb the default penalties on later capital calls.
- You are a US person who has not confirmed eligibility, US tax classification and reporting with the firm.
- You want the current all-in cost in writing before registering; it is behind the login.

**Strengths**

- A full Dutch AIFM license in the AFM register since December 11, 2023 with a depositary named on each of seventeen fund rows, an ELTIF authorization for the retail fund, and passporting to Belgium and Germany.
- Fee tables tier by tier on every open fund page, with the setup fee, its discounts, the expense caps and the underlying 2% and 20% stated plainly.
- Four years of the manager's own audited accounts published on its site, including revenue by fee line, losses, cash, equity raises and going-concern notes.
- Named underlying funds, several confirmable on their managers' own sites at institutional scale, inside Dutch limited partnerships with a foundation holding title and a unanimous investment committee with a non-voting risk officer.
- Plain statements of illiquidity, capital call mechanics, default penalties and the exemption routes used, and no enforcement action, measure, court ruling or complaints ruling located in the sources searched.

**Limitations**

- No fund-level performance in the public material for any of thirteen vehicles; one manager-level value statement from 2023; a prospective investor must request dated, vehicle-level statements.
- No fund document for any open fund outside the login; the only all-in cost document is a January 2023 key information document for a closed fund.
- A manager with a loss in each filed year (EUR 3.53 million in 2025) and a going-concern note recording management's expectation of profitability in early 2028, with fund assets protected by structure rather than by the manager's balance sheet.
- The retail ELTIF holds the firm's own co-investment fund, which has a 1.25% fee, a 10% performance fee and team carry, on fee terms and at an allocation not stated in public.
- An access layer illustrated at up to 16% of the commitment over twelve years before underlying fees, a setup fee on top of the commitment, and a first call that for a minimum investor is the whole commitment on day one.
- Nine of thirteen vehicles sold under the light regime beneath a banner that the investment fell outside AFM supervision; no fund auditor named and no fund annual account published since.
- Paired published figures for the same closed funds (EUR 105 million and EUR 107 million; about EUR 100 million and EUR 96 million) and a website AUM of EUR 470 million against an audited EUR 364 million.


## Who it fits

| Investor | Fit | Why |
| --- | --- | --- |
| Dutch, Belgian or German investors who want named institutional climate funds at EUR 100,000 and will hold for twelve years | neutral |  |
| Retail investors with EUR 20,000 drawn to the ELTIF | neutral |  |
| Anyone who needs to see a track record before committing | poor-fit |  |
| Investors who may need the money before the mid-2030s | poor-fit |  |
| US investors | poor-fit |  |
| Minimum-ticket investors who assume the commitment is drawn over years | poor-fit |  |


## Questions

**What is Carbon Equity and what do you actually own?**

Carbon Equity B.V. is an Amsterdam fund manager, licensed by the Dutch AFM since December 11, 2023 under article 2:65 of the Dutch Financial Supervision Act, that pools commitments from individuals into closed-end funds of funds investing in climate venture capital, private equity, infrastructure and private debt funds run by other managers, plus one direct co-investment fund. You own a limited partnership interest in a Dutch vehicle (recent funds are limited partnerships with a Carbon Equity general partner company and a separate foundation holding title; older ones are funds for joint account), not an interest in any underlying fund. Each vehicle has a depositary named in the AFM register. Thirteen vehicles have been launched since July 2021, five were open in October 2026, and the audited 2025 report puts commitments at approximately EUR 364 million from 1,657 subscriptions, with EUR 128.9 million deployed into 29 funds and 8 co-investments.

