Adamantem Capital has netted more than $150 million for a private equity fund focused on sustainable assets, and signed its first deal for the new strategy with bamboo serving ware and food packaging business PAC Trading.

The Environmental Opportunities Fund was structured to deploy $20 million to $50 million in businesses worth $50 million to $100 million apiece through either minority investments, or by taking controlling stakes, Rajiv Viswanathan, a managing director at the private equity firm told The Australian Financial Review.