Manager Research:
Lombard Odier Investment Managers — Plastics Circularity Fund, Private Equity, September 2025

The transition to a plastic circular economy is estimated to need USD 1.2 trillion of investment by 2040. The Lombard Odier Investment Managers Plastic Circularity Fund is one route into that opportunity — a closed-end private equity fund building a diversified portfolio of growth-stage and venture companies across innovative materials, new usage models, and improved collection, sorting and recycling, with a global mandate weighted towards Europe.

This report sets out our full investment due diligence on the fund. We examine the investment philosophy and the macro trends behind it, the track record of Lombard Odier's private assets platform, and the experience of the team dedicated to the strategy. We look at how deals are sourced — including through the fund's partnership with the Alliance to End Plastic Waste — how they are screened and approved, and how exits are planned.

A substantial section is given to impact. We assess the fund's theory of change, its measurement and reporting framework, its impact governance, and the nine categories of impact risk we consider material for a fund of this type. Pricing, portfolio positioning, and risk management and reporting are covered in full.