Circulate Capital

Rob Kaplan is the Founder and CEO of Circulate Capital, a circular economy investment management firm he established in 2018 to invest in solutions addressing plastic waste, climate change, and the circular economy in high-growth markets. He leads the firm's overall strategy and sits on the Investment Committee, and previously co-founded Closed Loop Partners in North America. Earlier in his career he served as Director of Sustainability at Walmart and worked on corporate responsibility at Brown-Forman, and he holds an MBA from the Haas School and an undergraduate degree in political communication from George Washington University.

Wolfgang Hafenmayer is Chief Investment Officer and a Founding Partner of Circulate Capital, where he oversees the firm's global investment strategy, diligence, structuring, and governance across regional teams. He has over 20 years of experience and more than 150 executed deals in impact investing, with prior roles at LGT Impact and as Founding Partner and Chairman of SAGANA, and authored the book "Die Zukunftsmacher/The FutureMakers." He holds a Master's degree in Economics and Business Administration from the University of St. Gallen.

Caroline Wee is an Investment Partner at Circulate Capital, leading the firm's investment activities in Southeast Asia with a focus on Fund I. She has over 32 years of private equity investing experience in the Asia-Pacific region, previously serving as a Managing Director at 360ip and as a Founding Partner of Crest Capital, the spin-off of the ING-Barings private equity business; earlier roles included The Bank of New York Mellon in Hong Kong and Advent International's Asian affiliate SEAVI-Advent. She holds a bachelor's degree in accountancy from the National University of Singapore, is a Certified Public Accountant and CFA charter holder, and completed the Program on Negotiation at Harvard Law School.

Christian Urazan has around a decade of general management experience across Latin America, including seven years in the flexible packaging industry, where he worked on sustainability challenges in the plastics sector and participated in initiatives such as the Chilean Plastics Pact. He supports Circulate Capital in establishing a fund in Latin America and the Caribbean focused on companies advancing the circular economy in plastics, and collaborates with impact firms to help accelerate SMEs and startups. He previously worked in strategy consulting at The Boston Consulting Group and at ExxonMobil, holds an MBA from UC Berkeley's Haas School of Business, and is an Industrial Engineer from Universidad de Los Andes in Bogotá.

Dondi Hananto is an Investment Partner at Circulate Capital, leading the firm's investment activities in Southeast Asia. He has over 25 years of experience in banking and private equity, previously serving as a Partner at Patamar Capital, co-founding Kinara Indonesia to invest in early-stage SMEs, and holding leadership roles at HSBC, Bank Danamon Indonesia, and Sampoerna Strategic's microfinance project. He holds a Bachelor's degree in Computer and Mathematical Sciences from the University of Western Australia.

Ellen Martin is Chief Operations and Impact Officer at Circulate Capital, where she oversees impact, ESG, insights, systems, and people functions and helps operationalize the firm's strategic growth objectives and partnerships. She previously held management roles at Closed Loop Partners and the social impact strategy consultancy FSG, and has lectured in MBA programs at UC Berkeley and Stanford. She holds an MBA from the Haas School at UC Berkeley and a bachelor's degree from Yale University.

Janavi Papriwal co-leads Circulate Capital's investment strategy in South Asia, overseeing market landscaping, deal origination, investment execution, and portfolio management. She has more than 17 years of experience across investment banking, entrepreneurship, and venture capital/private equity, having previously served as a Partner at JSW Ventures and an Investment Director at Aavishkaar Capital, and earlier working at JPMorgan in Mumbai and London. She holds an MBA in Finance from Symbiosis Institute of Business Management, Pune, and a Bachelor's degree in Electronics & Telecommunications from Mumbai University.

Patricia Cordeiro is an Associate Partner at Circulate Capital based in Sao Paulo, with nearly 20 years of experience in M&A, business development, and investment, including 8 years in impact venture capital and growth equity across Brazil and Latin America. She was previously a founding Partner at Good Karma Partners, where she developed the firm's impact methodology and served on its Investment Committee, and earlier was Head of Venture Capital at Vox Capital.

Prashant Purohit co-leads Circulate Capital's investment strategy in South Asia, overseeing market landscaping, deal origination, investment execution, and portfolio management. He has over 18 years of experience in investment banking and private equity, previously serving as Executive Director of Private Equity at JM Financial and as a Senior Associate in Morgan Stanley's Investment Banking division on the Energy & Utilities desk. He holds a Bachelor's degree in Commerce from St Xavier's College (Calcutta University), and is an Associate Chartered Accountant and CFA charter holder from ICFAI University.