**What does Carbon Equity charge?**

Three layers of its own plus the underlying funds'. An annual management fee on the commitment, tiered by size: on Climate Tech Portfolio Fund IV 1.00% below EUR 100,000, 0.95% from EUR 100,000, down to 0.40% above EUR 20 million; 1.1% on the retail fund reducible to 0.85% by referrals; 0.85% at EUR 100,000 on the infrastructure fund; 0.75% on the debt fund; 1.25% or 1.00% on the co-investment fund. A one-off setup fee of 1% invoiced on top of the commitment, with a 25% discount for repeat investors, none on the co-investment fund. Fund expenses capped below 0.3% a year (0.5% on the retail fund, 0.2% estimated on the co-investment fund). Then the underlying managers' fees, which the firm puts at about 2% a year and 20% carried interest for venture and private equity and 1.5% and 20% for infrastructure. The co-investment fund adds a 10% performance fee on realized returns above a 1.25x hurdle. If the fee and expense cap run on the full commitment for twelve years, Carbon Equity's own layer on a EUR 100,000 commitment to the fourth portfolio fund is up to EUR 16,000 before any underlying fee; whether the fee steps down is not stated publicly. The only all-in figure in public is the January 2023 key information document for the second portfolio fund: EUR 60,761 of total costs on EUR 100,000 over twelve years, a reduction in yield of 8.5 percentage points a year, for that fund under its 2023 terms.

**Is Carbon Equity regulated, and by whom?**

Yes, by the Dutch Authority for the Financial Markets, as a fully licensed alternative investment fund manager. The AFM's register of licensed AIFMs lists Carbon Equity B.V. under license 15005329 dated December 11, 2023, with seventeen fund rows each naming a depositary (Apex Depositary Services for most, CACEIS for the retail fund, Belfius for the Belgian vehicles), and the ESMA register shows the same. The license was amended in 2025 to permit a direct co-investment fund. Access to Climate Tech Fund II is authorized as a European long-term investment fund and can be offered to retail investors across the EU. Before December 2023 the firm was a light-regime registrant, and its own 2022 and 2023 pages said the investment fell outside AFM supervision; the earlier funds were brought under the license and were not marketed afterward. The firm is a member of Kifid for complaints. There is no US registration; one fund filed a Form D in July 2025 for two US investors.

**What returns have Carbon Equity's funds delivered?**

Nothing is published. No TVPI, DPI, IRR, NAV per unit, called percentage or distribution figure for any fund appears on the site, in the press releases, on the event pages or in the four annual reports. The only value statement is one sentence in the 2023 annual report: EUR 37 million of invested capital had a total value of EUR 34 million at December 31, 2023. The fund pages carry targets, 12% to 15% net IRR for the fourth portfolio fund, 8% to 12% for the retail fund, 10% to 12% for infrastructure, 25% for co-investments and 7% to 8% for debt, each with the sentence that expected future performance is not guaranteed. An event page mentions a first exit in the first portfolio fund without a number. Investors receive quarterly capital account statements and performance updates, so the figures exist; the oldest vehicles are five years old and the first portfolio fund closed nearly four years ago. Prospective investors should ask for dated, vehicle-level statements before committing.

**Can you sell a Carbon Equity fund position?**

Not in any practical sense before the fund ends. The firm's FAQ states that most funds do not offer liquidity, that you may be able to sell to a third party but the firm cannot help find a buyer, and that there is no guarantee of selling at full value; its webinar pages say the funds are illiquid so you cannot exit early. Fund lives are twelve years for the portfolio, infrastructure and retail funds, ten for the co-investment fund and eight for the debt fund, with up to two two-year extensions stated for the second portfolio fund. A transfer to a qualifying buyer you find yourself costs the lower of 1% of the commitment or EUR 500 in administration; the 2023 key information document puts exit costs for early departure at 0% to 20% and describes a buy-back window five years after final close with restrictions. The retail fund alone has a two-week withdrawal right after signing and a limited redemption option whose timelines, restrictions and discounts are not published. Defaulting on a later capital call carries penalty interest, a penalty of up to 50% of your total obligations or forfeiture.

**Who can invest, and what is the minimum?**

Residents of the Netherlands, Belgium and Germany for all funds, with France to follow for the co-investment fund; the firm says investors elsewhere may be able to invest on their own initiative under reverse solicitation, subject to local rules that may require accredited or qualified investor status, and the join form asks you to confirm you found Carbon Equity yourself. Minimums are EUR 100,000 on the portfolio, infrastructure and debt funds, $250,000 on the co-investment fund and EUR 20,000 on the retail fund, Access to Climate Tech Fund II. EU and UK residents who meet two of three tests (a portfolio above EUR 500,000, a year in a financial-sector role, or ten significant private-market transactions a quarter for a year) can opt up to professional status and commit EUR 50,000, with the firm's own page stating they then receive less investor protection than retail investors. Everyone takes a suitability questionnaire or interview. On the EUR 100,000 funds the first capital call equals the minimum, so a minimum investor pays the whole commitment plus the 1% setup fee at once.

