Aviva Investors and ABN AMRO invest €100m in SL Materials

Aviva Investors and ABN AMRO invested €100 million in SL Materials, a Dutch supplier of recycled concrete. The capital came through Aviva Investors' Climate Transition European Infrastructure Fund and ABN AMRO's Sustainable Impact Fund. The announcement does not say how the €100 million divides between the two investors.

Of the two amounts disclosed across the three deals, the €100 million is the larger. The other is a £10 million Series A for Reclinker, a Welsh cement recycler. Reclinker recovers cement paste from demolition waste and reprocesses it in electric-arc furnaces, a process the company says cuts emissions by up to 50% at cost parity.

Clean Growth Fund and AP Ventures backed the Reclinker round, and the £10 million will go to Cardiff production capacity and staff.

Eurazeo agreed to acquire a majority stake in Miya Water, a Madrid water-loss specialist. The deal is the fourth investment from the firm's Planetary Boundaries Fund, an impact buyout strategy launched in 2024. No value is given for the transaction.

The three deals sit in three different fund structures: climate transition infrastructure, venture capital and impact buyout. Under the same sustainability label, an infrastructure fund is writing a €100 million cheque, a venture round is financing an industrial process at £10 million, and a buyout strategy is taking a majority position in an existing business. All three targets are industrial: a concrete supplier, a cement recycler and a water-loss specialist.

Counting Miya, Eurazeo's Planetary Boundaries Fund has made four investments since it launched in 2024.