A Brownfields investment vehicle, and a system and method for investing in Brownfields projects are provided that are capable of supporting a Brownfields project, while reducing the investors' exposure to the associated environmental liability. The Brownfields fund makes, for example, participating capital investments, each of which may be in the form of a tranched or untranched Brownfields Value Contract ("BVC") to a "special purpose vehicle" for a specific Brownfields project according to fund investment criteria determined by a fund manager. Each capital investment, or a portion thereof may be secured with a lien on the future cash flows and/or a portion or all of a Brownfields associated with the project. An investor's exposure to environmental liability from the projects is reduced, because the fund is completely passive with respect to the projects, despite the existence of liens on at least some of the capital investments provided by the Brownfields fund.