**Is Carbon Equity itself financially sound?**

It is audited, transparent about it, and not yet profitable. The 2025 annual report, with an unqualified opinion from KLMN Audit B.V., shows revenue of EUR 2.38 million (management fees EUR 1.95 million, setup fees EUR 0.43 million), a loss of EUR 3.53 million, cash of EUR 6.6 million at December 31, 2025, share premium of EUR 15.75 million and cumulative other reserves of about minus EUR 9.6 million. The firm reported a loss in each year of its filed record, raised EUR 1.2 million and EUR 1.8 million in 2022, EUR 6 million in September 2023 led by BlackFin Capital Partners and EUR 6.4 million in September 2025, and its going-concern note records management's expectation that profitability will be realized in early 2028; the 2022 and 2024 reports carried going-concern notes too. Investor money sits in separate partnerships with a foundation holding title and a depositary, and the fund agreements provide for a replacement manager, so a manager failure is not a fund loss, but it would mean a change of the party monitoring the underlying funds and running capital calls in the middle of a twelve-year commitment.

**How does Carbon Equity compare with Moonfare?**

Both are European platforms pooling individuals into institutional private funds through feeder or fund-of-funds vehicles with minimums in the EUR 50,000 to EUR 100,000 range, and Carbon Equity adds a EUR 20,000 retail ELTIF. On what is published, Carbon Equity does more: a full AIFM license with a depositary per fund in the public register, tier-by-tier fee tables on every fund page including the setup fee and the underlying 2% and 20%, and four years of its own audited accounts; Moonfare, which AltStreet scored 4.1 (C), directs readers to each fund page for fees and publishes no accounts. On fund results both publish nothing. Carbon Equity is climate-only and smaller, at about EUR 364 million of commitments audited against Moonfare's stated several billion, and is not yet profitable by its own account.

**Can a US investor use Carbon Equity, and how is it taxed?**

Both are questions for the firm. The FAQ limits active marketing to the Netherlands, Belgium and Germany and says investors elsewhere may be able to invest on their own initiative, subject to local rules that may require accredited or qualified investor status. One US filing exists: Climate Tech Portfolio Fund III C.V. filed a Form D on July 3, 2025 under Rule 506(b) and section 3(c)(7), covering two US investors for $216,368 at a $108,184 minimum. That shows one fund admitted US investors who qualified; it does not show that any US applicant can. Nothing on the public site addresses US persons, the funds' US tax classification or US reporting, and the Dutch description of the funds as opaque fiscal investment institutions does not determine their US treatment. A US person should ask whether they can invest, how the fund is classified for US tax purposes and what election it supports, and what annual US reporting it provides. AltStreet is not a tax adviser.


## Evidence appendix

Platform website captured October 30, 2026.

Regulatory status comes from the AFM register of licensed AIFMs (register-aifm.xlsx, dated October 19, 2026, downloaded October 30, 2026), the AFM light-regime register of the same date, which has no Carbon Equity row, and the ESMA entity register. Manager financials come from Carbon Equity B.V.'s audited annual reports for 2022, 2023, 2024 and 2025, published at carbonequity.com/legal/annual-financial-reports and read from the PDFs. Fund terms, fee tables, minimums, first-call percentages, eligibility rules, FAQs, legal pages, fourteen press releases and thirteen event pages were captured from carbonequity.com on October 30, 2026, with 30 Wayback Machine snapshots dated 2021 to 2026 for historical terms and banners. The key information document for Climate Tech Portfolio Fund II dated January 1, 2023 was recovered from a March 27, 2023 snapshot of that fund's page, together with its SFDR annex and website disclosure. The Form D of Climate Tech Portfolio Fund III C.V. was read from the raw XML on EDGAR; EDGAR full-text and company searches found no other filing. Underlying fund facts were captured from the underlying managers' own sites on October 30, 2026. A legal and regulatory scan of AltStreet's enforcement tables (33,984 actions, 38,226 parties), the AFM measures and warnings pages and site search, the Dutch published court rulings database, the Kifid complaints search and CourtListener opinions and dockets located no action, measure, ruling or complaint naming the company, its funds or its executives in the sources searched. PACER was not searched; three executive-name searches on CourtListener returned empty responses and are recorded as not completed. The Dutch Chamber of Commerce and Luxembourg registry web searches render by script and were not readable; Chamber of Commerce numbers come from GLEIF records and the company's own filings. No fund document for an open fund was accessed and none was requested; the firm's fund documents sit behind registration.

