What began in 2015 as a collaboration between five French private equity firms has evolved into one of the most influential climate initiatives in global private markets.

Over the past decade, Initiative Climat International (iCI) has grown into a network of more than 300 private market firms, bringing together both LPs and GPs. Supported by the PRI since 2018, its expansion across Europe, North America and Asia-Pacific reflects a broader shift in private capital, where climate risk management has become a core investment consideration.

A key milestone was the development of the Private Markets Decarbonisation Roadmap (PMDR), created with Bain & Company and the Sustainable Markets Initiative. The framework provides investors with a practical approach to portfolio decarbonisation tailored to private markets.

Just two years after its launch, PMDR has achieved rapid uptake. According to Bain & Company’s 2025 PMDR Adoption and Usage Survey, half of surveyed GPs already use the framework, with a further 30% planning adoption. Among LPs, 60% intend to adopt it.

Beyond PMDR, iCI has produced widely used guidance with industry partners on science-based targets, greenhouse gas accounting and TCFD implementation, helping investors translate global climate frameworks into practical action across private market asset classes.