Chinmay Prakash has around ten years of experience across investment and business advisory roles at boutique and global firms, an Indian investment bank, and a buy-side impact-focused firm. Before Circulate Capital, he worked at Northern Arc Investments, an Indian impact investor focused on fintech, venture debt and impact opportunities, and earlier at Edelweiss Investment Banking, where he advised on equity fund-raising, M&A and capital markets transactions; he began his career at JP Morgan in strategy and operations. He holds a B.Tech in computer engineering and an MBA in finance, and is an FRM charterholder awaiting his CFA charter.

Joshua Wangsaputra is an Investment Manager for Indonesia at Circulate Capital. He previously worked as a Manager in EY's Strategy and Transaction team and spent four years in Deloitte's Valuation and Modelling team, handling valuation and financial modeling projects across various industries. He holds a bachelor's degree in management and financial management from James Cook University of Singapore.

Nathan Sutanto has 16 years of experience in capital markets, corporate finance, and investment across the United States and Indonesia. He previously served as a Senior Manager at IMC Pelita Logistik handling vessel acquisitions and financing, led ancillary revenue business for RedDoorz in Indonesia, and worked in financial planning and investor relations at Indocement Tunggal Prakarsa, as well as roles at Fannie Mae and Standard & Poor's in structured finance. He holds an MSc in Financial Engineering from the University of Michigan, a BBA in Finance and BA in Economics from the University of Texas at Austin, and is a CFA charter holder.

Advisor to Circulate Capital; Co-Managing Partner at Encourage Capital.

Alexis Crusey is Head of Fundraising at Circulate Capital, where she leads investor sales, distribution, diligence, and fund closings alongside the leadership, external affairs, and investor relations teams. She has over 14 years of experience in fundraising, investor relations, business development, sustainability, and impact investing, and has raised or advised on more than US$3bn. She previously served as Senior Vice President at placement agent Campbell Lutyens, Director at abrdn, and Investor Relations Senior Manager at LeapFrog Investments, and holds a B.A. from Yale University.

Amandine Joly serves as Head of Partnerships and External Affairs at Circulate Capital, leading the firm's communications strategy. She previously worked with the International Union for Conservation of Nature (IUCN) in Viet Nam on efforts against marine plastic pollution, and as Senior Public Affairs Manager at Danone in France. Earlier she consulted for social enterprises and NGOs across Southeast Asia and Latin America, and began her career at APCO Worldwide. She holds a Master's degree in Public Affairs from Sciences-Po Paris.

Andrea Rosas serves as Circulate Capital's Executive Assistant for Latin America, supporting the office and team operations. Based in Mexico City, she has worked with various startups and established organizations across Latin America, drawing on experience in product and office management.

Charmaine Choo is Manager of Financial Controlling at Circulate Capital, where she oversees finance and tax matters for the firm's corporate entities. She began her career in 2014 with experience in accounting, payroll administration, and audit across sectors including fund management, asset management, retail, and IT security, and has worked on implementing Robotic Process Automation. She holds a Bachelor's Degree in Business Studies (Fintech) from University College Dublin.

Christina Gonzales is Circulate Capital's Impact and ESG Director, responsible for maintaining the firm's Environmental and Social Investment Policy and managing its impact framework, with a focus on measuring the impact of circular economy solutions. She has over 15 years of international environmental consulting experience conducting environmental and social due diligence and compliance assessments across sectors including infrastructure, power, oil and gas, mining, and manufacturing. She holds a Bachelor of Science in Biochemistry with graduate units in Public Health (Environmental Health) from the University of the Philippines and is a Certified Environmental Professional.

Claire Lim works at Circulate Capital, bringing over four years of experience in strategy and sustainability implementation consulting for clients including corporations, government bodies, and non-profits. She was previously a sustainability consultant at ENGIE Impact in Singapore, advising on renewable energy, carbon accounting, and climate risk, and a senior strategy consultant at Eden Strategy Institute. Earlier she practiced commercial law as a solicitor at Osborne Clarke LLP in the UK, and holds an LLB from the University of Bristol.

Advisor to Circulate Capital; Senior Vice President at Friesland Campina.

Elizabeth Dunne is Creative Director and in-house graphic designer at Circulate Capital, where she handles the firm's brand identity across print and digital, designing reports, infographics, newsletters, and website content, and also manages projects and global events using OKR methods. She has more than 15 years of graphic design experience, began her career in radio in Washington, DC, and later worked as an Analyst in Firm Management and Finance at Morgan Stanley in London before co-founding the design agency Two Desks. She holds a BA in Theatre from the University of Georgia.