**Highlights**

- AFM register of licensed AIFMs, October 19, 2026: 'Vergunningnummer 15005329 | Vergunningtype AIFM vergunning | Naam Beheerder Carbon Equity B.V. | Datum 11-12-2023', with seventeen fund rows each naming a depositary and all but one marked for professional and retail investors.
- Key information document, Climate Tech Portfolio Fund II, January 1, 2023: total costs at the end of the recommended twelve-year holding period 'EUR 60.761', effect on return '8,5% p.j.'; ongoing charges '2,5%' described as the total annual costs including Carbon Equity's management fee and administration (cap 0.3% a year) and the average fees of the underlying funds; carried interest of the underlying funds '12,0%' of the gross return in the moderate scenario; entry costs 1% on top of the investment; exit costs '0-20%' for leaving before the recommended holding period; 'Er is momenteel geen depositaris voor dit Fonds' (there is currently no depositary for this fund).
- Annual report 2025, going-concern note, stating that management expects profitability to be realized early 2028. Result 2025: loss EUR 3.53 million on revenue EUR 2.38 million; management fees EUR 1,947,482; setup fees EUR 431,613; cash EUR 6.6 million; share premium EUR 15,750,126. Audit opinion unqualified.
- Annual report 2025: 'members of the investment team participate in a carried interest arrangement with respect to Carbon Equity Co-Invest Fund I. No other employees, contractors or directors of Carbon Equity receive carried interest from the funds managed by Carbon Equity.' Against the 2024 fee article: 'Carbon Equity does not charge a performance fee', and the company policies page: 'Carbon Equity receives a fixed management fee for all its investment products.'
- Annual report 2025, Access to Climate Tech Fund II: 'the first ELTIF fund in the Netherlands ... Open, investments made in 5 funds per end of 2025, of which 1 secondary and 1 Carbon Equity Fund (Co-Invest Fund I).' Fund page: 'Co-Investment Fund I, managed by Carbon Equity Investment Team.'
- Annual report 2023: 'Carbon Equity received its AIFMD license to operate as a fund manager under article 2:65 Wft on 11 December 2023 ... All other funds are AIFMD-light funds and were not marketed by Carbon Equity after receiving the license.' Wayback, home and funds pages October 2022 to December 2023: 'Attention! This investment falls outside AFM supervision. No license required for this activity.'
- Annual report 2025: 'AUM is now reported on a signed-subscription basis ... rather than the commercial close basis used in previous years'; 'approximately EUR 364 million'. Home page, October 30, 2026: 'EUR 470m Assets under management', '1900+ Investors', '13 Funds'. Annual report 2025: 'contributing to the capital base of 29 climate funds'.
- FAQ, October 30, 2026: 'Most of our funds do not offer liquidity. You may be able to sell your investment to a third party, but we cannot assist in finding a buyer for you. There is no guarantee you would be able to sell at full value.' Webinar pages: 'is illiquid so you cannot exit early.' FAQ on default: 'penalty interest on the outstanding amount, a penalty of up to 50% of your total obligations, or in the most severe case, forfeiture of your existing investment in the fund.'
- FAQ, October 30, 2026, reporting: 'We provide quarterly financial updates including capital account statements, commitment summaries and performance updates.' And on timing: 'we expect your updated capital account statements to be ready in late April or early May.'
- Professional opt-up page: 'Professional investors have access to a different range of investment opportunities and receive less investor protection than retail investors.' 'Carbon Equity has voluntarily put most of these protections in place as a part of its license under Article 2:65.' 'if Carbon Equity were to offer its funds to retail investors, Carbon Equity would have to publish half-yearly figures and a more detailed prospectus.'
- Fund page, Access to Climate Tech Fund II: 'Access to Climate Tech Fund II is structured as an ELTIF, which is why it has a lower minimum, a suitability assessment, a withdrawal right, and a limited redemption option.' 'Our other funds are structured differently and do not offer the same retail-investor protections.'
- Form D, July 3, 2025, Climate Tech Portfolio Fund III C.V.: Rule 506(b) and section 3(c)(7); total offered and sold $216,368; two investors; minimum $108,184; 'Reflects sales to U.S. investors only using conversion rate of 1 EURO = US$1.08184'; no sales compensation; signed by Louise Elizabeth Koole, Director.
- Press release May 1, 2025: 'raised EUR 105 million' in the summary and 'closed ... with EUR 107 million in capital commitments' in the body, for the same fund. Press release March 5, 2024: Climate Tech Portfolio Fund II 'closed at ca EUR 100 million'; funds card October 30, 2026: 'Raised EUR 96m'.
- For-professionals page tiles, October 30, 2026: 'AssetCare / Independent NAV', 'Quarterly reporting / NAV + capital account', '2.5-3% / Skin in the game', '13 Fund commitments'. Annual report 2025 balance sheet: no fund investments held by the manager; 'CE Employee Commitment IV' EUR 87,750.

