Bregal Sphere, part of Bregal Investments, just committed up to $500 million to nature restoration company Imperative’s global pipeline of ecosystem restoration projects. That brings total capital earmarked for Imperative’s work to $1.25 billion.
Half a billion dollars. For planting trees, restoring mangroves, and bringing degraded landscapes back to life. In Africa, Asia, and Latin America. This is the kind of capital flow that CDR has been waiting for.
The Flagship: Spekboom in South Africa
Imperative’s most advanced project is Beka Emva, a large-scale restoration of the degraded subtropical thicket biome in South Africa. The star of the show: Portulacaria afra, commonly known as spekboom.
Spekboom is a succulent native to the Eastern Cape that’s remarkably efficient at sequestering carbon — some studies suggest it can capture more CO₂ per hectare than tropical rainforest. The subtropical thicket biome it belongs to once covered vast areas of South Africa before overgrazing degraded it. Restoring it with spekboom is a rare win-win-win: carbon removal, biodiversity restoration, and community employment.
Beyond South Africa
The partnership isn’t limited to one project. Imperative is developing a global network of reforestation and mangrove restoration projects across three continents. The first project commitment under the Bregal Sphere deal is expected by mid-2026.
Bregal Sphere has secured a right of first refusal to deploy funds across Imperative’s future projects — essentially locking in priority access to a pipeline of restoration opportunities as they mature.
“This partnership reflects our conviction that high-integrity, landscape-scale restoration can deliver meaningful environmental impact alongside long-term value,” said Agustin Silvani, Managing Partner at Bregal Sphere.
Why the Global South Matters
Most CDR investment flows to projects in North America and Europe. But the highest-impact restoration opportunities — degraded tropical forests, mangrove coastlines, arid biomes — sit overwhelmingly in the Global South. The economics are different too: land costs are lower, labor is available, and the co-benefits (biodiversity, livelihoods, coastal protection) are enormous.
The challenge has always been institutional capital. Restoration projects in Africa and Latin America struggle to attract the kind of patient, large-scale funding that comparable projects in the US or EU can access. Bregal Sphere’s $500 million commitment directly addresses that gap.
The Permanence and Quality Debate
Nature-based restoration projects face legitimate scrutiny around permanence, additionality, and carbon accounting. Trees can burn. Mangroves can be bulldozed. Social dynamics can shift.
Imperative positions itself as “next-gen” — focused on high-integrity projects that deliver measurable carbon removal alongside nature, climate, and social co-benefits. Whether that translates into credits that meet the most stringent MRV standards remains to be proven at this scale.
But $1.25 billion in committed capital suggests the market is betting that large-scale, well-managed ecosystem restoration can deliver both impact and returns. That’s a signal worth watching.
Sources: Carbon Herald, CityAM, Impactful Ninja