Clearbrook, an investment consultant and outsourced chief investment office, is partnering with electronics firm LG to launch an impact fund.
Through its venture investing arm, ClearImpact Ventures, it will invest in “sustainability, profit, and purpose” along social and environmental themes, according to a press release from the firm. The Nova Prime Fund has been seeded with capital from LG and has a target of “over $100 million”, the press release states; an SEC filing shows the total offering amount to be $200 million.
Nova Prime will invest in “mission-driven companies concentrated on sustainable energy, digital health, immersive AI, and industries of the future”, the firm stated. ClearImpact’s intention is to invest in companies that LG has previously backed via the conglomerate’s venture capital investing arm, LG Nova, according to the release. LG Nova initially invested in these companies via the conglomerate’s Mission for the Future programme, which invests in start-ups “that create a positive impact on people and the planet”, the press release states.
It is not clear whether the Nova Prime fund will acquire the existing LG Nova assets, forming a multi-asset continuation vehicle structure with outsourced management, or provide new capital to the companies. ClearImpact had not responded to requests for comment prior to publication.
The fund is headed by Ali Diallo and Katie Fox. Diallo was previously director of investments for LG Electronics’ corporate venture capital business, LG Nova. Fox is a managing director at ClearImpact.
“Impact investing is an essential part of a business ecosystem that contributes to an improved society for all,” Clearbrook chief executive Elliott Wislar said in the press release.