**Primary source pages**

- AFM register of licensed AIFMs, dated October 19, 2026: license number 15005329; license type AIFM license; manager Carbon Equity B.V.; date December 11, 2023; seventeen fund rows including Carbon Equity Climate Tech Portfolio Fund III (fund ID 50034359, January 17, 2024, professional and retail investors, Apex Depositary Services B.V.), Carbon Equity Access to Climate Tech Fund II C.V. (50036121, April 23, 2025, professional and retail investors, CACEIS Bank Netherlands Branch), Carbon Equity Co-Invest Fund I C.V. (50039181, December 15, 2025, Apex), Carbon Equity Energy Transition Debt Fund I FGR (50040666, May 13, 2026, Apex), Carbon Equity CTPF III Privak CommV and CTPF III CommV (March 10, 2025, Belfius Bank N.V.), Carbon Equity CTPF II Privak CommV and CTPF II CommV (April 1, 2026, Belfius Banque SA; the latter professional investors only). The AFM light-regime register of the same date carries no Carbon Equity row.
- ESMA entity register: Carbon Equity B.V., AIFM, competent authority AFM, status active, authorization notification date December 11, 2023, LEI 9845004AABC5FFBL3441.
- Carbon Equity B.V. annual report 2025 (signed June 30, 2026, KLMN Audit B.V., unqualified): revenue EUR 2.38 million (management fees EUR 1,947,482; setup fees EUR 431,613); loss EUR 3.53 million; cash EUR 6.6 million; share premium EUR 15,750,126; cumulative other reserves about minus EUR 9.6 million; EUR 6.4 million equity round September 2025; going-concern note stating that management expects profitability to be realized early 2028; commitments under management approximately EUR 364 million on a signed-subscription basis; 1,657 commitments; EUR 88.6 million raised from 563 investors in 2025; EUR 128.9 million deployed into 29 climate funds and 8 co-investments; 292 portfolio companies; license amended in 2025 for direct investment; Access to Climate Tech Fund II described as the first ELTIF in the Netherlands with a EUR 20,000 minimum holding five funds including one Carbon Equity fund (Co-Invest Fund I); investment team participates in a carried interest arrangement for Co-Invest Fund I; fewer-than-150-investors exemption used for Climate Tech Portfolio Fund III and Climate Infrastructure Fund I and professional opt-up for all funds since December 2023; employee commitment to Climate Tech Portfolio Fund IV EUR 87,750; directors J.L. van den Ende, D.G.W. Schafer, L.E. Koole.
- Carbon Equity B.V. annual reports 2022 to 2024 (Koeleman accountants, unqualified): commitments EUR 78 million (2022), EUR 168 million (2023), EUR 288 million (2024); management fees EUR 294,746 (2022), EUR 705,000 (2023), EUR 1,261,053 (2024); setup fees EUR 492,660 (2022), EUR 726,511 (2024); EUR 90 million raised from 314 investors (2023), EUR 119.5 million from 504 (2024); 1,102 commitments at end-2024; total invested capital EUR 37 million with a total value of EUR 34 million at December 31, 2023; EUR 46.6 million invested at end-2024; AIFM license received December 11, 2023 with all earlier funds described as AIFMD-light funds not marketed after the license; EUR 6 million from BlackFin Tech II closed September 15, 2023; going-concern notes in 2022 and 2024.
- Key information document (Essentiele-informatiedocument), Climate Tech Portfolio Fund II, January 1, 2023: fund for joint account with Stichting Carbon Equity Climate Funds II as legal owner; no depositary at the time; up to EUR 125 million into at least seven underlying funds with at most 20% per fund; EUR 100,000 minimum with the option to lower to EUR 50,000 on license; twelve-year term with up to two two-year extensions; total costs EUR 4,201 after one year, EUR 17,000 after five, EUR 60,761 at twelve years; reduction in yield 4.2%, 3.4% and 8.5% a year; entry costs 1% on top of the investment; exit costs 0% to 20% for early departure; ongoing charges 2.5% including Carbon Equity's fee and administration (cap 0.3%) and the underlying funds' average fees; performance fee 0% (Carbon Equity has none); underlying carried interest 12.0% of the gross return in the moderate scenario of 2.1x net; scenarios at twelve years EUR 80,794 (stress), EUR 147,954 (unfavorable), EUR 212,582 (moderate), EUR 341,836 (favorable); buy-back window five years after final close with restrictions.
