Pierre Rouge Capital: Delivering 39.6% Investor Returns in Vietnam’s Carbon Arbitrage Window

In 2025, the global carbon credit market reached approximately $1.36 trillion, driven by ever-evolving environmental regulations and the increasing demand for sustainable practices. Pierre Rouge Capital, a leading carbon arbitrage fund, is positioning itself at the forefront of this booming industry with an innovative approach that has the potential to deliver impressive returns. Through a finely tuned combination of direct sourcing, tokenization, and strategic partnerships, Pierre Rouge Capital is already on track to deliver returns to investors of 39.6% after fees over 24 months in one of the world's most promising carbon jurisdictions.

At the helm of this ambitious venture is Garnet Harrison, an experienced CEO with a proven track record in institutional finance, commodities, and blockchain. Under his leadership, the fund is focusing on capitalizing on inefficiencies in the carbon market, particularly in Vietnam, which is at the intersection of rapid economic growth, governmental support for carbon initiatives, and untapped carbon credit opportunities.

The Arbitrage Engine: Unlocking Profitable Carbon Opportunities

Pierre Rouge Capital’s approach is built around a straightforward yet highly effective arbitrage strategy. The fund sources verified Vietnamese carbon credits at a mere $5-10 per tonne through direct relationships with local developers. These credits are then tokenized on the high-performance Solana blockchain via the proprietary CarbonTrace™ platform, which enhances liquidity, traceability, and market access.

The tokenization process transforms these verified credits into fungible CarbonTrace Tokens (CTT), each representing one tonne of CO2e. This conversion into digital tokens opens up a secondary market, where the credits can be sold to EU and US markets for upwards of $15-25 per tonne. The spread between purchase and sale price contributes to the fund's performance, delivering returns to investors of 39.6% after fees over 24 months, with a pre-money valuation of $65 million for the fund.

This arbitrage opportunity is driven by Vietnam’s Emission Trading Scheme (ETS), which began its pilot in 2025, with full operations expected by 2029. The government’s commitment to reducing carbon emissions and creating a viable market for carbon credits creates a predictable supply constraint, ensuring that prices will rise over the coming years. This forecasted price uplift is one of the key factors that make Pierre Rouge Capital’s investment strategy so attractive to sophisticated investors.

Vertical Integration & Fee Capture: The Pierre Rouge Advantage

What sets Pierre Rouge Capital apart from other players in the carbon credit space is its level of control. While many carbon funds rely on external verifiers like Verra or Gold Standard, which take substantial fees, Pierre Rouge Capital has developed its own proprietary verification protocols in alignment with UN Article 6 standards. This not only eliminates external fees but also speeds up the verification process, reducing the typical wait time of 6 to 18 months.

In addition, Pierre Rouge has built its own CarbonTrace™ marketplace on Solana, which provides a frictionless and efficient trading environment. Most blockchain-based platforms suffer from high transaction costs and long confirmation times. However, CarbonTrace™ operates at a fraction of the cost and speed, with transaction fees as low as $0.00025 per transaction. This allows investors to benefit from sub-cent costs and rapid execution, which translates into better returns and quicker liquidity.

Proven Credit Pipeline: Partnering with a New Zealand-Based Group

One of the cornerstones of Pierre Rouge Capital’s carbon credit strategy is its partnership with a New Zealand-based group with a proven track record in biogas and fertilizer production from organic waste. Their wastewater-to-biogas-to-fertilizer technology generates 1.9 tCO₂e per tonne of waste, which is 7–10 times more efficient than traditional landfill credits.

This partnership is critical for Pierre Rouge Capital because it guarantees a high-volume, verifiable supply of carbon credits from day one. We have initiated a dialogue for a Vietnam-based facility, located in the Mekong Delta, to be developed in two phases. The pilot phase will process 20 tons of organic waste per day, with a $10 million cost and a 12-18 month construction timeline. Once fully scaled, the facility will process up to 220 tons per day, generating significant carbon credits that will be tokenized and sold on the CarbonTrace™ platform.

This partnership offers a pipeline of high-quality credits that is not dependent on speculative forestry or mangrove projects, which are often unproven and difficult to scale. The collaboration ensures that Pierre Rouge Capital can deliver a steady stream of high-margin, bankable credits to the market, making it one of the most reliable carbon arbitrage players in the industry.

Founder Edge: Garnet Harrison’s Unique Leadership

Pierre Rouge Capital’s success can also be attributed to its founder and CEO, Garnet Harrison, who brings a unique combination of institutional finance expertise and on-the-ground experience in carbon markets. With a background in portfolio management at Schroders Asset Management and leadership advisory at Heidrick & Struggles, Garnet has advised sovereign wealth funds and trading houses on commodity market entry and portfolio construction.

In 2014, Garnet founded and scaled a physical copper trading business in Sub-Saharan Africa before pivoting to the carbon space two years ago, recognizing the potential for tokenization in carbon credits. His extensive experience in commodity arbitrage, coupled with his deep understanding of blockchain execution, has enabled him to build a company with a clear sourcing moat in Vietnam.

Garnet’s on-the-ground relationships in Vietnam with local developers give Pierre Rouge Capital a unique advantage that pure offshore players cannot replicate. His access to early-stage carbon credit deals and his ability to navigate the regulatory landscape in Vietnam ensures that the fund is always positioned to seize opportunities before they become widely available.

Fund Mechanics & Investor Terms: Clarity and Transparency

Pierre Rouge Capital offers a closed-end fund structure, which provides investors with a clear timeline and predictable cash flows. The $10 million fund is designed for both retail and institutional investors, with a minimum investment of $10,000 for retail investors and $250,000 for institutional investors.

The fund follows a clean 24-month timeline:

• Months 1–6: Capital is deployed into verified carbon credits sourced from Vietnam.

• Months 7–18: Phased sales of carbon credits generate quarterly distributions for investors.

• Month 24: Full liquidation of the portfolio, with all assets sold.

Pierre Rouge Capital’s fee structure includes a 2% management fee and a 20% performance fee on profits, ensuring that the fund’s interests are aligned with those of its investors. Unlike many other carbon funds that have long-duration lock-ups or reliance on future policy tailwinds, Pierre Rouge offers a predictable, time-bound exit with hard cash flows and minimal exposure to market fluctuations beyond the already-launched ETS pilot in Vietnam.

Bottom Line for Investors

Pierre Rouge Capital isn’t just another ESG-driven investment vehicle. Instead, it focuses purely on carbon arbitrage, offering sophisticated investors the opportunity to capitalize on market inefficiencies in Vietnam’s emerging carbon credit market. The fund’s vertical integration, proprietary tokenization platform, and exclusive partnerships ensure that it can consistently generate high returns for investors, without relying on external verification or speculative offsets.

Investors interested in Pierre Rouge Capital can learn more at pierrerougecapital.com and invest.pierrerougecapital.com.

Garnet Harrison

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