# Circulate Capital

Circulate Capital is an Asset Manager based in Singapore, Singapore.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Singapore, Singapore
- **Region:** Asia
- **Address:** Singapore
- **Founded:** 2018
- **Assets under management:** Undisclosed
- **Website:** circulatecapital.com
- **LinkedIn:** https://www.linkedin.com/company/circulate-capital

## Regulatory record

- **CRD number:** 304837
- **SEC file number:** 802-117273
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/304837

## About

Circulate Capital is a circular economy investment management firm that invests in high-growth markets. The firm was founded in 2018 to invest in solutions for the ocean plastic crisis in South and Southeast Asia. Circulate Capital aims to unlock capital to build circular supply chains for a sustainable future.

## Sectors

- ClimateTech
- Recycling & Waste Management
- Advanced Materials
- Circular Economy
- Plastic Circularity

## People

- Rob Kaplan — Founder and CEO
- Ellen Martin — Chief Impact Officer

## Questions

### Who runs investment decisions at Circulate Capital?

Founder and CEO Rob Kaplan leads the investment committee, drawing on his prior experience at Closed Loop Partners and a career in structured finance. The investment team operates from Singapore with regional directors in India and Southeast Asia who originate and manage local deals. The firm uses a formal impact measurement framework overseen by Chief Impact Officer Ellen Martin.

### How does Circulate Capital source proprietary deal flow?

The firm relies on deep local networks built through on-the-ground operating partners, waste-picker cooperatives, and municipal relationships in target countries. Unlike auction-based processes, many deals originate through supply-chain mapping that identifies critical bottlenecks in informal collection networks. The firm's corporate limited partners also provide visibility into under-invested segments of their Asian supply chains.

### Does Circulate Capital participate in fund commitments or only direct deals?

Circulate Capital invests directly into operating companies and infrastructure projects rather than committing as a limited partner to other funds. The firm structures bespoke equity and debt transactions tailored to enterprises that often lack formal credit histories but control significant material flows. Direct engagement allows the firm to install operational expertise and governance frameworks absent in the informal sector.

### Which sectors does Circulate Capital explicitly avoid?

The firm does not invest in waste-to-energy incineration, landfill operations, or unproven chemical recycling technologies lacking commercial scale. Circulate Capital's mandate excludes generalist consumer-tech or software investments unless they provide critical traceability or logistics infrastructure for physical waste recovery. The investment policy explicitly screens out any activity that displaces informal waste collectors without providing alternative livelihoods.

## Related profiles

- [Bluebird Ventures GP I](https://altss.com/profile/bluebird-ventures-gp-i-llc)
- [Steeley Advisory](https://altss.com/profile/steeley-advisory-llc)

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Last updated: 2026-07-10T21:43:30.000Z

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