- carbonequity.com fund pages captured October 30, 2026: Climate Tech Portfolio Fund IV (management fee 1.00% below EUR 100,000, 0.95% to EUR 250,000, 0.85% to EUR 1 million, 0.75% to EUR 2.5 million, 0.60% to EUR 10 million, 0.50% to EUR 20 million, 0.40% above; 1% setup with 25% repeat discount; expenses below 0.3%; underlying 2% and 20%; six funds committed; up to 20% co-investments, six so far; first call 38% with a EUR 100,000 minimum; final close December 31; target 12% to 15% net IRR); Access to Climate Tech Fund II (1.1% reducible by referrals to 0.85%; 1% setup; expenses below 0.5%; five investments including Co-Investment Fund I managed by the Carbon Equity investment team and a 2150 secondary; EUR 20,000 minimum; first call 50% with EUR 10,000 minimum; KID rating 6 of 7; target 8% to 12%); Climate Infrastructure Fund I (0.95% to 0.30%; four funds with three named; first call 68%; target 10% to 12%; underlying 1.5% and 20%); Co-Invest Fund I (1.25% below $1 million, 1.00% above, minus 5 basis points a year after the three-year investment period; 10% performance fee above 1.25x DPI; 0.2% expenses; no setup fee; $250,000 minimum; four companies; target 25%); Energy Transition Debt Fund I (0.85% to 0.45%; 1% setup; expenses capped 0.3%; at least three debt funds; first call 70%; eight years; target 7% to 8%; no investments yet).
- carbonequity.com funds index and press releases captured October 30, 2026: past-fund cards showing Climate Tech Portfolio Fund I (2022, EUR 42 million), Fund II (2023, EUR 96 million), Fund III (2024, EUR 105 million), Climate Infrastructure Fund I (2024, EUR 50 million), Access to Climate Tech Fund I (2023, EUR 3 million), North America Climate Tech Fund ($33 million), Climate Tech Growth Fund (EUR 5 million), Agrifood Technology Fund (EUR 5 million), Built Environment Fund (2021, EUR 4 million), Co-Invest Fund I ($70 million raised of a $50 million target); press releases stating Fund II closed at about EUR 100 million against a EUR 75 million target (March 5, 2024), Fund III raised EUR 105 million in one sentence and closed with EUR 107 million in another with over 200 investors and a KID risk of 6 of 7 (May 1, 2025), the Energy Transition Debt Fund I launch with a EUR 15 million target and over EUR 420 million raised from more than 1,600 investors (May 13, 2026), and the home page figures of EUR 470 million under management, 1,900 or more investors, 300 or more portfolio companies and 13 funds.
- carbonequity.com FAQ, legal pages and footer captured October 30, 2026: the manager acts as AIFM under article 2:65 and the ELTIF authorization of Access to Climate Tech Fund II; most funds offered at a minimum commitment of EUR 100,000 unless an exemption applies; residents of the Netherlands, Belgium and Germany with others possibly admitted on their own initiative under reverse solicitation subject to local rules; professional opt-up at EUR 50,000 for EU and UK residents meeting two of three tests, with the statement that opt-up investors receive less investor protection and that the firm has voluntarily put most protections in place; most funds do not offer liquidity and the firm cannot assist in finding a buyer; transfer administration fee the lower of 1% or EUR 500; two-week withdrawal right for the ELTIF only; default penalties of penalty interest, up to 50% of total obligations or forfeiture; management fee invoiced six months in advance (annual report) and fees included in capital calls; quarterly capital account statements with annual statements in late April or early May; funds described as opaque fiscal investment institutions in Box 3; Kifid membership; the join form's tick box confirming the applicant found Carbon Equity on their own initiative.
