The International Climate Finance Accelerator (ICFA) is a multi-year programme supporting emerging investment managers to launch and develop climate-focused impact investment funds and mobilise capital towards sustainable development.

The programme is designed for fund management or fund advisory companies raising their first or second institutional impact investment vehicle, with a strong focus on climate change mitigation and climate change adaptation.

Financial & Technical Support

Selected fund managers receive up to four years of technical and financial support, including:

• €100,000 Support Services Envelope for legal structuring, risk management, impact strategy and other fund development services. The envelope is reimbursed once the fund is launched.
• Potential access to a Luxembourg partner bank loan of up to €200,000, at the bank's discretion, for working capital linked to fundraising, marketing, team development and pipeline building.
• Five days of training workshops
• Dedicated expert coaching
• Knowledge resources, templates and tools
• Communities of Practice and peer learning
• Fundraising support and preferential access to impact finance events
• Visibility and networking opportunities

Target Areas

ICFA focuses on two climate finance themes:

Climate Mitigation Finance – investments addressing the reduction, limitation or sequestration of greenhouse gas emissions.

Climate Adaptation Finance – investments supporting adaptation to current and expected effects of climate change.

Who Can Apply?

Eligible applicants must:

• Be an unlisted fund management or fund advisory company
• Be raising their first or second institutional investment vehicle
• Not be applying with a managed account, SPV or pilot vehicle with limited AUM
• Be or intend to be authorised by an EU Member State supervisory authority, or operate under a regulatory regime considered equivalent to an EU framework
• Have at least two Key Persons intending to join the programme
• Be developing an investment vehicle designed to generate positive, measurable and substantial impact
• Have systems to identify, manage, monitor and measure ESG impacts across 100% of investments throughout the investment cycle
• Have a climate-focused investment strategy

Climate Impact Requirement

At least 75% of the fund's investments must contribute to climate impact themes aligned with climate mitigation and/or climate adaptation.

The investment strategy must demonstrate a clear climate impact thesis and measurable outcomes using recognised approaches such as IRIS+, Theory of Change or the Operating Principles for Impact Management.

Geographic Requirement

The fund must be designed to invest in challenging geographies.

For ICFA, at least 70% of the fund's Assets Under Management (AUM) must be invested in countries eligible to receive international climate finance under the Green Climate Fund framework.

Investment Strategy Requirements

Applicants should have a clear and internally coherent investment thesis covering:

• Target sectors and geographies
• Types and development stages of investee companies
• Investment instruments and ticket sizes
• Investment criteria
• Portfolio construction and risk management
• Pipeline development and investment origination
• Climate impact outcomes and impact management

The strategy must also address a clearly evidenced financing gap and be meaningfully differentiated from existing financing available in the target market.

Management Team

The team must demonstrate sufficient expertise across areas including:

• Fund and vehicle management
• Investment management
• Investment and deal structuring
• Technical expertise
• Legal and regulatory matters
• Pipeline development
• Fundraising
• Impact management

Applicants must also demonstrate sufficient time and financial commitment to launching and developing the fund.

Selection Process

The ICFA selection process takes place in three phases:

Phase 1 – Expression of Interest
Applicants are assessed against the eligibility criteria. Up to 25 eligible applicants may progress.

Phase 2 – Draft Application
Applicants submit a more detailed application and participate in an interview. Up to 10 applicants may be shortlisted.

Phase 3 – Final Application
Shortlisted applicants receive further feedback and virtual training before submitting their final application and participating in a final interview.

Up to 4 emerging fund managers will be selected for the acceleration programme.

Important Dates

Expression of Interest opens: September 2026
Expression of Interest deadline: 11 October 2026
Eligible applicants selected for Phase 2: End October 2026
Draft Application deadline: End November 2026
Shortlist confirmed: Early March 2027
Final Application deadline: Early April 2027
Final selection: Early July 2027

Important Applicant Information

This is not a conventional grant programme for individual projects or businesses. It is specifically designed for emerging fund managers who are developing and fundraising for a climate-focused impact investment vehicle.

Applicants should already have a sufficiently developed investment concept, while still requiring support to refine the fund strategy, strengthen operational readiness, build investor relationships and move towards fund launch.

Click HERE to visit the official website. 

Click HERE to apply.