French development finance institution Proparco has committed $15 million to Lightrock Latam Fund II, expanding its exposure to climate and impact-focused companies in Latin America.
The commitment brings Proparco’s total exposure with Lightrock to $25 million, including a previously announced $10 million co-investment in ComBio, a Brazilian renewable thermal energy company, the firms said in a statement.
Lightrock Latam Fund II invests in businesses across energy transition, resource efficiency, access to essential services and productivity-related sectors.
The latest commitment shifts Proparco’s relationship with Lightrock from a single-company co-investment to a broader fund platform targeting growth-stage companies across the region.
Proparco’s earlier investment in ComBio marked its first direct equity investment in Brazil’s climate sector and was aimed at supporting industrial decarbonisation through renewable thermal energy solutions.
Stéphane Froissardey, deputy head of investments at Proparco, said the commitment builds on the institution’s previous co-investment with Lightrock and broadens their collaboration in Latin America.
Lightrock’s head of Latin America, Marcos Wilson Pereira, said Proparco’s backing reflects confidence in the firm’s strategy of investing in companies addressing regional challenges while seeking commercial returns.
Financial details of Lightrock Latam Fund II were not disclosed.
The transaction adds to a growing pipeline of DFI-backed fund commitments targeting climate, energy transition and essential services in emerging markets.