Gabriela Mugnol is Circulate Capital's Regional ESG & Impact Manager for Latin America and the Caribbean, where she implements the firm's Environmental and Social Investment Policy and manages its impact framework across circular economy investments. She previously served as Head of ESG & Impact for Latin America at GEF Capital Partners and worked in ESG and investment product roles at Santander, having begun her career at SITAWI (now Nint). She holds bachelor's and master's degrees in Civil Engineering from UNICAMP, along with the CFA Institute's ESG Investing and Climate and Investing certificates.

Janice Sim serves as Manager, Fund Controlling at Circulate Capital, overseeing the financial integrity and operational control of the firm's funds. She previously worked in external and internal audit within the asset and wealth management industry at PwC and IQ-EQ. She focuses on compliance and financial reporting, and holds a Bachelor's Degree in Commerce from the University of Wollongong.

Jeremy Ong has a background in fund operations, with expertise spanning fund accounting, investor relations, and compliance. He previously served as Head of Operations at LyGH Capital, a Greater China asset management firm, and earlier worked as a Fund Accountant at Citco Fund Services before moving into private equity administration at Vistra Alternative Investments and MUFG Investor Services. He holds a Bachelor's Degree in Accounting and Finance from the University of London.

Julia Giuliani has more than five years of experience in infrastructure and impact investments across Latin America. Before Circulate Capital, she worked in private equity at IG4 Capital's offices in Chile and Brazil, and earlier served as a private equity and debt investment professional at the International Finance Corporation (IFC), where she contributed to over USD 1 billion in impact investments in Brazil. She holds a bachelor's degree in Economics from the São Paulo School of Economics (FGV-EESP) and studied Finance and Business as a visiting student at Columbia University and Singapore Management University.

Lakhan Phulwani has more than six years of experience in ESG, sustainability, and EHS management. Before joining Circulate Capital, he oversaw ESG management for the South Asia region at a private equity firm, working with portfolio companies in manufacturing, financial services, and retail and conducting ESG due diligence against standards such as IFC Performance Standards and Asian Development Bank Safeguards; earlier he handled EHS management for TATA Motors' manufacturing plants. He holds an MBA in Environment, Sustainability & Safety Management from NITIE Mumbai and a Bachelor of Technology in Mechanical Engineering, and is a certified ISO 14001 and ISO 45001 lead auditor with a GARP Sustainability & Climate Risk certification.

Li Ru Tan is Senior Manager, Fund Controlling at Circulate Capital, where she oversees fund operations and financial processes. She previously worked as a Fund Accountant at Citco Fund Services covering hedge funds, held a financial operations role at Maybank, and returned to fund accounting at Bank of New York Mellon. She holds a Bachelor's Degree in Finance and Accountancy from the University of London.

Minh Pham has more than ten years of experience in infrastructure investment and policy development across Asia. At ALBA she led a plastic recycling project in northern Vietnam and helped expand the company into Thailand, Bangladesh, and other Asian markets, and she previously worked on pre-investment projects at the International Finance Corporation and on policy and investment-enabling work at the Global Green Growth Institute. She holds a Master's in Responsible Management and Sustainable Economic Development from the University for Peace in Costa Rica and a Bachelor's in Business Management from the University of Birmingham.

Nataly Acosta is Circulate Capital's Investor Relations and Communications Manager for Latin America and the Caribbean, with experience in stakeholder engagement, marketing strategy, and sustainability. She spent about a decade at The Dow Chemical Company across Latin America, most recently as a Sustainability and Recycling Manager in the Plastics business unit, where she worked on circular economy business models and the plastic waste value chain. She holds a Chemical Engineering degree from Universidad de América Colombia and a Sustainable Investing certification from Harvard Business School.

Nick Moon leads fundraising and strategic development at Circulate Capital, drawing on more than 22 years in private equity focused on fundraising and growth initiatives. He previously was a Partner at LeapFrog Investments and was a Founding Member of the IFC's Operating Principles for Impact Measurement. He holds an Executive MBA from Imperial College Business School and a bachelor's degree from Swansea University.

Pooja Anand is the Partnerships and Communications Manager at Circulate Capital, with a background in sustainability communications, stakeholder engagement, and circular economy systems across India's NGO, social enterprise, and startup sectors. Before Circulate Capital, she led communications strategy and managed partnerships and policy advocacy at PadCare Labs, and earlier worked at Saahas Zero Waste on formalising informal waste entrepreneurs and supply chain traceability. She holds a Master's degree in Environmental Management from the National University of Singapore.