- Wayback Machine snapshots: funds overview July 31, 2021 (Decarbonization Fund I coming soon at a EUR 50,000 minimum and EUR 10 million target; 2150 feeder EUR 100,000 minimum); Decarbonization Fund I October 23, 2021 (EUR 25 million target, 1% setup, 0.75% fee, thirteen years, 10% to 15% target); home and funds pages October 1, 2022 to December 5, 2023 carrying the banner that the investment falls outside AFM supervision and that no license is required, with the AIFMD exemption footer; Climate Tech Portfolio Fund II March 27, 2023 (EUR 75 million target, 0.30% to 0.85% fee, twelve years, documents linked); open fund pages May 9, 2026 (first call 33% on Fund IV and 70% on the infrastructure fund, otherwise identical fee tables).
- SEC EDGAR, Form D accession 0000911420-25-000215 filed July 3, 2025: issuer Carbon Equity Climate Tech Portfolio Fund III C.V., limited partnership, Netherlands, Amsterdam; related persons Dennis Schafer (executive officer, officer of Carbon Equity CTPF III GP B.V., the general partner) and Louise Elizabeth Koole (director, signer); pooled investment fund, private equity fund; exemptions Rule 506(b) and section 3(c)(7); minimum investment $108,184; total offered and sold $216,368 with the clarification that it reflects sales to US investors only at 1 euro to $1.08184; two investors; no sales compensation. EDGAR full-text and company searches found no other Carbon Equity filing.
- Underlying managers' own sites captured October 30, 2026: Omnes Capital, Capenergie 5 final close December 17, 2024 at EUR 2.05 billion including EUR 250 million of co-investments; RGreen Invest, Infragreen V final close above EUR 900 million (March 11, 2026); White Summit Capital, Decarbonisation Infrastructure Fund II first close above EUR 350 million (January 2025), fourth close July 2026 with a EUR 600 million target; Forbion, BioEconomy Fund I EUR 75 million first close June 2024 and EUR 200 million final close at hard cap, Article 8; Lightrock, Climate Impact strategy EUR 860 million at final close with 16 companies; 2150, Urban Tech Sustainability Fund I SCSp, Article 9; ArcTern, Fund III Article 9; Energy Impact Partners, nothing on Frontier Fund II; Activate Capital, site unreachable; Capricorn, the two named funds not listed; DCVC, no fund named Climate Select II.
- Legal and regulatory scan, October 30, 2026: AltStreet enforcement_actions and enforcement_parties, zero rows for the company, its funds or its executives; AFM site search in English and Dutch, zero results; AFM measures page, zero mentions in the twelve most recent; Dutch published court rulings, zero for Carbon Equity and Carbon Equity CTPF and for nine executive names; Kifid search, zero results; CourtListener, only unrelated adjacent-word matches for the bare phrase and zero for the company's names, with three executive-name searches returning empty responses and recorded as not completed; PACER not searched.


## Related

- Full review (HTML): https://altstreet.investments/platforms/reviews/carbon-equity
- Every platform review: https://altstreet.investments/platforms/reviews
- Methodology and scoring: https://altstreet.investments/platforms
- Category hub: https://altstreet.investments/categories/private-equity-private-markets

---

Source page: https://altstreet.investments/platforms/reviews/carbon-equity
Machine index: https://altstreet.investments/llms.txt
AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.