Circular economy is gaining increasing attention as a potential way for our society to increase prosperity, while reducing dependence on primary materials and energy. Many cities are shifting to a "circular paradigm" of urban development and a clear intention toward circular cities/regions is expressed at European level (Urban Agenda for the EU, 2018; ESPON, Pathways to a circular economy in cities and regions, 2016). The mutual cooperation of industries, cities, and communities in a circular perspective opens new fields of sustainable value creation (European Commission, 2015; EEB, 2016). In the "New Urban Agenda" (UN, 2016), the circular economy model is considered a critical strategy to manage ecological resources. The transition to a circular economy facilitates ecosystem conservation, regeneration, restoration and resilience in the face of new and emerging challenges (UN, 2015). Cultural heritage value is derived through the evolving interrelationship between history, ecosystems and culture, and is therefore often seen as a form of impure public good investment in which the public sector is the major investor. Despite its importance, however, few studies today provide comprehensive coverage of the financial aspects and investment mechanisms involved in the perpetuation of cultural heritage. In fact, choosing appropriate modes of financing cultural heritage and allocations of the public investments continues to stir debate. Furthermore, the role of public sector, as sole investor and supplier of cultural heritage redevelopment, is disputable. From a financial point of view the non-used cultural heritage is a "cost". Its creative functional re-use can reduce this "cost" transforming it in an investment. To implement operationally the reuse / regeneration of cultural and natural heritage, innovative financing, business and governance circular models should be identified, to mobilize new investments, with the aim of creating shared value, in particular through cooperative, synergistic, sharing and solidarity economic models (e.g. engaging social enterprise and the impact investing sector). The objective of this contribution is to map out the cultural heritage investment market as it exists today, and to examine case studies and theoretical approaches in order to offer the widest possible coverage of good practice and innovative investment mechanisms relating to cultural heritage, or mechanisms that have a potential to be successfully employed also for cultural heritage. In particular we aim to identify a framework to identify circular financing models. Circular financing models are related to multi-stakeholder win-win solutions of social-public-private partnerships, which should include a well-balanced mix of diverse financial mechanisms (CGD, 2013). Circular financing models should be able to create virtuous circles from public incentive to investors returns (both formal investors and the community) and back, also through the value capture of a percentage of plus value created. We focus on a set of financing and investment mechanisms widely experimented in Italy: Art Bonus, Valore Paese, Eco and Sisma Bonus, Mini bonds, Crowdfunding for cultural heritage (e.g. the case of Bologna), and on other tools that can leverage sustainable investments for cultural and natural heritage regeneration (Social Impact Bonds, Green bonds, Municipal bonds, Payments for Ecosystem Services, Cooperative Cities funding mechanisms). We explore also the "Impact Philanthropy" based tools such as the emerging Giving Circles applied mostly in Asia. We conclude our analysis by arguing that cultural heritage may render different impacts and financial returns because they have both tangible and intangible features; and therefore, most of the traditional investment mechanisms will need to be adapted accordingly. In some cases it may be necessary to formulate entirely new mechanisms for financing cultural heritage within a circular economy framework.