TimeToAct Capital, a global investment group specialising in climate and impact strategies, has obtained an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), the financial free zone located in the UAE capital.

Upon satisfying the final requirements, the firm is to start operating as an asset manager locally with the opening of a new office, TimeToAct Capital said in a statement on Thursday.

TimeToAct Capital was set up with the ambition to bridge the funding gap to tackle climate change and drive positive impacts on the planet, with first investment vehicles launched in 2019. To date, it has invested more than 3.5 billion euros ($3.8 billion) of equity in its focus sectors.

The company will provide investment opportunities for local investors including Nature-based Solutions and Venture Climate Tech strategies, in addition to Energy Transition vehicles.

(Writing by Brinda Darasha; editing by Seban Scaria)