Listorti deal alert! Carbon investor Viridios buys stake in Pangolin

afr.com:

Viridios’ $55 million capital raise is bearing fruits. Eddie Listorti’s Australian-based carbon offset investor snapped up a majority stake in climate change consultancy Pangolin Associates on Monday, Street Talk can reveal.

Pangolin helps organisations reduce their environmental impacts and remain competitive in a decarbonising economy with services like greenhouse gas assessments, establishing net-zero targets and carbon offset management.

Viridios Capital founding partner Eddie Listorti. Louise Kennerley

The pairing marks a broadening of Viridios’ orbit as it seeks to deliver a broader range of carbon market services. Pangolin will use the investment to scale its operations and capitalise on the demand for climate change services.

The investment comes after Viridios wrapped up a $55 million Series B funding round in October with backing from impact investors including Roc Partners and Privatus Capital Partners, a boutique set up by former Goldman Sachs executive James McMurdo. The raise was pitched as a way for the firm to fund strategic growth initiatives.

Viridios was established by former ANZ fixed-income boss Listorti to advise, trade and manage carbon credit portfolios, and source carbon credits in primary markets.

The business includes a global carbon credit origination arm, a capital markets arm and an asset management arm, investing in carbon-offsetting projects. Its key investments include an outfit treating seaweed sargassum off the coast of Mexico to reduce methane emissions.

The firm has also teamed up with Tribeca Investment Partners to create VT Carbon Partners, a joint venture that buys and sells nature-based carbon credits.